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

	Three Months Ended						Six Months Ended
	May 3,			May 4,			May 3,			May 4,
	2015			2014			2015			2014
Net sales	$	127,309		$	104,882		$	250,814		$	206,424
Costs and expenses:
Cost of sales		(94,214	)		(82,692	)		(189,535	)		(161,352	)
Selling, general and administrative		(12,421	)		(13,419	)		(24,365	)		(25,697	)
Research and development		(5,809	)		(5,939	)		(10,490	)		(10,913	)
Operating income		14,865			2,832			26,424			8,462
Gain on acquisition		-			16,372			-			16,372
Other expense, net		(1,457	)		(1,222	)		(2,740	)		(2,095	)
Income before income taxes		13,408			17,982			23,684			22,739
Income tax provision		(1,252	)		(2,032	)		(4,386	)		(4,747	)
Net income		12,156			15,950			19,298			17,992
Net income attributable to noncontrolling interests		(2,096	)		(410	)		(5,401	)		(459	)
Net income attributable to Photronics, Inc. shareholders	$	10,060		$	15,540		$	13,897		$	17,533
Earnings per share:
Basic	$	0.15		$	0.25		$	0.21		$	0.29
Diluted	$	0.14		$	0.22		$	0.21		$	0.27
Weighted-average number of common shares outstanding
Basic		66,230			61,372			66,148			61,286
Diluted		78,228			77,705			72,624			77,632