Document And Entity Information (USD $)	12 Months Ended
Document And Entity Information (USD $)	Oct. 30, 2011	Dec. 31, 2011	May 01, 2011
Entity Registrant Name	PHOTRONICS INC
Entity Central Index Key	0000810136
Current Fiscal Year End Date	--10-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 494,018,059
Entity Common Stock, Shares Outstanding		60,194,533
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Oct. 30, 2011

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Oct. 30, 2011	Oct. 31, 2010
Current assets:
Cash and cash equivalents	$ 189,928	$ 98,945
Accounts receivable, net of allowance of $4,055 in 2011 and $4,235 in 2010	85,540	82,951
Inventories	22,100	15,502
Deferred income taxes	609	1,173
Other current assets	7,030	7,231
Total current assets	305,207	205,802
Property, plant and equipment, net	368,680	369,814
Investment in joint venture	79,984	61,127
Intangible assets, net	42,462	47,748
Deferred income taxes	11,239	10,132
Other assets	10,282	9,256
Total assets	817,854	703,879
Current liabilities:
Current portion of long-term borrowings	5,583	11,467
Accounts payable	54,772	77,630
Accrued liabilities	35,546	30,132
Total current liabilities	95,901	119,229
Long-term borrowings	152,577	78,852
Deferred income taxes	737	499
Other liabilities	8,883	9,356
Total liabilities	258,098	207,936
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value, 2,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value, 150,000 shares authorized, 59,651 shares issued and outstanding at October 30, 2011, and 53,779 shares issued and outstanding at October 31, 2010	597	538
Additional paid-in capital	486,674	436,825
Retained earnings (accumulated deficit)	13,605	(2,624)
Accumulated other comprehensive income	10,171	7,062
Total Photronics, Inc. shareholders' equity	511,047	441,801
Noncontrolling interests	48,709	54,142
Total equity	559,756	495,943
Total liabilities and equity	$ 817,854	$ 703,879

Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	Oct. 30, 2011	Oct. 31, 2010
Current assets:
Accounts receivable, allowance	$ 4,055	$ 4,235
Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000	2,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000	150,000
Common stock, shares issued (in shares)	59,651	53,779
Common stock, shares outstanding (in shares)	59,651	53,779

Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Oct. 30, 2011	Oct. 31, 2010	Nov. 01, 2009
Consolidated Statements of Operations [Abstract]
Net sales	$ 512,020	$ 425,554	$ 361,353
Cost and expenses:
Cost of sales	(375,806)	(333,739)	(304,282)
Selling, general and administrative	(45,240)	(42,387)	(41,162)
Research and development	(15,507)	(14,932)	(15,423)
Consolidation, restructuring and related credits (charges)	0	4,979	(13,557)
Impairment of long-lived assets	0	0	(1,458)
Gain on sale of facility	0	0	2,034
Operating income (loss)	75,467	39,475	(12,495)
Other income (expense):
Debt extinguishment loss	(35,259)	0	0
Interest expense	(7,258)	(9,475)	(22,401)
Investment and other income (expense), net	2,949	2,553	(2,208)
Income (loss) before income tax provision	35,899	32,553	(37,104)
Income tax provision	(15,691)	(7,471)	(4,323)
Net income (loss)	20,208	25,082	(41,427)
Net income attributable to noncontrolling interests	(3,979)	(1,160)	(483)
Net income (loss) attributable to Photronics, Inc.	$ 16,229	$ 23,922	$ (41,910)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.28	$ 0.45	$ (0.97)
Diluted (in dollars per share)	$ 0.28	$ 0.43	$ (0.97)
Weighted-average number of common shares outstanding:
Basic (in shares)	57,030	53,433	43,210
Diluted (in shares)	58,458	65,803	43,210

Consolidated Statements of Equity and Other Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings Accumulated (Deficit) [Member]	Accumulated Other Comprehensive Income (Loss), Unrealized Investment Gains (Losses) [Member]	Accumulated Other Comprehensive Income (Loss), Cash Flow Hedges [Member]	Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation [Member]	Accumulated Other Comprehensive Income (Loss) Other [Member]	Accumulated Other Comprehensive Income (Loss) Total [Member]	Total Photronics, Inc. [Member]	Non-Controlling Interest [Member]
Balance at Nov. 02, 2008	$ 432,398	$ 417	$ 384,502	$ 15,364	$ (62)	$ (1,652)	$ (15,520)	$ (267)	$ (17,501)	$ 382,782	$ 49,616
Balance (in shares) at Nov. 02, 2008		41,712
Comprehensive income (loss):
Net (loss) income	(41,427)	0	0	(41,910)	0	0	0	0	0	(41,910)	483
Unrealized holding income (losses) reclassification adjustment	101	0	0	0	62	0	0	0	62	62	39
Amortization of cash flow hedges	576	0	0	0	0	576	0	0	576	576	0
Foreign currency translation adjustments	11,054	0	0	0	0	0	10,712	0	10,712	10,712	342
Other	(339)	0	0	0	0	0	0	(238)	(238)	(238)	(101)
Total comprehensive (loss) income	(30,035)									(30,798)	763
Subsidiary dividend	(438)	0	0	0	0	0	0	0	0	0	(438)
Sale of common stock through employee stock option and purchase plan (in shares)		28
Sale of common stock through employee stock option and purchase plan	117	0	117	0	0	0	0	0	0	117	0
Restricted stock awards vestings and expense (in shares)		121
Restricted stock awards vestings and expense	810	1	809	0	0	0	0	0	0	810	0
Share-based compensation expense	1,326	0	1,326	0	0	0	0	0	0	1,326	0
Common stock issued in public offering (net) (in shares)		11,084
Common stock issued in public offering (net)	43,097	111	42,986	0	0	0	0	0	0	43,097	0
Common stock warrants issued	2,081	0	2,081	0	0	0	0	0	0	2,081	0
Common stock warrants exercised (in shares)		66
Common stock warrants exercised	340	1	339	0	0	0	0	0	0	340	0
Balance at Nov. 01, 2009	449,696	530	432,160	(26,546)	0	(1,076)	(4,808)	(505)	(6,389)	399,755	49,941
Balance (in shares) at Nov. 01, 2009		53,011
Comprehensive income (loss):
Net (loss) income	25,082	0	0	23,922	0	0	0	0	0	23,922	1,160
Unrealized holding losses	209				147				147	147	62
Unrealized holding income (losses) reclassification adjustment	(209)	0	0	0	(147)	0	0	0	(147)	(147)	(62)
Amortization of cash flow hedges	129	0	0	0	0	129	0	0	129	129	0
Foreign currency translation adjustments	16,574	0	0	0	0	0	13,451	0	13,451	13,451	3,123
OCI reclassification	0	0	0	0	0	0	(214)	214	0	0	0
Other	(211)	0	0	0	0	0	0	(129)	(129)	(129)	(82)
Total comprehensive (loss) income	41,574									37,373	4,201
Sale of common stock through employee stock option and purchase plan (in shares)		242
Sale of common stock through employee stock option and purchase plan	522	2	520	0	0	0	0	0	0	522	0
Restricted stock awards vestings and expense (in shares)		58
Restricted stock awards vestings and expense	510	1	509	0	0	0	0	0	0	510	0
Share-based compensation expense	1,374	0	1,374	0	0	0	0	0	0	1,374	0
Common stock warrants exercised (in shares)		468
Common stock warrants exercised	2,240	5	2,235	0	0	0	0	0	0	2,240	0
Common stock issuance costs	27	0	27	0	0	0	0	0	0	27	0
Balance at Oct. 31, 2010	495,943	538	436,825	(2,624)	0	(947)	8,429	(420)	7,062	441,801	54,142
Balance (in shares) at Oct. 31, 2010	53,779	53,779
Comprehensive income (loss):
Net (loss) income	20,208	0	0	16,229	0	0	0	0	0	16,229	3,979
Amortization of cash flow hedges	128	0	0	0	0	128	0	0	128	128	0
Foreign currency translation adjustments	3,267	0	0	0	0	0	3,040	0	3,040	3,040	227
Other	(35)	0	0	0	0	0	0	(25)	(25)	(25)	(10)
Total comprehensive (loss) income	23,568									19,372	4,196
Common stock issued to extinguish debt (in shares)		5,229
Common stock issued to extinguish debt	45,637	52	45,585	0	0	0	0	0	0	45,637	0
Sale of common stock through employee stock option and purchase plan (in shares)		440
Sale of common stock through employee stock option and purchase plan	856	5	851	0	0	0	0	0	0	856	0
Restricted stock awards vestings and expense (in shares)		81
Restricted stock awards vestings and expense	1,036	1	1,035	0	0	0	0	0	0	1,036	0
Share-based compensation expense	1,422	0	1,422	0	0	0	0	0	0	1,422	0
Common stock warrants exercised (in shares)		122
Common stock warrants exercised	1,158	1	1,157	0	0	0	0	0	0	1,158	0
Repurchase of common stock by subsidiary	(9,864)	0	(201)	0	0	0	0	(34)	(34)	(235)	(9,629)
Balance at Oct. 30, 2011	$ 559,756	$ 597	$ 486,674	$ 13,605	$ 0	$ (819)	$ 11,469	$ (479)	$ 10,171	$ 511,047	$ 48,709
Balance (in shares) at Oct. 30, 2011	59,651	59,651

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 30, 2011	Oct. 31, 2010	Nov. 01, 2009
Cash flows from operating activities:
Net income (loss)	$ 20,208	$ 25,082	$ (41,427)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property, plant and equipment	86,661	81,374	76,530
Amortization of deferred financing costs and intangible assets	6,799	8,926	13,944
Debt extinguishment loss	27,399	0	0
Consolidation, restructuring and related charges (credits)	0	(5,059)	10,514
Share-based compensation	2,458	1,883	2,136
Deferred income taxes	(224)	168	(2,943)
Impairment of long-lived assets	0	0	1,458
Gain on sale of facility	0	0	(2,034)
Changes in assets and liabilities:
Accounts receivable	(1,806)	(13,352)	2,709
Inventories	(6,544)	(84)	3,111
Other current assets	223	(725)	3,087
Accounts payable, accrued liabilities and other	1,379	(2,294)	1,063
Net cash provided by operating activities	136,553	95,919	68,148
Cash flows from investing activities:
Purchases of property, plant and equipment	(82,121)	(71,381)	(34,995)
Investment in joint venture	(18,271)	0	0
Proceeds from sales of short-term investments and other	(345)	289	996
Proceeds from sale of facilities	0	12,880	4,321
Return of investment from joint venture	0	0	5,000
Net cash used in investing activities	(100,737)	(58,212)	(24,678)
Cash flows from financing activities:
Proceeds from debt and equity offerings	115,000	0	103,500
Proceeds from long-term borrowings	17,000	41,680	28,112
Repayments of long-term borrowings	(64,107)	(72,932)	(161,841)
Payments of expenses related to debt and equity offerings	(4,201)	0	(5,539)
Deferred financing costs and other	(117)	(1,285)	(4,734)
Repurchase of common stock by subsidiary	(9,878)	0	0
Proceeds from share-based arrangements	828	81	0
Net cash provided by (used in) financing activities	54,525	(32,456)	(40,502)
Effects of exchange rate changes on cash	642	5,155	1,808
Net increase in cash and cash equivalents	90,983	10,406	4,776
Cash and cash equivalents at beginning of year	98,945	88,539	83,763
Cash and cash equivalents at end of year	189,928	98,945	88,539
Supplemental disclosures of cash flow information:
Changes in accrual for purchases of property, plant and equipment	(20,836)	28,717	(13,551)
Capital lease obligation for purchases of property, plant and equipment	21,248	0	(28,244)
Common stock issued to extinguish debt	20,234	0	0
Issuances of common stock warrants	$ 0	$ 0	$ 5,320

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Oct. 30, 2011
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Photronics, Inc. and its subsidiaries (the "Company" or "Photronics") is one of the world's leading manufacturers of photomasks, which are high precision photographic quartz plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of semiconductors and flat panel displays ("FPDs"), and are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits ("ICs") and a variety of FPDs and, to a lesser extent, other types of electrical and optical components. The Company currently operates principally from eight manufacturing facilities; two of which are located in Europe, two in Taiwan, one in Korea, and three in the United States. The Company closed its manufacturing facilities in Manchester, United Kingdom, and Shanghai, China, during the year ended November 1, 2009, and in December 2011 ceased manufacturing photomasks at its facility in Singapore. Consolidation The accompanying consolidated financial statements include the accounts of Photronics, Inc. and its majority-owned subsidiaries that the Company controls. All intercompany balances and transactions have been eliminated in consolidation. Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in them. Actual results may differ from such estimates. Derivative Instruments and Hedging Activities The Company records derivatives in the consolidated balance sheets as assets or liabilities, measured at fair value. The Company does not engage in derivative instruments for speculative purposes. Gains or losses resulting from changes in the values of those derivatives are reported in the consolidated statements of operations, or as accumulated other comprehensive income or loss, a separate component of equity, depending on the use of the derivatives and whether they qualify for hedge accounting. In order to qualify for hedge accounting, among other criteria, a derivative must be a hedge of an interest rate, price, foreign currency exchange rate, or credit risk that is expected to be highly effective at the inception of the hedge, be highly effective in achieving offsetting changes in the fair value or cash flows of the hedged item during the term of the hedge and formally documented at the inception of the hedge. In general, the types of risks the Company has hedged are those related to the variability of future cash flows caused by movements in foreign currency exchange and interest rates. The Company documents its risk management strategy and hedge effectiveness at the inception of, and during the term of, each hedge. Fiscal Year The Company's fiscal year ends on the Sunday closest to October thirty-first, and, as a result, a 53-week year occurs every 5 to 6 years. Fiscal years 2011, 2010 and 2009 each included 52 weeks, as will fiscal year 2012. Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments purchased with an original maturity of 3 months or less. The carrying values of cash equivalents approximate their fair values due to the short-term maturities of these instruments. Inventories Inventories are primarily comprised of raw materials and are stated at the lower of cost, determined under the first-in, first-out ("FIFO") method, or market. Property, Plant and Equipment Property, plant and equipment, except as explained below under "Impairment of Long-Lived Assets," are stated at cost less accumulated depreciation and amortization. Repairs and maintenance, as well as renewals and replacements of a routine nature, are charged to operations as incurred, while those that improve or extend the lives of existing assets are capitalized. Upon sale or other disposition, the cost of the asset and accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statement of operations. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over 15 to 40 years, machinery and equipment over 3 to 10 years and, furniture, fixtures and office equipment over 3 to 5 years. Leasehold improvements are amortized over the life of the lease or the estimated useful life of the improvement, whichever is less. Judgment and assumptions are used in establishing estimated useful lives and depreciation periods. The Company also uses judgment and assumptions as it periodically reviews property, plant and equipment for any potential impairment in carrying values whenever events such as a significant industry downturn, plant closures, technological obsolescence, or other change in circumstances indicate that their carrying amounts may not be recoverable. Intangible Assets Intangible assets consist primarily of a technology license agreement, a supply agreement and acquisition-related intangibles. These assets are stated at fair value as of the date acquired less accumulated amortization. Amortization is calculated using the straight-line method or another method that more fairly represents the utilization of the assets. The Company periodically evaluates the remaining useful lives of its intangible assets to determine whether events or circumstances warrant a revision to the remaining periods of amortization. In the event that the estimate of an intangible asset's remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. If it is determined that an intangible asset has an indefinite useful life, that intangible asset would be subject to impairment testing annually or whenever events or circumstances indicate that the carrying value may not, based on future undiscounted cash flows or market factors, be recoverable, and an impairment loss would be recorded in the period so determined. The measurement of the impairment loss would be based on the fair value of the intangible asset. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on the Company's judgment and estimates of undiscounted future cash flows resulting from the use of the assets and their eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the fair value of the assets. The carrying values of assets determined to be impaired are reduced to their estimated fair values. Fair values of any impaired assets would generally be determined using a market or income approach. Investments in Joint Ventures Investments in joint ventures over which the Company has the ability to exercise significant influence and that, in general, are at least 20 percent owned are stated at cost plus equity in undistributed net income (loss) of the joint venture. An impairment loss would be recognized whenever a decrease in the fair value of such an investment below its carrying amount is determined to be other than temporary. In judging "other than temporary," the Company would consider the length of time and the extent to which the fair value of the investment has been less than the carrying amount of the investment, the near-term and longer-term operating and financial prospects of the investee, and the Company's longer-term intent of retaining its investment in the investee. Variable Interest Entities The Company accounts for the investments it makes in certain legal entities in which equity investors do not have 1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support or, 2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity's economic performance or, 3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity. These certain legal entities are referred to as “variable interest entities”, or “VIEs”. The Company would consolidate the results of any such entity in which it determined that it had a controlling financial interest. The Company would have a “controlling financial interest” in such an entity if the Company had both the power to direct the activities that most significantly affect the VIE's economic performance and the obligation to absorb the losses of, or right to receive benefits from, the VIE that could be potentially significant to the VIE. On a quarterly basis, the Company reassesses whether it has a controlling financial interest in any investments it has in these certain legal entities. Income Taxes The income tax provision is computed on the basis of the various tax jurisdictions' income or loss before income taxes. Deferred income taxes reflect the tax effects of differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effects of net operating losses and tax credit carryforwards. The Company uses judgment and assumptions to determine if valuation allowances for deferred income tax assets are required, if their realization is not more likely than not, by considering future market growth, forecasted operations, future taxable income, and the mix of earnings in the tax jurisdictions in which it operates. The Company considers income taxes in each of the tax jurisdictions in which it operates in order to determine its effective income tax rate. Current income tax exposure is identified and temporary differences resulting from differing treatments of items for tax and financial reporting purposes are assessed. These differences result in deferred tax assets and liabilities, which are included in the Company's consolidated balance sheets. Additionally, the Company evaluates the potential realization of deferred income tax assets from future taxable income and establishes valuation allowances if their realization is deemed not more likely than not. Accordingly, the income taxes in the consolidated statements of operations are impacted by changes in the valuation allowance. Significant management estimates and judgment are required in determining any valuation allowances recorded against net deferred tax assets. The Company accounts for uncertain tax positions by recording a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in its tax returns. The Company includes any applicable interest and penalties related to uncertain tax positions in its income tax provision. Earnings Per Share Basic earnings per share ("EPS") is based on the weighted-average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if certain share-based payment awards or financial instruments were exercised, earned or converted. Share-Based Compensation The Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718 related to share-based payments on October 31, 2005, using the modified prospective method. Subsequently, compensation expense has been recognized in its consolidated statements of operations over the service period that the awards are expected to vest. The Company recognizes expense for all share-based compensation with graded vesting granted on or after October 31, 2005, on a straight-line basis over the vesting period of the entire award. For awards with graded vesting granted prior to October 31, 2005, the Company recognized compensation cost over the vesting period following accelerated recognition as if each underlying vesting date represented a separate award. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change and will also impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards and estimating forfeiture rates requires considerable judgment, including the estimations of stock price volatility and the expected term of options granted. The Company uses the Black-Scholes option pricing model to value employee stock options. The Company estimates stock price volatility based on daily averages of its historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data. Research and Development Research and development costs are expensed as incurred, and consist primarily of global development efforts related to high-end process technologies for advanced sub-wavelength reticle solutions for IC photomask technologies. Research and development expenses also include the amortization of the carrying value of a technology license agreement with Micron Technology, Inc. (“Micron”). Under this technology license agreement, the Company has access to certain photomask technology developed by Micron. Foreign Currency Translation The Company's international subsidiaries maintain their accounts in their respective local currencies. Assets and liabilities of such subsidiaries are translated to U.S. dollars at year-end exchange rates. Income and expenses are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are accumulated and reported in accumulated other comprehensive income, a component of equity. The effects of changes in exchange rates on foreign currency transactions, which are included in investment and other income (expense), net, were a gain of $0.4 million, a gain of $2.0 million and a loss of $3.1 million in 2011, 2010 and 2009, respectively. Noncontrolling Interests Noncontrolling interests represents the minority shareholders' proportionate share in the equity of the Company's two majority-owned subsidiaries, PK Ltd. ("PKL") in Korea of which noncontrolling shareholders owned approximately 0.3% as of October 30, 2011 and October 31, 2010, and Photronics Semiconductor Mask Corporation ("PSMC") in Taiwan, of which noncontrolling interests owned approximately 38% and 42%, as of October 30, 2011 and October 31, 2010, respectively. The effect on its equity of the change in the Company's ownership interest in PSMC is presented in Note 15. Revenue Recognition The Company recognizes revenue when there is persuasive evidence that an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Delivery is determined by the shipping terms of the individual sales transactions. For sales with FOB destination shipping terms, delivery occurs when the Company's product reaches its destination and is received by the customer. For sales with FOB shipping point terms, delivery occurs when the Company's product is received by the common carrier. The Company uses judgment when estimating the effect on revenue of discounts and product warranty obligations, both of which are accrued when the related revenue is recognized. Warranties and Other Post Shipment Obligations – For a 30-day period, the Company warrants that items sold will conform to customer specifications. However, the Company's liability is limited to the repair or replacement of the photomasks at its sole option. The Company inspects photomasks for conformity to customer specifications prior to shipment. Accordingly, customer returns of items under warranty have historically been insignificant. However, the Company records a liability for the insignificant amount of estimated warranty returns based on historical experience. The Company's specific return policies include accepting returns of products with defects, or products that have not been produced to precise customer specifications. At the time of revenue recognition, a liability is established for these items. Sales Taxes – The Company presents its revenues, in the consolidated statements of operations, net of any sales taxes billed to its customers.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Oct. 30, 2011

PROPERTY, PLANT AND EQUIPMENT [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 2 - PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consists of the following:

	October 30, 2011		October 31, 2010

Land	$	7,330	$	7,983
Buildings and improvements		90,455		80,458
Machinery and equipment		1,195,007		1,115,371
Leasehold improvements		8,778		7,647
Furniture, fixtures and office equipment		13,988		15,273
Construction in progress		4,694		26,265
		1,320,252		1,252,997
Less accumulated depreciation and amortization		951,572		883,183
	$	368,680	$	369,814

Property under capital leases are included in above property, plant and equipment as follows:

	October 30, 2011		October 31, 2010

Buildings and improvements	$	33,621	$	33,621
Machinery and equipment		21,327		19,912
		54,948		53,533
Less accumulated amortization		24,660		21,082
	$	30,288	$	32,451

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

INTANGIBLE ASSETS

12 Months Ended

Oct. 30, 2011

Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 3 - INTANGIBLE ASSETS

Intangible assets are amortized based on their estimated useful lives, which range from 3 to 15 years. Intangible assets include assets related to the purchase of additional shares of PKL and the investment to form the MP Mask joint venture. Amortization expense of intangible assets was $5.3 million, $6.0 million and $6.5 million in 2011, 2010 and 2009, respectively. Intangible asset amortization is forecasted to range from $4.3 million to $5.1 million per year for the next 5 years.

Intangible assets consist of:

As of October 30, 2011	Gross Amount		Accumulated Amortization		Net Amount
Technology license agreement	$	59,616	$	21,528	$	38,088
Customer lists		7,210		4,154		3,056
Supply agreement		6,959		5,802		1,157
Software and other		3,557		3,396		161
	$	77,342	$	34,880	$	42,462
As of October 31, 2010

Technology license agreement	$	59,616	$	17,554	$	42,062
Customer lists		7,210		3,431		3,779
Supply agreement		6,959		5,355		1,604
Software and other		3,863		3,560		303
	$	77,648	$	29,900	$	47,748

- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References+ Details

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC.

12 Months Ended

Oct. 30, 2011

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC. [Abstract]

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC.

NOTE 4 -

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC.

On May 5, 2006, Photronics and Micron entered into the MP Mask joint venture (“MP Mask”), which develops and produces photomasks for leading-edge and advanced next generation semiconductors. As part of the formation of the joint venture, Micron contributed its existing photomask technology center located in Boise, Idaho, (headquarters of MP Mask) and Photronics invested $135 million in exchange for a 49.99% interest in MP Mask (to which $64.2 million of the original investment was allocated), a license for photomask technology of Micron, and certain supply agreements.

This joint venture is a variable interest entity ("VIE") (as that term is defined in the Accounting Standards Codification ("ASC") ) because all costs of the joint venture are passed on to the Company and Micron through purchase agreements they have entered into with the joint venture, and it is dependent upon the Company and Micron for any additional cash requirements. On a quarterly basis the Company reassesses whether its interest in MP Mask gives it a controlling financial interest in this VIE. The purpose of this quarterly reassessment is to identify the primary beneficiary (which is defined in the ASC as the entity that consolidates a VIE) of the VIE. As a result of the reassessments in fiscal year 2011, the Company determined that Micron is still the primary beneficiary of the VIE, by virtue of its tie-breaking voting rights within MP Mask's Board of Managers, thereby giving it the power to direct the activities of MP Mask that most significantly impact its economic performance, including its decision making authority in the ordinary course of business and its purchasing the majority of products produced by the VIE.

The Company has utilized MP Mask for both high-end IC photomask production and research and development purposes. MP Mask charges its variable interest holders based on their actual usage of its facility and charges separately for any research and development activities it engages in at the requests of its owners.

MP Mask is governed by a Board of Managers, appointed by Micron and the Company. Since MP Mask's inception, Micron, as a result of its majority ownership, has held majority voting power on the Board of Managers. The voting power held by each party is subject to change as ownership interests change. Under the MP Mask joint venture operating agreement, the Company may be required to make additional capital contributions to MP Mask up to the maximum amount defined in the operating agreement. However, should the Board of Managers determine that further additional funding is required, MP Mask shall pursue its own financing. If MP Mask is unable to obtain its own financing, it may request additional capital contributions from the Company. Should the Company choose not to make a requested contribution to MP Mask, its ownership percentage may be reduced. During fiscal 2011 the Company made additional capital contributions of $18.3 million to the MP Mask joint venture, which were primarily related to capital calls made by the joint venture. The Company made no capital contributions to MP Mask during fiscal 2010, and did not receive any distributions from MP Mask during fiscal 2011 or fiscal 2010.

The Company's investment in the VIE, which represents its maximum exposure to loss, was $80.0 million and $61.1 million at October 30, 2011 and October 31, 2010, respectively. These amounts are reported in the Company's consolidated balance sheets as "Investment in joint venture". The Company recorded income from its investment in MP Mask of $0.6 million and $0.2 million in fiscal 2011 and fiscal 2010, respectively. Income from MP Mask is included in “Investments and other income, net” in the consolidated statements of operations.

As of October 30, 2011, the Company owed MP Mask $6.3 million and had a receivable from Micron of $3.4 million, both primarily related to the aforementioned supply agreements. The Company, in 2011, recorded $1.7 million of commission revenue earned under the supply agreements it has with Micron and MP Mask. Amortization of $0.5 million of the supply agreement intangible asset resulted in net earnings related to the supply agreements of $1.2 million in 2011. The recorded commission revenue of $1.7 million represents the excess of $35.0 million in orders received from Micron over the Company's cost of $33.3 million to fulfill the orders through MP Mask. The Company, for certain sales made during 2011, also recorded cost of sales in the amount of $18.5 million for photomasks produced by MP Mask for the Company's customers, and incurred outsourcing expenses of $3.1 million from MP Mask for research and development activities and other goods and services purchased by the Company. In 2011, the Company purchased equipment from MP Mask for $4.6 million, of which $2.3 million was recorded as the cost of the equipment and $2.3 million was recorded as an investment in joint venture.

As of October 31, 2010, the Company owed MP Mask $5.4 million and had a receivable from Micron of $4.9 million, both primarily related to the supply agreements. The Company, in 2010, recorded $1.7 million of commission revenue earned under the supply agreements it has with Micron and MP Mask. Amortization of $0.5 million of the supply agreement intangible asset resulted in net earnings related to the supply agreements of $1.2 million in 2010. The recorded commission revenue of $1.7 million represents the excess of $35.3 million in orders received from Micron over the Company's cost of $33.6 million to fulfill the orders through MP Mask. The Company, for certain sales made during 2010, also recorded cost of sales in the amount of $5.9 million for photomasks produced by MP Mask for the Company's customers, and incurred outsourcing expenses of $1.9 million from MP Mask for research and development activities and other goods and services purchased by the Company.

The Company, in 2009, recorded $1.8 million of commission revenue earned under the supply agreements it has with Micron and MP Mask. Amortization of $0.9 million of the supply agreement intangible asset resulted in net earnings related to the supply agreements of $0.9 million in 2009. The recorded commission revenue of $1.8 million represents the excess of $37.9 million in orders received from Micron over the Company's cost of $36.1 million to fulfill the orders through MP Mask. The Company, for certain sales made during 2009, also recorded cost of sales in the amount of $4.2 million for photomasks produced by MP Mask for the Company's customers, and incurred outsourcing expenses of $2.0 million from MP Mask for research and development activities and other goods and services purchased by the Company.

In the first quarter of 2008 a capital lease agreement commenced for the U.S. nanoFab facility. Quarterly lease payments, which bore interest at 8%, were $3.8 million through January 2013. This lease was cancelled in the third fiscal quarter of 2009, at which time the Company and Micron (the lessor) entered into a new lease agreement for the facility. Under the provisions of the new lease agreement, quarterly lease payments were reduced from $3.8 million to $2.0 million, the term of the lease was extended from December 31, 2012 to December 31, 2014, and ownership of the property will not transfer to the Company at the end of the lease term. The interest rate of the new lease agreement is also 8%. As a result of the new lease agreement, the Company reduced its lease obligation and the carrying value of its assets under capital leases by approximately $28 million. The Company paid the lease obligation in full with a portion of the net proceeds of the March 2011 issuance of its 3.25% convertible senior notes. The lease will be accounted for as an operating lease during the additional two years of the new lease term.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Oct. 30, 2011

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

NOTE 6 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company utilizes derivative instruments to reduce its exposure to the effects of the variability of interest rates and foreign currencies on its financial performance when it believes such action is warranted. Historically, the Company has been a party to derivative instruments to hedge either the variability of cash flows of a prospective transaction or the fair value of a recorded asset or liability. In certain instances, the Company has designated these transactions as hedging instruments. However, whether or not a derivative was designated as being a hedging instrument, the Company's purpose for engaging in the derivative has always been for risk management (and not speculative) purposes. The Company has historically not been a party to a significant number of derivative instruments and does not expect its derivative activity to significantly increase in the foreseeable future.

In addition to the utilization of derivative instruments discussed above, the Company attempts to minimize its risk of foreign currency exchange rate variability by, whenever possible, procuring production materials within the same country that it will utilize the materials in manufacturing and, by selling to customers from manufacturing sites within the country in which the customers are located.

In May 2009, in connection with an amendment to its credit facility, the Company issued 2.1 million warrants, each exercisable for one share of the Company's common stock at an exercise price of $0.01 per share. Forty percent of the warrants were exercisable upon issuance, and the remaining balance was to become exercisable in twenty percent increments at various points in time after October 31, 2009. As a result of certain net cash settleable put provisions within the warrant agreement, the warrants were recorded as a liability in the Company's consolidated balance sheet. As of the issuance date, and for future periods that such warrants remain outstanding, the Company has, and will continue to, adjust the liability based upon the current fair value of the warrants, with any changes in their fair value being recognized in earnings. Due to the warrants' exercise price of $0.01 per share, their fair value will approximate the market price of the Company's common stock. Approximately 1.2 million of these warrants were cancelled as a result of the Company's early repayment of certain amounts under its credit facility during the year ended November 1, 2009, and the associated liability was reduced accordingly.

The Company was a party to two foreign currency forward contracts which expired during the year ended November 1, 2009, both of which were not accounted for as hedges, as they were economic hedges of intercompany loans denominated in U.S. dollars that were remeasured at fair value and recognized immediately in earnings. A portion of an existing loss on a cash flow hedge in the amount of $0.1 million is expected to be reclassified into earnings during fiscal year 2012.

The table below presents the effect of derivative instruments on the Company's consolidated balance sheets at October 30, 2011 and October 31, 2010.

Derivatives Not Designated		Fair Value at
as Hedging Instruments		October 30,		October 31,
Under ASC 815	Balance Sheet Location	2011		2010

Warrants on common stock	Other liabilities	$	1,147	$	1,881

In December 2011 the above warrants on common stock were exercised.

The table below presents the effect of derivative instruments on the Company's consolidated statements of operations for the years ended October 30, 2011 and October 31, 2010.

		Amount of Loss Recognized Related to Derivative Instruments
		Year Ended
Derivatives Not Designated as Hedging Instruments Under ASC 815	Location of Loss Recognized Related to Derivative Instruments	October 30, 2011			October 31, 2010

Warrants on common stock	Investment and other income (expense), net	$	(424	)	$	(916	)

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

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+ Details

LONG-TERM BORROWINGS

12 Months Ended

Oct. 30, 2011

LONG-TERM BORROWINGS [Abstract]

LONG-TERM BORROWINGS

NOTE 7 - LONG-TERM BORROWINGS

Long-term borrowings consist of the following:

	October 30, 2011		October 31, 2010

3.25% convertible senior notes due on April 1, 2016	$	115,000	$	-

5.50% convertible senior notes due on October 1, 2014		22,054		57,500

3.09% capital lease obligation payable through March 2016		19,218		-

4.75% financing loan with customer		1,888		2,954

8.0% capital lease obligation		-		16,220

5.6% capital lease obligation		-		8,645

Borrowings under revolving credit facility, which bear interest at a variable rate, as defined (3.81% at October 31, 2010)		-		5,000
		158,160		90,319
Less current portion		5,583		11,467
	$	152,577	$	78,852

As of October 30, 2011, long-term borrowings, excluding capital lease obligations, mature as follows: $1,540, $348, $22,054, $0 and $115,000 in fiscal years 2012, 2013, 2014, 2015 and 2016 respectively. The maturity date for the 4.75% financing loan with a customer is dependent upon the timing of photomasks shipped to that customer. The Company currently estimates that the loan will be fully repaid in fiscal 2013, and has reflected that estimate in the yearly maturity amounts presented above.

As of October 30, 2011, minimum lease payments under the Company's capital lease obligations were as follows:

Fiscal Years:

2012	$	4,580
2013		4,961
2014		4,580
2015		4,580
2016		1,909
		20,610
Less interest		1,392
Net minimum lease payments under capital leases		19,218
Less current portion of net minimum lease payments		4,043
Long-term portion of minimum lease payments	$	15,175

In March 2011 the Company issued through a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended, $115 million aggregate principal amount of 3.25% convertible senior notes. The notes mature on April 1, 2016, and note holders may convert each $1,000 principal amount of notes to 96.3879 shares of common stock (equivalent to an initial conversion price of $10.37 per share of common stock) at any time prior to the close of business on the second scheduled trading day immediately preceding April 1, 2016. The conversion rate is subject to adjustment upon the occurrence of certain events, which are described in the indenture dated March 28, 2011. The Company is not required to redeem the notes prior to their maturity date. Interest on the notes accrues in arrears, and is paid semiannually through the notes' maturity date. Interest payments on the notes commenced on October 1, 2011. The net proceeds of the notes were approximately $110.7 million, which were used, in part, to acquire $35.4 million of the Company's 5.5% convertible senior notes which were to mature on October 1, 2014, and to repay, in full, its then outstanding obligations under capital leases of $19.8 million.

In March 2011 the Company amended its revolving credit facility (“the credit facility”) which, as amended, included, among other things: i) a reduction of the aggregate commitments of the lenders from $65 million to $30 million; ii) a reduction of the applicable interest rates and modifications of the leverage ratios related thereto; iii) an extension of the maturity date to April 30, 2015; iv) an increase in the permitted amount of certain financed capital assets up to $75 million outstanding at any one time; v) an allowance to issue the 3.25% convertible senior notes; vi) an increase in the investments “basket” from $15 million to $25 million per year; vii) an allowance to repurchase the 5.5% convertible senior notes and other indebtedness; and viii) removal of the limitation on maximum last twelve months capital expenditures. The credit facility bears interest (2.50% at October 30, 2011), based on the Company's total leverage ratio, at LIBOR plus a spread, as defined in the credit facility.

The credit facility is secured by substantially all of the Company's assets located in the United States, as well as common stock the Company owns in certain of its foreign subsidiaries, and is subject to the following financial covenants: minimum fixed charge ratio, total leverage ratio and minimum unrestricted cash balance. The Company, in connection with a February 2010 amendment to the credit facility, wrote off $1.0 million of deferred financing fees in its second quarter of fiscal 2010. As of October 30, 2011, the Company had no outstanding borrowings under the credit facility and $30 million was available for borrowing.

In June 2011 the Company acquired $5.0 million of its 5.5% convertible senior notes in exchange for 0.7 million shares of its common stock with a fair value of $6.5 million and cash of $3.2 million (the note holders received 147.529 shares and cash of $647 for each $1,000 note). The Company, in connection with this repurchase, recorded an extinguishment loss of $5.0 million, which included the write off of deferred financing fees of $0.3 million. The loss is included in other income (expense) in the Company's consolidated statements of operations.

In March 2011 the Company acquired $30.4 million of its 5.5% convertible senior notes in exchange for 4.5 million shares of its common stock with a fair value of $39.2 million and cash of $19.7 million (the note holders received 147.529 shares and cash of $647 for each $1,000 note). The Company, in connection with this repurchase, recorded an extinguishment loss of $30.1 million, which included the write off of deferred financing fees of $1.7 million. The loss is included in other income (expense) in the Company's consolidated statements of operations.

In September 2009 the Company issued, through a public offering, $57.5 million aggregate principal amount of 5.5% convertible senior notes, which were to mature on October 1, 2014. Under the terms of the offering, the note holders could convert each $1,000 principal amount of notes to 196.7052 shares of common stock (equivalent to an initial conversion price of $5.08 per share of common stock) on, or before, September 30, 2014. The conversion rate is subject to adjustment upon the occurrence of certain events which are described in the indenture dated September 16, 2009. The Company is not required to redeem the notes prior to their maturity. The net proceeds of this offering were approximately $54.9 million, which were used to reduce amounts outstanding under the Company's credit facility. As discussed above, $35.4 million aggregate principal amount of these notes were acquired by the Company during 2011.

In the first quarter of 2008 a capital lease agreement with Micron commenced for the U.S. nanoFab facility. Quarterly lease payments, which bore interest at 8%, were $3.8 million through January 2013. This lease was cancelled in the third fiscal quarter of 2009, at which time the Company and Micron (the lessor) entered into a new lease agreement for the facility. Under the provisions of the new lease agreement, quarterly lease payments were reduced from $3.8 million to $2.0 million, the term of the lease was extended from December 31, 2012 to December 31, 2014, and ownership of the property will not transfer to the Company at the end of the lease term. The interest rate of the new lease agreement remained at 8%. As a result of the new lease agreement, the Company reduced its lease obligation and the carrying value of its assets under capital leases by approximately $28 million. The Company paid the lease obligation in full with a portion of the net proceeds of the March 2011 issuance of its 3.25% convertible senior notes. The lease will be accounted for as an operating lease during the additional two years of the new lease term.

In April 2011 the Company entered into a five year, $21.2 million capital lease for manufacturing equipment. Payments under the lease, which bears interest at 3.09%, are $0.4 million per month through March 2016. The lease agreement provides that the Company must maintain the equipment in good working order, and includes a cross default with cross acceleration provision related to certain non-financial covenants incorporated in the Company's credit facility agreement. As of October 30, 2011, the total amount payable through the end of the lease term was $20.6 million, of which $19.2 million represented principal and $1.4 million represented interest.

In October 2007 the Company entered into a capital lease agreement in the amount of $19.9 million associated with certain equipment. Payments under the lease were $0.4 million per month over a five year term at a 5.6% interest rate. In April 2011 the Company used a portion of the net proceeds of the March 2011 issuance of its 3.25% convertible senior notes, to repay in full the $7.0 million outstanding balance of this lease. In connection with this repayment, the Company paid a $0.2 million prepayment penalty which was recorded as a debt extinguishment loss, included in other income (expense) in the Company's statements of operations.

In January 2010 the Company borrowed $3.7 million from a customer to purchase manufacturing equipment. This loan bears interest at 4.75% and is primarily being repaid with product supplied to the customer. Product valued at $1.1 million and $0.7 million was shipped to the customer and applied against the loan during 2011 and 2010, respectively. The Company estimates that the loan will be fully repaid in fiscal 2013.

Interest payments were $9.7 million, $7.8 million and $20.8 million in fiscal 2011, 2010 and 2009, respectively, including deferred financing cost payments of $4.3 million, $1.3 million and $6.5 million in fiscal 2011, 2010 and 2009, respectively.

COMMON STOCK WARRANTS	12 Months Ended
COMMON STOCK WARRANTS	Oct. 30, 2011
COMMON STOCK WARRANTS [Abstract]
COMMON STOCK WARRANTS	NOTE 8 - COMMON STOCK WARRANTS In September 2009 the Company entered into two warrant agreements with Intel Capital Corporation to purchase a total of 750,000 shares of the Company's common stock. Under one warrant agreement 500,000 shares of the Company's common stock can be purchased at an exercise price of $4.15 per share and under the second warrant agreement 250,000 shares of the Company's common stock can be purchased at an exercise price of $5.08 per share. The warrant agreements expire in September 2014. Also in September 2009, the Company and Intel Corporation entered into an agreement to share technical and operations information regarding the development of the Company's products, the capabilities of the Company's photomask manufacturing lines and the alignment of photomask toolsets. Intel Capital Corporation also invested in the Company's convertible debt offering of September 2009. The warrants were recorded at their fair value on their date of grant, which was determined using the Black-Scholes option pricing model. As of October 30, 2011, none of the warrants issued to Intel Capital Corporation had been exercised. In conjunction with a May 2009 amendment to its credit facility, the Company also entered into a warrant agreement with its lenders. See Note 6 for further discussion of these warrants.

OPERATING LEASES

12 Months Ended

Oct. 30, 2011

OPERATING LEASES [Abstract]

OPERATING LEASES

NOTE 9 - OPERATING LEASES

The Company leases various real estate and equipment under non-cancelable operating leases. Rental expense under such leases amounted to $2.9 million in fiscal years 2011 and 2010, and $3.6 million in fiscal year 2009. As discussed in Note 7, in fiscal 2009 the Company entered into a new lease agreement for the U.S. nanoFab, under which the lease was being accounted for as a capital lease through December 31, 2012 (the end date of its original lease term), and, thereafter, will be accounted for as an operating lease through its expiration on December 31, 2014. In 2011 the Company paid this capital lease obligation in full with a portion of the net proceeds of the March 2011 issuance of its 3.25% convertible senior notes.

At October 30, 2011, future minimum lease payments under non-cancelable operating leases with initial terms in excess of one year are as follows:

2012	$	2,206
2013		8,294
2014		8,506
2015		521
2016		489
Thereafter		873
	$	20,889

See Note 7 for disclosures related to the Company's capital lease obligations.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Oct. 30, 2011

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 10 – SHARE-BASED COMPENSATION

In March 2007 the Company's shareholders approved a new share-based compensation plan ("Plan"), under which options, restricted stock, restricted stock units, stock appreciation rights, performance stock, performance units, and other awards based on, or related to, shares of the Company's common stock may be granted from shares authorized but unissued or shares previously issued and reacquired by the Company. The maximum number of shares of common stock approved by the Company's shareholders to be issued under the Plan was increased from 3.0 million shares to 6.0 million shares during the second quarter of fiscal 2010. Awards may be granted to officers, employees, directors, consultants, advisors, and independent contractors of the Company or its subsidiaries. In the event of a change in control (as defined in the Plan), the vesting of awards may be accelerated. The Plan, aspects of which are more fully described below, prohibits further awards from being issued under prior plans. The Company incurred total share-based compensation cost of $2.5 million, $1.9 million and $2.1 million in fiscal years 2011, 2010 and 2009, respectively. No share-based compensation cost was capitalized as part of inventory and no related income tax benefits were recorded during the fiscal years presented.

Stock Options

Option awards generally vest in one to four years, and have a ten year contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant date fair values of options are based on the closing prices of the Company's common stock on the date of grant using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of the Company's stock. The Company uses historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that the options granted are expected to remain outstanding. The risk-free rate of return for the estimated term of the option is based on the U.S. Treasury yield curve in effect at the date of grant. The weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair values of options issued during fiscal years 2011, 2010 and 2009 are presented in the following table:

	Year Ended
	October 30, 2011			October 31, 2010			November 1, 2009

Expected volatility		98.7	%		89.9	%		69.8	%

Risk-free rate of return		0.7 – 1.9	%		1.5 – 2.4	%		1.9 - 2.5	%

Dividend yield		0.0	%		0.0	%		0.0	%

Expected term	4.2 years			4.4 years			4.7 years

A summary of option activity under the Plan as of October 30, 2011, and changes during the year then ended is presented as follows:

Options	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value

Outstanding at October 31, 2010		3,901,909		$	9.34
Granted		625,750			6.77
Exercised		(318,974	)		1.28
Cancelled and forfeited		(174,769	)		16.11
Outstanding at October 30, 2011		4,033,916		$	9.28		6.1 years	$	7,300
Exercisable at October 30, 2011		2,068,448		$	14.32		4.3 years	$	2,166
Expected to vest as of October 30, 2011		1,651,417		$	3.73		8.0 years	$	4,711

The weighted-average grant date fair value of options granted during the fiscal years 2011, 2010 and 2009 were $4.75, $2.98 and $0.44, respectively. The total intrinsic value of options exercised during fiscal years 2011 and 2010 was $2.1 million and $0.4 million, respectively. A summary of the status of the Company's unvested options as of October 30, 2011, is presented below:

Unvested Options	Shares			Weighted-Average Fair Value at Grant Date

Unvested at October 31, 2010		1,968,554		$	1.71
Granted		625,750			4.75
Vested		(616,473	)		1.63
Cancelled and forfeited		(12,363	)		1.75
Unvested at October 30, 2011		1,965,468		$	2.70

The Company received cash from option exercises of $0.4 million and $0.1 million in fiscal years 2011 and 2010, respectively, and there were no options exercised during fiscal year 2009. As of October 30, 2011, the total unrecognized compensation cost of unvested option awards was approximately $3.3 million. That cost is expected to be recognized over a weighted-average amortization period of 2.7 years.

Restricted Stock

The Company periodically grants restricted stock awards. The restrictions on these awards lapse over a service period that has ranged from less-than-one to eight years. The weighted-average grant date fair values of restricted stock awards issued during fiscal years 2011 and 2009 were $6.71 and $0.76, respectively. No restricted stock awards were granted during fiscal 2010. The total fair value of awards for which restrictions lapsed was $0.5 million, $0.4 million and $0.3 million during fiscal years 2011, 2010 and 2009 respectively. As of October 30, 2011, the total compensation cost for restricted stock awards not yet recognized was approximately $1.3 million. That cost is expected to be recognized over a weighted-average amortization period of 2.6 years. A summary of the status of the Company's outstanding restricted stock awards as of October 30, 2011, is presented below:

Restricted Stock	Shares			Weighted- Average Fair Value at Grant Date

Outstanding at October 31, 2010		97,272		$	14.60
Granted		176,250			6.71
Vested		(80,695	)		9.79
Cancelled and forfeited		(1,000	)		17.02
Outstanding at October 30, 2011		191,827		$	9.37
Expected to vest as of October 30, 2011		163,220		$	9.23

Employee Stock Purchase Plan

The Company's Employee Stock Purchase Plan ("ESPP") permits employees to purchase shares at 85% of the lower of the fair market value at the commencement of the offering or the last day of the payroll payment period. The maximum number of shares of common stock approved by the Company's shareholders to be purchased under the ESPP was increased from 0.9 million shares to 1.2 million shares during fiscal 2010. The vesting period for shares purchased under the ESPP is approximately one year. Under the ESPP, approximately 1.0 million shares had been issued through October 30, 2011, and approximately 62,000 shares are subject to outstanding subscriptions. As of October 30, 2011, the total compensation cost related to the ESPP not yet recognized was $0.1 million, all of which is expected to be recognized within fiscal 2012.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 40

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

EMPLOYEE RETIREMENT PLANS	12 Months Ended
EMPLOYEE RETIREMENT PLANS	Oct. 30, 2011
EMPLOYEE RETIREMENT PLANS [Abstract]
EMPLOYEE RETIREMENT PLANS	NOTE 11 - EMPLOYEE RETIREMENT PLANS The Company maintains a 401(k) Savings and Profit Sharing Plan ("401(k) Plan") which covers all full-time domestic employees who have completed three months of service and are 18 years of age or older. Under the terms of the 401(k) Plan, employees may contribute up to 50% of their salary, subject to certain maximum amounts, which will be matched by the Company at 50% of the employee's contributions that are not in excess of 4% of the employee's compensation. Employee and employer contributions vest upon contribution. Employer contributions amounted to $0.4 million in fiscal years 2011 and 2010 and $0.2 million in 2009. The Company's international subsidiaries maintain retirement plans for their employees, which vary by country. The obligations and cost of these plans are not significant to the Company's consolidated financial statements.

CONSOLIDATION, RESTRUCTURING AND RELATED CHARGES (CREDITS)

12 Months Ended

Oct. 30, 2011

CONSOLIDATION, RESTRUCTURING AND RELATED CHARGES (CREDITS) [Abstract]

CONSOLIDATION, RESTRUCTURING AND RELATED CHARGES (CREDITS)

NOTE 12 - CONSOLIDATION, RESTRUCTURING AND RELATED CHARGES (CREDITS)

2009 Restructurings

Shanghai, China, Facility

In the third quarter of fiscal 2009, the Company ceased the manufacture of photomasks at its Shanghai, China, facility. In connection with this restructuring, the Company recorded total net charges of $5.2 million, including $4.7 million of net asset write-downs through its completion in fiscal 2010. The fair value of the assets written down was determined by management using a market approach. Approximately 75 employees were affected by this restructuring.

The Company recorded an initial restructuring charge of $10.1 million in the third quarter of fiscal 2009, which included $7.7 million to write down the carrying value of the Company's Shanghai manufacturing facility to its estimated fair value at that time. In the second quarter of fiscal 2010, the Company sold its facility in Shanghai, China, for net proceeds of $12.9 million which resulted in a gain of $5.4 million, which was recorded as a credit to the restructuring reserve in that quarter.

The following tables set forth the Company's restructuring reserve as of October 31, 2010 and November 1, 2009, related to its Shanghai, China, facility, and reflect the activity affecting the reserve for the years then ended.

	Year Ended October 31, 2010
	November 2, 2009		Charges (credits)			Utilized			October 31, 2010

Net gain on sale of assets	$	-	$	(5,189	)	$	5,189		$	-

Employee terminations and other		134		210			(344	)		-
	$	134	$	(4,979	)	$	4,845		$	-

	Year Ended November 1, 2009
	November 3, 2008		Charges		Utilized			November 1, 2009

Asset write-downs	$	-	$	9,908	$	(9,908	)	$	-

Other		-		324		(190	)		134
	$	-	$	10,232	$	(10,098	)	$	134

Manchester, U.K. Facility

During the first quarter of fiscal 2009, the Company ceased the manufacture of photomasks at its Manchester, U.K., facility and, in connection therewith, incurred restructuring charges of $3.9 million through its completion in the fourth quarter of fiscal 2009, primarily for employee termination costs and asset write-downs. The Company, in fiscal 2009, also recorded an impairment charge of $1.5 million to reduce the carrying value of the Manchester facility to its estimated fair value, which was determined by management by using a market approach. Approximately 85 employees were affected by this restructuring. The following table sets forth the Company's 2009 restructuring reserve related to its Manchester, U.K., facility as of November 1, 2009, and reflects the activity affecting the reserve for the year then ended.

	Year Ended November 1, 2009
	November 3, 2008		Charges		Utilized			November 1, 2009

Employee terminations	$	-	$	2,375	$	(2,375	)	$	-

Asset write-downs and other		-		950		(950	)		-
	$	-	$	3,325	$	(3,325	)	$	-

Singapore Restructuring

In the first quarter of fiscal 2012 the Company ceased the manufacture of photomasks at its Singapore facility. The Company anticipates that the restructuring costs of this action will not exceed $2.5 million, all of which are expected to be incurred in fiscal 2012.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details

INCOME TAXES

12 Months Ended

Oct. 30, 2011

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 13 - INCOME TAXES

The income (loss) before income tax provision consists of the following:

	Year Ended
	October 30, 2011			October 31, 2010			November 1, 2009

United States	$	(20,396	)	$	(27,507	)	$	(35,228	)
Foreign		56,295			60,060			(1,876	)
	$	35,899		$	32,553		$	(37,104	)

The income tax provision consists of the following:

	Year Ended
	October 30, 2011			October 31, 2010		November 1, 2009
Current:
Federal	$	291		$	-	$	-
State		74			-		-
Foreign		15,550			7,303		7,266

Deferred:
Federal		-			-		-
State		-			-		-
Foreign		(224	)		168		(2,943	)
Total	$	15,691		$	7,471	$	4,323

The income tax provision differs from the amount computed by applying the statutory U.S. federal income tax rate to the income (loss) before income taxes as a result of the following:

	Year Ended
	October 30, 2011			October 31, 2010			November 1, 2009
U.S. federal income tax at statutory rate	$	12,564		$	11,393		$	(12,986	)
Debt extinguishment losses		11,942			-			-
Distributions from foreign subsidiaries		1,925			1,750			10,407
State income taxes, net of federal benefit		503			(1,270	)		(464	)
Changes in valuation allowances		(8,334	)		9,693			6,427
Foreign tax rate differentials		(4,467	)		(6,381	)		3,497
Tax credits in foreign jurisdictions		(522	)		(2,954	)		(1,581	)
Uncertain tax positions, including reserves, settlements and resolutions		1,499			93			(1,218	)
Shanghai, China operations closure		-			(6,127	)		-
Other, net		581			1,274			241
	$	15,691		$	7,471		$	4,323

Subsequent to the issuance of the Company's 2010 consolidated financial statements, the Company identified two errors in the classifications of line items within the Tax Rate Reconciliation table (above). The first error of $6 million was primarily due to incorrectly including the tax effects of cumulative earnings from a foreign subsidiary whose earnings were considered not to be reinvested resulting in an overstatement of both the Distributions from foreign subsidiaries line and the Changes in valuation allowances line of the 2010 Tax Rate Reconciliation table. The second error of $1 million was due to a State tax benefit that was not recorded as the result of the Shanghai, China operations closure resulting in an overstatement of the State income taxes, net of federal benefit line and an overstatement of the Changes in valuation allowances line. As a result, the Tax Rate Reconciliation table has been restated from the amounts previously reported. The corrections had no effect on the net deferred tax asset, the income tax provision, the consolidated balance sheet and statements of operations previously reported for all years presented. In addition to these restatements, the Company has reclassified certain prior amounts from the Foreign tax rate differentials line into a separate line, Tax credits in foreign jurisdictions line, to conform with the current year presentation within this table.

The effective tax rate differs from the U.S. statutory rate of 35% in fiscal year 2011 primarily due to the impact of the non-deductible debt extinguishment losses related to the Company's acquisition of a portion of its 5.5% convertible senior notes and the impact of a foreign subsidiary tax settlement offset by a higher level of earnings taxed at lower statutory rates in foreign jurisdictions.

The Company's operations in Shanghai, China, were closed in the fiscal year ended October 31, 2010. The Company recognized a $10.5 million U.S. tax benefit as a result of the investment writedown. In China, additional income was recognized as a result of asset sales and intercompany loan settlements and the related China income tax liability was offset by accumulated net operating losses. As a result of the closure, the Company wrote off its Shanghai, China, subsidiary's deferred tax asset of $4.4 million, which arose as a result of unused operating losses. The deferred tax asset written off had been offset in its entirety by a valuation allowance.

The net deferred income tax assets consist of the following:

	October 30, 2011			October 31, 2010
Deferred income tax assets:
Reserves not currently deductible	$	5,889		$	5,007
Net operating losses		51,991			57,764
Alternative minimum tax credits		3,217			2,926
Tax credit carryforwards		5,410			9,770
Future lease obligation		3,108			5,705
Other		3,359			3,796
		72,974			84,968
Valuation allowances		(53,063	)		(61,303	)
		19,911			23,665
Deferred income tax liabilities:
Property, plant and equipment		(2,744	)		(5,369	)
Undistributed earnings of foreign subsidiaries		(4,417	)		(4,428	)
Investments		(1,203	)		(2,622	)
Other		(481	)		(440	)
		(8,845	)		(12,859	)
Net deferred income tax assets	$	11,066		$	10,806
Reported as:
Current deferred tax assets	$	609		$	1,173
Long-term deferred tax assets		11,239			10,132
Accrued liabilities		(45	)		-
Long-term deferred tax liabilities		(737	)		(499	)
	$	11,066		$	10,806

Subsequent to the issuance of the Company's 2010 consolidated financial statements, the Company's management determined that there was an error in the classification of and within the deferred income tax assets and liabilities presented in the 2010 table of deferred tax assets and liabilities footnote presentation. The error primarily related to an overstatement of the Company's gross net operating loss carryforwards and the related $13 million deferred tax asset related to those same losses due to taxable gains that should have been recorded in a prior year on various intercompany transactions. Because a full valuation allowance has also been previously recorded against this overstated deferred tax asset, the error had no effect on the net deferred tax assets recorded in the financial statements. Additionally, the Company determined that certain deferred tax assets and liabilities had previously been improperly netted within the net operating loss line of the deferred tax asset composition table. As a result, the amounts presented in the 2010 table of deferred income tax assets and liabilities have been restated from the amounts previously reported. The corrections had no effect on the net deferred tax assets, the income tax provision, the consolidated balance sheet and statements of operations previously reported for all years presented.

Unrecognized tax benefits associated with uncertain tax positions were $1.9 million at October 30, 2011, of which $0.5 million was recorded in income taxes payable and the balance in other liabilities in the consolidated balance sheet, and were $2.0 million at October 31, 2010 included in other liabilities in the consolidated balance sheet. If recognized, the benefits would favorably affect the Company's effective tax rate in future periods. Included in these amounts were $0.1 million and $0.3 million for interest and penalties in the two years, respectively. The Company includes any applicable interest and penalties related to uncertain tax positions in its income tax provision. As of October 30, 2011, the Company believes it is not reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease in the next twelve months. Currently, the statutes of limitations remain open subsequent to, and including, 2008 in the U.S., 2009 in the U.K., 2008 in Germany, 2011 in Korea, 2006 in Taiwan and in Singapore.

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:

	Year Ended
	October 30, 2011			October 31, 2010			November 1, 2009
Balance at beginning of year	$	1,676		$	1,573		$	1,988

Additions (reductions) for tax positions in prior years		709			(351	)		-

Additions based on current year tax positions		502			454			377

Settlements		(1,063	)		-			(685	)

Lapses of statutes of limitations		-			-			(107	)
Balance at end of year	$	1,824		$	1,676		$	1,573

As of October 30, 2011, the Company had available U.S. Federal tax operating loss carryforwards of approximately $111.9 million which expire between 2020 and 2030, and research and development tax credit carryforwards of approximately $2.9 million which expire between 2018 and 2029.

The Company has established a valuation allowance for a portion of its deferred tax assets because it believes, based on the weight of all available evidence, that it is more likely than not that a portion of its net operating loss carryforwards may expire prior to utilization. The valuation allowance (decreased) increased by $(8.2) million, $10.9 million and $5.7 million in fiscal years 2011, 2010 and 2009, respectively.

As of October 30, 2011, the Company had $3.2 million of alternative minimum tax credit carryforwards that are available to offset future federal income taxes payable. The Company also has state tax credits available of $1.6 million which, if they are not utilized, will begin to expire in 2012.

As of October 30, 2011, the undistributed earnings of foreign subsidiaries included in consolidated retained earnings amounted to $80.3 million, of which $12.6 million of earnings is considered not to be permanently reinvested. The amount of undistributed earnings is calculated taking into account the net amount of earnings of the Company's foreign subsidiaries considering its multi-tier subsidiary structure and translated into U.S. dollars using exchange rates in effect as of the balance sheet date. During fiscal year 2008 a decision was made to not indefinitely reinvest earnings in certain foreign jurisdictions. No provision has been made for taxes due on the remaining undistributed earnings of $67.7 million considered to be indefinitely invested. Should the Company elect in the future to repatriate the foreign earnings so invested, it may incur additional income tax expense on those foreign earnings, the amount of which is not practicable to compute.

PKLT, the Company's FPD manufacturing facility in Taiwan, has been accorded a tax holiday, which starts in 2012 and expires in 2017. In addition, the Company had been accorded a tax holiday in China which expired in 2011. These tax holidays had no dollar or per share effect in the fiscal years ended October 30, 2011, October 31, 2010 and November 1, 2009. In Korea and at Photronics Semiconductor Mask Corporation (PSMC) in Taiwan, various investment tax credits have been earned to reduce the Company's effective income tax rate.

Income tax payments were $10.4 million, $8.9 million and $9.6 million in fiscal 2011, 2010 and 2009, respectively. Cash received for refunds of income taxes paid in prior years amounted to $0.2 million in fiscal 2011 and $0.1 million in both fiscal years 2010 and 2009.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

EARNINGS (LOSS) PER SHARE

12 Months Ended

Oct. 30, 2011

EARNINGS (LOSS) PER SHARE [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 14 - EARNINGS (LOSS) PER SHARE

The calculation of basic and diluted earnings (loss) per share is presented as follows:

	Year Ended
	October 30, 2011		October 31, 2010		November 1, 2009

Net income (loss) attributable to Photronics, Inc.	$	16,229	$	23,922	$	(41,910	)
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		-		4,085		-
Earnings (loss) for diluted earnings (loss) per share	$	16,229	$	28,007	$	(41,910	)
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings (loss) per share		57,030		53,433		43,210
Effect of dilutive securities:
Share-based payment awards		1,145		996		-
Common stock warrants		283		63		-
Convertible notes		-		11,311		-
Dilutive potential common shares		1,428		12,370		-
Weighted-average common shares used for diluted earnings (loss) per share		58,458		65,803		43,210

Basic earnings (loss) per share	$	0.28	$	0.45	$	(0.97	)
Diluted earnings (loss) per share	$	0.28	$	0.43	$	(0.97	)

In periods in which the Company incurred a net loss, the assumed exercises and vestings of certain outstanding share-based awards had an antidilutive effect. The assumed exercise of certain outstanding common stock warrants and the conversion of convertible senior notes to common stock would also have been antidilutive in the periods that the Company reported a net loss. The table below shows the amounts of incremental weighted-average shares of these share-based payment awards, common stock warrants, and convertible debt that were not considered potentially dilutive common shares in the fiscal years presented.

	Year Ended
	October 30, 2011		October 31, 2010		November 1, 2009

Convertible notes		-		-		1,429
Common stock warrants		-		-		804
Share-based payment awards		-		-		793
Total potentially dilutive shares excluded		-		-		3,026

The table below shows the outstanding weighted-average share-based payment awards and common stock warrants that were excluded from the calculation of diluted earnings (loss) per share because their exercise price exceeded the average market value of the common shares for the period or, under application of the treasury stock method, they were otherwise determined to be antidilutive. The table also shows convertible notes that, if converted, would have been antidilutive.

	Year Ended
	October 30, 2011		October 31, 2010		November 1, 2009

Convertible notes		13,994		-		-
Share based payment awards		2,407		2,684		2,243
Common stock warrants		213		745		2
Total potentially dilutive shares excluded		16,614		3,429		2,245

In the first quarter of fiscal year 2012, the Company awarded approximately 0.5 million shared-based payment awards to its employees and directors.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

SUBSIDIARY SHARE REPURCHASE

12 Months Ended

Oct. 30, 2011

SUBSIDIARY SHARE REPURCHASE [Abstract]

SUBSIDIARY SHARE REPURCHASE

NOTE 15 – SUBSIDIARY SHARE REPURCHASE

During fiscal year 2011, the board of directors of PSMC, a subsidiary of the Company based in Taiwan, authorized PSMC to repurchase for retirement shares of its outstanding common stock on the open market. The repurchase programs, the last of which expired in October 2011, resulted in 21.6 million shares being repurchased for $9.9 million. PSMC's repurchase of these shares increased the Company's ownership of PSMC from 57.53% at October 31, 2010, to 62.25% at October 30, 2011. The tables below present the effect of the change in Photronics, Inc.'s ownership interest in PSMC on the Company's equity for fiscal years ended October 30, 2011, October 31, 2010 and November 1, 2009.

	Year Ended
	October 30, 2011			October 31, 2010		November 1, 2009

Net income (loss) attributable to Photronics, Inc.	$	16,229		$	23,922	$	(41,910	)

Decrease in Photronics, Inc.'s additional paid-in capital for PSMC's repurchase of 21.6 million shares of its common stock		(201	)		-		-
Change from net income (loss) attributable to Photronics, Inc. and transfer to noncontrolling interest	$	16,028		$	23,922	$	(41,910	)

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Oct. 30, 2011
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16 - COMMITMENTS AND CONTINGENCIES At October 30, 2011, the Company had outstanding purchase commitments of $19 million, which included $14 million related to capital expenditures, and had recorded purchase commitments, consisting primarily of liabilities for the purchase of manufacturing equipment, of $19 million and $40 million at October 30, 2011 and October 31, 2010, respectively. See Note 9 for operating lease commitments. The Company is subject to various claims that arise in the ordinary course of business. The Company believes such claims, individually or in the aggregate, will not have a material effect on its consolidated financial statements.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 14

-Paragraph 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 9, 10, 11, 12

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 210

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-Paragraph 1

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+ Details

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION

12 Months Ended

Oct. 30, 2011

Geographic Information [Abstract]

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION

NOTE 17 - GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION

The Company operates as a single operating segment as a manufacturer of photomasks, which are high precision quartz plates containing microscopic images of electronic circuits for use in the fabrication of IC's and FPDs. Geographic net sales are based primarily on where the Company's manufacturing facility is located. The Company's 2011, 2010 and 2009 net sales by geographic area and for ICs and FPDs, and total long-lived assets by geographic area were as follows:

	Year Ended
	October 30, 2011		October 31, 2010		November 1, 2009
Net sales
Asia	$	307,402	$	259,951	$	223,138
Europe		46,613		41,850		38,344
North America		158,005		123,753		99,871
	$	512,020	$	425,554	$	361,353

IC	$	391,158	$	329,767	$	272,866
FPD		120,862		95,787		88,487
	$	512,020	$	425,554	$	361,353

	October 30, 2011		October 31, 2010		November 1, 2009
Long-lived assets
Asia	$	197,956	$	221,283	$	199,179
Europe		10,879		14,182		9,579
North America		159,845		134,349		139,131
	$	368,680	$	369,814	$	347,889

Samsung Electronics Co., Ltd. accounted for approximately 20%, 19% and 19% of the Company's net sales in fiscal years 2011, 2010 and 2009, respectively.

CONCENTRATIONS OF CREDIT RISK	12 Months Ended
CONCENTRATIONS OF CREDIT RISK	Oct. 30, 2011
CONCENTRATIONS OF CREDIT RISK [Abstract]
CONCENTRATIONS OF CREDIT RISK	NOTE 18 – CONCENTRATIONS OF CREDIT RISK Financial instruments that potentially subject the Company to credit risk principally consist of trade accounts receivables and temporary cash investments. The Company sells its products primarily to manufacturers in the semiconductor and FPD industries in North America, Europe and Asia. The Company believes that the concentration of credit risk in its trade receivables is substantially mitigated by the Company's ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. The Company's cash and cash equivalents are deposited in several financial institutions, including institutions located within all of the countries in which it manufactures photomasks. Portions of deposits in some of these institutions may exceed the amount of insurance available for such deposits at these institutions. As these deposits are generally redeemable upon demand and are held by high quality, reputable institutions, the Company considers them to bear minimal credit risk. The Company further mitigates credit risks related to its cash and cash equivalents by spreading such risk among a number of institutions.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 94-6

-Paragraph 21, 22, 24

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-Topic 825

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+ Details

OTHER COMPREHENSIVE INCOME

12 Months Ended

Oct. 30, 2011

OTHER COMPREHENSIVE INCOME DISCLOSURE [Abstract]

OTHER COMPREHENSIVE INCOME

NOTE 19 – OTHER COMPREHENSIVE INCOME

The Company's other comprehensive income, as reported in the consolidated statements of equity, consists of all changes in equity during the periods presented except those resulting from investments by owners and distributions to owners. The components of other comprehensive income for the last three fiscal years, net of tax, were as follows:

	Foreign Currency Translation Adjustments		Amortization of Cash Flow Hedges		Changes in Unrealized Investment Gains (Losses)		Other			Total Other Comprehensive Income
Year Ended October 30, 2011

Attributable to Photronics, Inc.	$	3,040	$	128	$	-	$	(29	)	$	3,139
Attributable to noncontrolling interests		227		-		-		(11	)		216
Total other comprehensive income		3,267		128		-		(40	)		3,355
Income tax benefit (expense)		-		-		-		5			5
Other comprehensive income, net of tax	$	3,267	$	128	$	-	$	(35	)	$	3,360

	Foreign Currency Translation Adjustments		Amortization of Cash Flow Hedges		Changes in Unrealized Investment Gains (Losses)		Other			Total Other Comprehensive Income
Year ended October 31, 2010

Attributable to Photronics, Inc.	$	13,451	$	129	$	-	$	(159	)	$	13,421
Attributable to noncontrolling interests		3,123		-		-		(117	)		3,006
Total other comprehensive income		16,574		129		-		(276	)		16,427
Income tax benefit (expense)		-		-		-		65			65
Other comprehensive income, net of tax	$	16,574	$	129	$	-	$	(211	)	$	16,492

	Foreign Currency Translation Adjustments		Amortization of Cash Flow Hedges		Changes in Unrealized Investment Gains (Losses)		Other			Total Other Comprehensive Income
Year ended November 1, 2009

Attributable to Photronics, Inc.	$	10,712	$	576	$	62	$	(238	)	$	11,112
Attributable to noncontrolling interests		342		-		39		(101	)		280
Total other comprehensive income		11,054		576		101		(339	)		11,392
Income tax benefit (expense)		-		-		-		-			-
Other comprehensive income, net of tax	$	11,054	$	576	$	101	$	(339	)	$	11,392

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

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-Publisher FASB

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-Glossary Reclassification Adjustments

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+ Details

OTHER RELATED PARTY TRANSACTIONS	12 Months Ended
OTHER RELATED PARTY TRANSACTIONS	Oct. 30, 2011
OTHER RELATED PARTY TRANSACTIONS [Abstract]
OTHER RELATED PARTY TRANSACTIONS	NOTE 20 - OTHER RELATED PARTY TRANSACTIONS The chairman of the board and chief executive officer of the Company is also the vice chairman of the board and majority shareholder of a company that provides secure managed information technology services to Photronics. Another director of the Company is also a shareholder, chief executive officer and executive chairman of the board of this company. Since 2002, the Company has entered into various service contracts with this company to provide services to all of the Company's worldwide facilities. The Company incurred expenses for services provided by this company of $1.8 million, $2.6 million and $2.8 million in fiscal years 2011, 2010 and 2009, respectively and, as of October 30, 2011, had an outstanding balance of $0.2 million due to this company. As of October 30, 2011, the Company had contracted with this company for various services through October 2013, at a cost of $3.2 million. The Company purchases photomask blanks from a company of which an officer of the Company is a significant shareholder. The Company purchased $21.4 million, $21.9 million and $25.5 million of photomask blanks from this company in 2011, 2010 and 2009, respectively, for which the amount owed to this company was $2.9 million at October 30, 2011 and $4.3 million at October 31, 2010. The Company believes that the terms of its transactions with related parties described above were negotiated at arm's length and were no less favorable to the Company than terms it could have obtained from unrelated third parties. See Note 4 for other related party transactions.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Oct. 30, 2011

FAIR VALUE MEASUREMENTS [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 21 - FAIR VALUE MEASUREMENTS

Accounting guidance defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. An "orderly transaction" is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities (i.e. it is not a forced transaction). The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. Therefore, the objective of a fair value measurement is to determine the price that would be received to sell the asset or paid to transfer the liability (an exit price) at the measurement date.

A fair value measurement further assumes that the hypothetical transaction occurs in the principal (or if no principal market exists, the most advantageous) market for the asset or liability. Further, a fair value measurement assumes a transaction involving the highest and best use of the asset and the consideration of assumptions that would be made by market participants when pricing the asset or liability, such as transfer restrictions (in the case of an asset) or nonperformance risk.

This guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to unadjusted, quoted market prices in active markets for identical assets or liabilities (including when the liabilities are traded as assets) while giving the lowest priority to unobservable inputs, which are inputs that reflect the Company's assumptions about the factors that market participants would use in valuing assets or liabilities, based upon the best information available under existing circumstances. In cases when the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. When, due to changes in the inputs to valuation techniques used to measure its fair value, an asset or liability is transferred between levels of the fair value hierarchy, the Company recognizes all transfers to or from any level to be as of the beginning of the reporting period. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, including the consideration of factors specific to the asset or liability. The hierarchy consists of the following three levels:

Level 1 - Inputs are prices in active markets for identical securities that are accessible at the measurement date.

Level 2 - Inputs other than quoted prices included within Level 1 are observable for the asset or liability, either directly or indirectly. At October 30, 2011 and October 31, 2010, the Company's Level 2 liabilities are certain common stock warrants, which are included in other liabilities.

Level 3 - Inputs are unobservable inputs for the asset or liability.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present the Company's liabilities as of October 30, 2011 and October 31, 2010, that are measured at fair value on a recurring basis. The Company had no assets measured at fair value on a recurring basis as of the dates presented.

	October 30, 2011
	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Common stock warrants	$	-	$	1,147	$	-	$	1,147
Total liabilities	$	-	$	1,147	$	-	$	1,147

	October 31, 2010
	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Common stock warrants	$	-	$	1,881	$	-	$	1,881
Total liabilities	$	-	$	1,881	$	-	$	1,881

The fair value of the common stock warrants liability was determined using the Black-Scholes option pricing model. A significant observable input into the model was the market price of the Company's common stock at the measurement date. Gains or losses related to fair value adjustments to the common stock warrants liability are included in other income (expense), net.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The Company did not have any nonfinancial assets or liabilities measured at fair value on a nonrecurring basis at October 30, 2011 or October 31, 2010.

Fair Value of Other Financial Instruments

The fair values of the Company's cash and cash equivalents, accounts receivable, accounts payable, and certain other current assets and current liabilities approximate their carrying value due to their short-term maturities. The fair value of the Company's variable rate long-term debt approximates its carrying value due to the variable nature of the underlying interest rates. The estimated fair value of the Company's 3.25% convertible senior notes was approximately $109.3 million at October 30, 2011, and the estimated fair value of the Company's 5.5% convertible senior notes was approximately $32.8 million and $83.2 million at October 30, 2011 and October 31, 2010, respectively. The Company acquired $35.4 million principal amount of its 5.5% convertible senior notes during fiscal year 2011.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44A, 44B

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15C, 15D

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

-Subparagraph a-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15B

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 3, 10, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32, 33, 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17-22, 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef

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+ Details

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Oct. 30, 2011

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) [Abstract]

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

NOTE 22 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following table sets forth certain unaudited quarterly financial data:

	First		Second			Third		Fourth		Year
Fiscal 2011:	(a)		(b) (c)			(d) (e)		(e)		(f) (g)

Net sales	$	120,823	$	133,103		$	135,935	$	122,159	$	512,020
Gross margin		30,594		36,486			38,240		30,893		136,214
Net income (loss)		13,584		(15,033	)		12,622		9,035		20,208
Net income (loss) attributable to Photronics, Inc.		12,111		(16,438	)		11,265		9,291		16,229

Earnings (loss) per share:
Basic	$	0.23	$	(0.30	)	$	0.19	$	0.16	$	0.28
Diluted	$	0.20	$	(0.30	)	$	0.16	$	0.14	$	0.28

Fiscal 2010:	(h) (i)		(j) (k) (l)			(m)		(n) (o)		(l) (p) (q)

Net sales	$	98,197	$	105,070		$	112,251	$	110,036	$	425,554
Gross margin		18,177		22,090			26,272		25,276		91,815
Net income		408		8,605			7,607		8,462		25,082
Net income attributable to Photronics, Inc.		213		7,873			7,691		8,145		23,922

Earnings per share:
Basic	$	0.00	$	0.15		$	0.14	$	0.15	$	0.45
Diluted	$	0.00	$	0.14		$	0.13	$	0.14	$	0.43

(a)	Includes non-cash mark-to-market loss of $0.1 million, net of tax, in connection with warrants issued to purchase the Company's stock.

(b)	Includes debt extinguishment loss of $30.3 million, net of tax, in connection with the acquisition of $30.4 million principal amount of the Company's 5.5% convertible senior notes, with original maturity date of October 2014.

(c)	Includes non-cash mark-to-market loss of $0.7 million, net of tax, in connection with warrants used to purchase the Company's stock.

(d)	Includes debt extinguishment loss of $5.0 million, net of tax, in connection with the acquisition of $5.0 million principal amount of the Company's 5.5% convertible senior notes, with original maturity date of October 2014.

(e)	Includes non-cash mark-to-market gain of $0.2 million, net of tax, in connection with warrants used to purchase the Company's stock.

(f)	Includes debt extinguishment loss of $35.3 million, net of tax, in connection with the acquisition of $35.4 million principal amount of the Company's 5.5% convertible senior notes, with original maturity date of October 2014

(g)	Includes non-cash mark-to-market loss of $0.4 million, net of tax, in connection with warrants used to purchase the Company's stock.

(h)	Includes consolidation and restructuring charges of $0.2 million, net of tax, in connection with the closure of the Company's Shanghai, China, manufacturing facility.

(i)	Includes non-cash mark-to-market gain of $0.1 million, net of tax, in connection with warrants issued to purchase the Company's stock.

(j)	Includes consolidation and restructuring credits of $5.0 million, net of tax, that primarily resulted from the sale of the Company's Shanghai, China, manufacturing facility, which was sold in connection with its closure.

(k)	Includes non-cash mark-to-market charge of $0.9 million, net of tax, in connection with warrants issued to purchase the Company's stock.

(l)	Includes $1.0 million charge, net of tax, for the write-off of deferred financing fees that resulted from an amendment to the Company's revolving credit facility.

(m)	Includes non-cash mark-to-market gain of $0.4 million, net of tax, in connection with warrants issued to purchase the Company's stock.

(n)	Includes consolidation and restructuring credits of $0.2 million, net of tax, that primarily resulted from the sale of the Company's Shanghai, China, manufacturing facility, which was sold in connection with its closure.

(o)	Includes non-cash mark-to-market charge of $0.5 million, net of tax, in connection with warrants issued to purchase the Company's stock.

(p)	Includes consolidation and restructuring charges of 5.0 million, net of tax, in connection with the closure of the Company's Shanghai, China, manufacturing facility.

(q)	Includes non-cash mark-to-market charge of $0.9 million, net of tax, in connection with warrants issued to purchase the Company's stock.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Oct. 30, 2011
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 23 - RECENT ACCOUNTING PRONOUNCEMENTS In June 2011 the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income”, with the purpose of increasing the prominence of items reported in other comprehensive income. The amended guidance requires that all non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate statements. The amendments also required that reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) be presented on the face of the financial statements. However, in December 2011 the FASB issued ASU No. 2011-12 that deferred the effective date for amendments to the presentation of reclassifications of items out of other comprehensive income. ASU No. 2011-12 was issued to allow the FASB time to redeliberate whether it is necessary to require entities to present reclassification adjustments, by component, in both the statement where net income is presented and the statement where comprehensive income is presented for both interim and annual financial statements, as originally required under ASU No. 2011-05. During the FASB's redeliberation period, entities will continue to report reclassifications out of accumulated other comprehensive income using guidance in effect before ASU No. 2011-05 was issued. ASU No. 2011-05 is to be applied retrospectively and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2011. The adoption of this ASU will have no effect on the Company's reported financial condition, financial performance or cash flows. In May 2011 the FASB issued ASU No. 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs", which amended its guidance on fair value measurements with the purpose of achieving commonality of its fair value measurement and disclosure requirements with those of IFRSs. ASU No. 2011-04 clarifies the FASBs intentions regarding the application of existing fair value measurement and disclosure requirements, changes certain principles for measuring fair value and changes the disclosure requirements for fair value measurements. ASU No. 2011-04 is to be applied prospectively and is effective during interim and annual periods beginning after December 15, 2011. The Company is currently evaluating the effect, if any, ASU No.2011-04 will have on its consolidated financial statements.

Schedule II-Valuation and Qualifying Accounts

12 Months Ended

Oct. 30, 2011

Schedule II-Valuation and Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts

	Schedule II

	Valuation and Qualifying Accounts
	for the Years Ended October 30, 2011, October 31, 2010
	and November 1, 2009
	(in thousands)

	Balance at Beginning of Year			Charge to Costs and Expenses		Deductions				Balance at End of Year

Allowance for Doubtful Accounts

Year ended October 30, 2011	$	4,235		$	298	$	(478	)	(a)	$	4,055
Year ended October 31, 2010	$	2,669		$	1,975	$	(409	)	(a)	$	4,235
Year ended November 1, 2009	$	2,788		$	538	$	(657	)	(a)	$	2,669

Deferred Tax Asset Valuation Allowance

Year ended October 30, 2011	$	61,303		$	-	$	(8,240	)	(b)	$	53,063
Year ended October 31, 2010	$	50,449		$	20,419	$	(9,565	)	(c)	$	61,303
Year ended November 1, 2009	$	44,769	(d)	$	6,427	$	(747	)		$	50,449

(a)	Uncollectible accounts written off

(b)	Primarily due to utilization of net operating losses and expiration of investment tax credit.

(c)	Primarily due to reversal of valuation allowance for Shanghai, China, facility closure and impact of reduced income tax rates in Taiwan.

(d)	The valuation allowance balance at the beginning of the year ended November 1, 2009 has been adjusted to reflect the error discussed in Note 13.