Photronics Focused on Returning to Profitability by July 2003


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Brookfield, Conn. -- Photronics Inc. announced its plans to further streamline its operating infrastructure in North America by ceasing the manufacture of photomasks at its Phoenix, Ariz. facility.

The company's global work force will be reduced by approximately 10 percent to 12 percent, with the majority of eliminated positions resulting from the company's decision to cease manufacturing photomasks in its Arizona facility and reducing its infrastructure in North America with current business levels.

Photronics is a leading worldwide manufacturer of photomasks. For more information, visit www.photronics.com.

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