EX-99.2 3 ex99_2.htm EXHIBIT 99.2
Exhibit 99.2
 
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)

   
Three Months Ended
  
   
January 29,
2017
    
October 30,
2016
    
January 31,
2016
  
                   
Net sales
  
$
109,831
    
$
107,368
    
$
129,956
  
                         
Costs and expenses:
                        
                         
Cost of sales
    
(86,832
)
    
(86,835
)
    
(94,520
)
                         
Gross profit
    
22,999
      
20,533
      
35,436
  
                         
Selling, general and administrative
    
(10,871
)
    
(10,191
)
    
(12,198
)
                         
Research and development
    
(3,485
)
    
(5,041
)
    
(5,700
)
                         
Operating income
    
8,643
      
5,301
      
17,538
  
                         
Gain on sale of investment
    
-
      
-
      
8,785
  
                         
Other income (expense), net
    
(2,083
)
    
(69
)
    
878
  
                         
Income before income taxes
    
6,560
      
5,232
      
27,201
  
                         
Income tax provision
    
(2,050
)
    
1,337
      
(3,700
)
                         
Net income
    
4,510
      
6,569
      
23,501
  
                         
Net income attributable to noncontrolling interests
    
(2,564
)
    
(1,313
)
    
(2,499
)
                         
Net income attributable to Photronics, Inc. shareholders
  
$
1,946
    
$
5,256
    
$
21,002
  
                         
Earnings per share:
                        
Basic
  
$
0.03
    
$
0.08
    
$
0.31
  
                         
Diluted
  
$
0.03
    
$
0.08
    
$
0.28
  
                         
Weighted-average number of common shares outstanding:
                        
Basic
    
68,176
      
68,025
      
66,807
  
                         
Diluted
    
69,169
      
68,906
      
79,136