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

	Three Months Ended						Year Ended
	November 2,			November 3,			November 2,			November 3,
	2014			2013			2014			2013
Net sales	$	124,251		$	106,009		$	455,527		$	422,180
Costs and expenses:
Cost of sales		(97,626	)		(79,334	)		(355,181	)		(322,540	)
Selling, general and administrative		(11,547	)		(12,928	)		(49,638	)		(48,213	)
Research and development		(5,801	)		(6,378	)		(21,913	)		(20,758	)
Operating income		9,277			7,369			28,795			30,669
Gain on acquisition		-			-			16,372			-
Other expense, net		(574	)		(1,384	)		(3,837	)		(3,864	)
Income before income taxes		8,703			5,985			41,330			26,805
Income tax provision		(2,004	)		(1,072	)		(9,295	)		(7,229	)
Net income		6,699			4,913			32,035			19,576
Net income attributable to noncontrolling interests		(2,422	)		(73	)		(6,039	)		(1,610	)
Net income attributable to Photronics, Inc. shareholders	$	4,277		$	4,840		$	25,996		$	17,966
Earnings per share:
Basic	$	0.07		$	0.08		$	0.42		$	0.30
Diluted	$	0.07		$	0.08		$	0.41		$	0.29
Weighted-average number of common shares outstanding:
Basic		63,106			61,058			61,779			60,644
Diluted		64,085			61,962			66,679			61,599