PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)

	May 3,		November 2,
	2009		2008
Assets
Current assets:
Cash, cash equivalents and short-term investments of $145 in 2009 and $1,343 in 2008	$	81,633	$	85,106
Accounts receivable		61,263		68,095
Inventories		16,486		17,548
Other current assets		9,447		11,748
Total current assets		168,829		182,497
Property, plant and equipment, net		399,343		436,528
Investment in joint venture		61,065		65,737
Other intangibles, net		58,486		62,386
Other assets		13,209		10,859
	$	700,932	$	758,007
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term borrowings	$	55,213	$	20,630
Accounts payable and accrued liabilities		72,948		95,448
Total current liabilities		128,161		116,078
Long-term borrowings		157,564		202,979
Deferred income taxes and other liabilities		7,112		6,552
Minority interest		48,799		49,616
Shareholders' equity		359,296		382,782
	$	700,932	$	758,007