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

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

	July 27,		October 28,
	2008		2007
Assets
Current assets:
Cash, cash equivalents and short-term
investments of $2,458 in 2008 and $5,657 in 2007	$	79,628	$	151,706
Accounts receivable		71,595		68,248
Inventories		18,201		17,716
Other current assets		14,286		9,315
Total current assets		183,710		246,985
Property, plant and equipment, net		500,403		531,578
Goodwill		-		138,534
Investment in joint venture		70,595		67,900
Other intangibles, net		63,937		68,835
Other assets		5,680		5,948
	$	824,325	$	1,059,780
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term borrowings	$	19,213	$	4,482
Accounts payable and accrued liabilities		99,246		145,897
Total current liabilities		118,459		150,379
Long-term borrowings		209,328		191,253
Deferred income taxes and other liabilities		7,956		14,399
Minority interest		53,710		49,465
Shareholders' equity		434,872		654,284
	$	824,325	$	1,059,780