ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. (Tables)

6 Months Ended

May 04, 2014

ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. [Abstract]

Fair values of assets acquired and liabilities assumed

The following table summarizes the provisional fair values of assets acquired and liabilities assumed of DPTT, the fair value of the noncontrolling interests and consideration for DPTT at the acquisition date. These provisional amounts could change as a result of the ultimate realization of the acquired net working capital.

Cash and cash equivalents	$	4,508
Accounts receivable (gross amount of $28,560, of which $500 is expected to be uncollectable)		28,060
Inventory		1,279
Deferred tax asset		9,787
Other current assets		11,517
Property, plant and equipment		95,431
Identifiable intangible assets		1,552
Other long-term assets		1,328
Accounts payable and accrued expenses		(32,410	)
Deferred tax liability		(3,042	)
Other long-term liabilities		(3,291	)
Total net assets acquired		114,719
Noncontrolling interests retained by DNP		57,348
		57,371
Consideration – 49.99% of fair value of PSMC		40,999
Gain on acquisition	$	16,372

Pro forma information

The pro forma information presented does not purport to represent results that would have been achieved had the merger occurred on October 29, 2012, or to be indicative of the Company’s future financial performance.

	Three Months Ended				Six Months Ended
	May 4, 2014		April 28, 2013		May 4, 2014		April 28, 2013
Revenues	$	124,030	$	126,535	$	250,865	$	252,381
Net income	$	3,499	$	9,297	$	9,926	$	17,470
Net income attributable to Photronics, Inc. shareholders	$	1,047	$	6,210	$	3,706	$	10,668
Diluted earnings per share	$	0.02	$	0.10	$	0.06	$	0.17