EX-99.6 7 ex99_6.htm EXHIBIT 99.6
Exhibit 99.6
 
PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)

   
Three Months Ended
    
Nine Months Ended
  
   
July 30,
    
April 30,
    
July 31,
    
July 30,
    
July 31,
  
   
2017
    
2017
    
2016
    
2017
    
2016
  
                               
Reconciliation of GAAP to Non-GAAP Net Income
                              
Attributable to Photronics, Inc. Shareholders and EPS data
                              
                               
GAAP net income attributable to Photronics, Inc. shareholders
  
$
4,001
    
$
1,797
    
$
8,088
    
$
7,745
    
$
40,944
  
Income tax benefit (a)
    
-
      
-
      
-
      
-
      
(3,004
)
Gain on sale of investment, net of tax (b)
    
-
      
-
      
-
      
-
      
(8,753
)
                                         
Non-GAAP net income attributable to Photronics, Inc. shareholders
  
$
4,001
    
$
1,797
    
$
8,088
    
$
7,745
    
$
29,187
  
                                         
Weighted average number of diluted shares outstanding
                                        
                                         
GAAP
    
69,380
      
69,385
      
74,317
      
69,311
      
76,990
  
                                         
Non-GAAP
    
69,380
      
69,385
      
74,317
      
69,311
      
76,990
  
                                         
Net income per diluted share
                                        
                                         
GAAP
  
$
0.06
    
$
0.03
    
$
0.12
    
$
0.11
    
$
0.56
  
                                         
Non-GAAP
  
$
0.06
    
$
0.03
    
$
0.12
    
$
0.11
    
$
0.41
  
                                         
Reconciliation of GAAP Net Income to Non-GAAP EBITDA
                                        
                                         
GAAP Net Income (c)
  
$
4,799
    
$
1,484
    
$
11,453
    
$
10,793
    
$
49,106
  
Interest expense
    
550
      
550
      
612
      
1,658
      
2,750
  
Income tax expense
    
333
      
431
      
4,762
      
2,814
      
6,136
  
Depreciation and amortization
    
21,840
      
21,345
      
19,572
      
64,081
      
60,102
  
Other items (d)
    
984
      
921
      
975
      
2,842
      
2,848
  
                                         
Non-GAAP EBITDA
  
$
28,506
    
$
24,731
    
$
37,374
    
$
82,188
    
$
120,942
  

Notes:
(a)
Represents tax benefit primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary in Taiwan
(b)
Represents gain on sale of investment in a foreign entity
(c)
Includes net income attributable to noncontrolling interests, and in 2016 includes gain on sale of investment in a foreign entity
(d)
Consists of stock compensation expense