EX-99.5 6 ex99_5.htm EXHIBIT 99.5
Exhibit 99.5
 
PHOTRONICS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)

   
Three Months Ended
    
Six Months Ended
  
   
May 1,
2016
    
May 3,
2015
    
May 1,
2016
    
May 3,
2015
  
                         
Reconciliation of GAAP to Non-GAAP Net Income Attributable to Photronics, Inc. Shareholders
                        
                         
GAAP net income attributable to Photronics, Inc. shareholders
  
$
11,854
    
$
10,060
    
$
32,856
    
$
13,897
  
                                 
(a)  Income tax benefit
    
(3,004
)
    
-
      
(3,004
)
    
-
  
                                 
(b)  Gain on sale of investment, net of tax
    
-
      
-
      
(8,753
)
    
-
  
                                 
(c)  Financing expenses, net of tax
    
-
      
-
      
-
      
901
  
                                 
Non-GAAP net income attributable to Photronics, Inc. shareholders
  
$
8,850
    
$
10,060
    
$
21,099
    
$
14,798
  
                                 
Reconciliation of GAAP to Non-GAAP Net Income Applicable to Common Shareholders
                                
                                 
Weighted average number of diluted shares outstanding
                                
                                 
GAAP
    
77,516
      
78,228
      
78,326
      
72,624
  
                                 
Non-GAAP
    
77,516
      
78,228
      
78,326
      
78,166
  
                                 
Net income per diluted share
                                
                                 
GAAP
  
$
0.16
    
$
0.14
    
$
0.44
    
$
0.21
  
                                 
Non-GAAP
  
$
0.13
    
$
0.14
    
$
0.29
    
$
0.22
  
 
(a) Represents net, non-recurring tax benefit related to the recognition of certain tax benefits in Taiwan

(b) Represents gain on sale of investment in a foreign entity

(c) Represents financing expenses related to the exchange of $57.5 million of 3.25% convertible senior notes