Photronics (PLAB) 8-K Results of Operations and Financial Condition

EXHIBIT 99.3

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

	October 28		October 29
	2007		2006
Assets
Current assets:
Cash, cash equivalents and short-term
investments of $5,657 in 2007 and $69,899 in 2006	$	151,706	$	199,324
Accounts receivable		68,248		84,299
Inventories		17,716		19,209
Other current assets		9,315		16,055
Total current assets		246,985		318,887
Property, plant and equipment, net		531,578		443,637
Goodwill		138,534		138,534
Investment in joint venture		67,900		64,365
Other intangibles, net		68,835		71,763
Other assets		5,948		8,497
	$	1,059,780	$	1,045,683
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term debt	$	4,482	$	86,903
Accounts payable and accrued liabilities		145,897		104,293
Total current liabilities		150,379		191,196
Long-term debt		191,253		170,288
Deferred income taxes and other liabilities		14,399		23,920
Minority interest		49,465		45,997
Shareholders' equity		654,284		614,282
	$	1,059,780	$	1,045,683