Photronics (PLAB) 8-K Regulation FD Disclosure

PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net income to EBITDA
(in thousands)
(Unaudited)

	Three Months Ended
	January 27,		January 29,
	2013		2012
GAAP Net income(a)	$	2,859	$	4,841
Add: interest expense		1,887		1,781
Add: income tax expense		1,742		3,321
Add: depreciation and amortization		18,783		22,295
Add (less): special items (b)		886		794
EBITDA	$	26,157	$	33,032

(a)	Includes net income attributable to noncontrolling interests.
(b)	Special items consist of stock compensation expense, and in 2012 non-cash consolidation and restructuring charges, and warrants income.