PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Six Months Ended
	May 4,			April 28,			May 4,			April 28,
	2014			2013			2014			2013
Net sales	$	104,882		$	106,680		$	206,424		$	206,519
Costs and expenses:
Cost of sales		(82,692	)		(81,891	)		(161,352	)		(160,632	)
Selling, general and administrative		(13,419	)		(12,151	)		(25,697	)		(23,218	)
Research and development		(5,939	)		(4,556	)		(10,913	)		(9,395	)
Operating income		2,832			8,082			8,462			13,274
Gain on acquisition		16,372			-			16,372			-
Other expense, net		(1,222	)		(916	)		(2,095	)		(1,507	)
Income before income taxes		17,982			7,166			22,739			11,767
Income tax provision		(2,032	)		(1,724	)		(4,747	)		(3,466	)
Net income		15,950			5,442			17,992			8,301
Net income attributable to noncontrolling interests		(410	)		(579	)		(459	)		(1,114	)
Net income attributable to Photronics, Inc. shareholders	$	15,540		$	4,863		$	17,533		$	7,187
Earnings per share:
Basic	$	0.25		$	0.08		$	0.29		$	0.12
Diluted	$	0.22		$	0.08		$	0.27		$	0.12
Weighted-average number of common shares outstanding:
Basic		61,372			60,493			61,286			60,385
Diluted		77,705			61,501			77,632			61,298