SUBSIDIARY SHARE REPURCHASE

12 Months Ended

Nov. 03, 2013

SUBSIDIARY SHARE REPURCHASE [Abstract]

NOTE 15 – SUBSIDIARY SHARE REPURCHASE

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 year ended November 3, 2013, PSMC purchased 9.2 million shares at a cost of $4.2 million. PSMC purchased 35.9 million shares at a cost of $15.6 million during the year ended October 28, 2012. These repurchase programs increased the Company's ownership in PSMC from 62.25% at October 30, 2011, to 72.09% at October 28, 2012, and to 75.11% at January 27, 2013.

In June 2013 the Company completed a tender offer, which 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%. In September 2013 the Company further increased its ownership interest in PSMC to 98.63% with the purchase of an additional 1.1 million shares of PSMC for $0.7 million.

The table below presents the effect of the change in the Company’s ownership interest in PSMC on the Company's equity for fiscal years 2013, 2012 and 2011 (60.5 million, 35.9 million and 21.6 million shares of common stock of PSMC purchased, respectively).

	Year Ended
	November 3, 2013			October 28, 2012			October 30, 2011

Net income attributable to Photronics, Inc. shareholders	$	17,966		$	27,868		$	16,229

Increase (decrease) in Photronics, Inc.'s additional paid-in capital		600			1,985			(201	)

Decrease in Photronics, Inc.’s accumulated other comprehensive income		(237	)		(78	)		-
Change from net income attributable to Photronics, Inc. shareholders and transfers to or from noncontrolling interests	$	18,329		$	29,775		$	16,028

In November 2013 the Company announced that it had entered into an agreement to merge PSMC with DNP Photomask Technology Taiwan Co., Ltd., a wholly owned subsidiary of Dai Nippon Printing Co., Ltd. (DNP), to form a joint venture which will operate under the name of Photronics DNP Mask Corporation (PDMC). See Note 22 for further discussion.

- 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