EX-99.6 7 ex99_6.htm EXHIBIT 99.6
Exhibit 99.6
 
PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net Income to Non-GAAP EBITDA
(in thousands)
(Unaudited)

 
Three Months Ended
    
Nine Months Ended
  
   
July 31,
2016
    
August 2,
2015
    
July 31,
2016
    
August 2,
2015
  
                         
GAAP Net Income (a)
  
$
11,453
    
$
15,410
    
$
49,106
    
$
34,709
  
                                 
Add: interest expense
    
612
      
1,209
      
2,750
      
3,812
  
Add: income tax expense
    
4,762
      
3,390
      
6,136
      
7,775
  
Add: depreciation and amortization
    
19,572
      
20,976
      
60,102
      
60,876
  
Add: special items (b)
    
975
      
947
      
2,848
      
3,685
  
Non-GAAP EBITDA
  
$
37,374
    
$
41,932
    
$
120,942
    
$
110,857
  

(a)
Includes net income attributable to noncontrolling interests, and in the nine months ended July 31, 2016 includes gain on sale of investment in a foreign entity

(b)
Special items consist of stock compensation expense, and in the nine months ended August 2, 2015 includes financing expenses in connection with the exchange of $57.5 million of 3.25% convertible senior notes