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

	Three Months Ended						Year Ended
	November 1,			November 2,			November 1,			November 2,
	2015			2014			2015			2014
Net sales	$	141,692		$	124,251		$	524,206		$	455,527
Costs and expenses:
Cost of sales		(97,078	)		(97,626	)		(381,070	)		(355,181	)
Selling, general and administrative		(12,189	)		(11,547	)		(48,983	)		(49,638	)
Research and development		(5,177	)		(5,801	)		(21,920	)		(21,913	)
Operating income		27,248			9,277			72,233			28,795
Gain on acquisition		-			-			-			16,372
Other income (expense), net		308			(574	)		(2,193	)		(3,837	)
Income before income taxes		27,556			8,703			70,040			41,330
Income tax provision		(5,406	)		(2,004	)		(13,181	)		(9,295	)
Net income		22,150			6,699			56,859			32,035
Net income attributable to noncontrolling interests		(3,527	)		(2,422	)		(12,234	)		(6,039	)
Net income attributable to Photronics, Inc. shareholders	$	18,623		$	4,277		$	44,625		$	25,996
Earnings per share:
Basic	$	0.28		$	0.07		$	0.67		$	0.42
Diluted	$	0.25		$	0.07		$	0.63		$	0.41
Weighted-average number of common shares outstanding:
Basic		66,575			63,106			66,331			61,779
Diluted		78,631			64,085			78,383			66,679