EX-99.2 3 exhibit99-2.htm CONDENSED CONSOLIDATED STATEMENTS OF INCOME exhibit99-2.htm
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
 
    Three Months Ended   Nine Months Ended
    July 31,   August 1,   July 31,   August 1,
        2011       2010       2011       2010
Net sales   $        135,935     $        112,251     $        389,861     $        315,518  
                                 
Costs and expenses:                                
                                 
       Cost of sales     (97,695 )     (85,979 )     (284,540 )     (248,979 )
                                 
       Selling, general and administrative     (11,833 )     (11,068 )     (33,995 )     (32,086 )
                                 
       Research and development     (3,527 )     (3,427 )     (11,238 )     (10,983 )
                                 
       Consolidation, restructuring and related (charges) credits     -       (26 )     -       4,810  
                                 
              Operating income     22,880       11,751       60,088       28,280  
                                 
Debt extinguishment loss     (4,973 )     -       (35,259 )     -  
                                 
Other income (expense), net     (390 )     (1,234 )     (2,019 )     (5,870 )
                                 
              Income before income taxes     17,517       10,517       22,810       22,410  
                                 
Income tax provision     (4,895 )     (2,910 )     (11,637 )     (5,790 )
                                 
              Net income     12,622       7,607       11,173       16,620  
                                 
Net (income) loss attributable to noncontrolling interests     (1,357 )     84       (4,235 )     (842 )
                                 
Net income attributable to Photronics, Inc.   $ 11,265     $ 7,691     $ 6,938     $ 15,778  
                                 
Earnings per share:                                
              Basic   $ 0.19     $ 0.14     $ 0.12     $ 0.30  
                                 
              Diluted   $ 0.16     $ 0.13     $ 0.12     $ 0.29  
                                 
Weighted average number of common shares                                
       outstanding:                                
              Basic     58,987       53,516       56,163       53,341  
                                 
              Diluted     76,744       66,280       57,724       65,689