<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15[d] OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):_____May 13, 1997__________
___________________________PHOTRONICS, INC.________________________________
(Exact Name of Registrant as Specified in Charter)
_____Connecticut_____________________0-15451________________06-0854886_____
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
__________1061 East Indiantown Road, Jupiter, FL ___________33477_____
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including area code:_____561-747-4163_________
______________________________________________________________________________
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
ITEM 5. OTHER EVENTS
This Form 8-K is being filed to file the exhibits listed in Item 7,
below.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
27 Financial Data Schedule
99.1 Condensed Consolidated Balance Sheet at May 4, 1997
(unaudited) and October 31, 1996 and Condensed
Consolidated Statement of Earnings for the Three
Months and Six Months Ended May 4, 1997 and
April 30, 1996 (unaudited).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
PHOTRONICS, INC.
By:_____JEFFREY P. MOONAN______
Jeffrey P. Moonan
Senior Vice President
Secretary
Date: May 13, 1997
FORMS\8K-597A/p
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Condensed Consolidated Statement Earnings and the Condensed Consolidated
Balance Sheet and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-30-1997
<PERIOD-END> MAY-04-1997
<CASH> 11,115
<SECURITIES> 0
<RECEIVABLES> 30,638
<ALLOWANCES> 235
<INVENTORY> 9,292
<CURRENT-ASSETS> 57,974
<PP&E> 207,801
<DEPRECIATION> 61,307
<TOTAL-ASSETS> 223,821
<CURRENT-LIABILITIES> 30,870
<BONDS> 17,023
0
0
<COMMON> 119
<OTHER-SE> 166,996
<TOTAL-LIABILITY-AND-EQUITY> 223,821
<SALES> 89,063
<TOTAL-REVENUES> 89,063
<CGS> 55,630
<TOTAL-COSTS> 55,630
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 140
<INCOME-PRETAX> 18,609
<INCOME-TAX> 7,100
<INCOME-CONTINUING> 11,509
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,509
<EPS-PRIMARY> 0.93
<EPS-DILUTED> 0.00
</TABLE>
<PAGE>
<TABLE>
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheet
(dollars in thousands)
<CAPTION>
May 4, October 31,
1997 1996
----------- -----------
ASSETS
======
<S> <C> <C>
Current assets:
Cash, cash equivalents and
short-term investments $ 11,115 $ 26,684
Accounts receivable 30,403 24,750
Inventories 9,292 7,992
Other current assets 7,164 6,154
-------- --------
Total current assets 57,974 65,580
Property, plant and equipment, net 146,494 123,666
Intangible assets, net 8,754 9,305
Investments and other assets 10,599 13,352
-------- --------
$223,821 $211,903
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
====================================
Current liabilities:
Current portion of long-term debt $ 39 $ 38
Accounts payable and accrued liabilities 30,831 43,929
-------- --------
Total current liabilities 30,870 43,967
Long-term debt 17,023 1,987
Deferred income taxes and other liabilities 8,813 9,532
Shareholders' equity 167,115 156,417
-------- --------
$223,821 $211,903
======== ========
</TABLE>
<PAGE>
<TABLE>
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Earnings
(in thousands, except per share amounts)
<CAPTION>
Quarter Ended Six Months Ended
-------------------- --------------------
May 4, April 30, May 4, April 30,
1997 1996 1997 1996
------- --------- ------- ---------
<S> <C> <C> <C> <C>
Net sales $49,034 $40,514 $89,063 $75,182
Costs and expenses:
Cost of sales 30,283 24,811 55,630 46,063
Selling, general and
administrative 6,244 5,447 11,279 10,032
Research and development 2,622 2,123 4,924 3,948
------- ------- ------- -------
Operating income 9,885 8,133 17,230 15,139
Interest and other income, net 99 334 1,379(a) 879
------- ------- ------- -------
Income before income taxes 9,984 8,467 18,609 16,018
Provision for income taxes 3,800 3,200 7,100 6,100
------- ------- ------- -------
Net income $ 6,184 $ 5,267 $11,509(a) $ 9,918
======= ======= ======= =======
Net income per common share $0.50 $0.44 $0.93(a) $0.82
===== ===== ===== =====
Weighted average number of
common shares outstanding 12,432 12,048 12,331 12,053
====== ====== ====== ======
__________
(a) Includes a net gain from the sale of equity investments of
$1.1 million ($0.7 million, or $0.05 per share, after tax).
__________
8K-FINCL
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