SUBSIDIARY SHARE REPURCHASE AND TENDER OFFER

9 Months Ended

Jul. 28, 2013

SUBSIDIARY SHARE REPURCHASE AND TENDER OFFER [Abstract]

SUBSIDIARY SHARE REPURCHASE AND TENDER OFFER

NOTE 14 - SUBSIDIARY SHARE REPURCHASE AND TENDER OFFER

Since the second quarter of fiscal 2011, the board of directors of PSMC, a subsidiary of the Company based in Taiwan, has authorized several share repurchase programs for PSMC to purchase for retirement shares of its outstanding common stock. The last of these repurchase programs concluded in the first quarter of fiscal 2013. During the nine month period ended July 28, 2013, PSMC purchased 9.2 million shares at a cost of $4.2 million. PSMC did not purchase any shares during the three month period ended July 28, 2013. PSMC purchased 9.1 million shares at a cost of $4.1 million and 27.1 million shares at a cost of $11.7 million during the three and nine month periods ended July 29, 2012, respectively. These repurchase programs increased the Company's ownership in PSMC to 69.40% at July 29, 2012, 72.09% at October 28, 2012, and 75.11% at January 27, 2013.

In June 2013 the Company completed a tender offer, that had commenced in April 2013, for the outstanding shares of PSMC. A total of 50.3 million shares were purchased at the offering price of 16.30 NTD, equivalent to a total of $27.4 million, which increased the Company’s ownership interest in PSMC to 98.13%.

The table below presents the effect of the change in the Company’s ownership interest in PSMC on the Company's equity for the three and nine month periods ended July 28, 2013 (50.3 million and 59.4 million shares of common stock of PSMC purchased, respectively) and July 29, 2012 (9.1 million and 27.1 million shares of common stock of PSMC purchased, respectively).

	Three Months Ended						Nine Months Ended
	July 28, 2013			July 29, 2012			July 28, 2013			July 29, 2012

Net income attributable to Photronics, Inc. shareholders	$	5,940		$	10,950		$	13,126		$	24,035

Increase in Photronics, Inc.'s additional paid-in capital		360			485			939			1,502

Decrease in accumulated other comprehensive income		(202	)		(19	)		(229	)		(55	)

Change from net income attributable to Photronics, Inc. shareholders and transfer from noncontrolling interest	$	6,098		$	11,416		$	13,836		$	25,482

- 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.

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