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

	Three Months Ended
	January 31,			February 1,
	2016			2015
Net sales	$	129,956		$	123,505
Costs and expenses:
Cost of sales		(94,520	)		(95,321	)
Selling, general and administrative		(12,198	)		(11,944	)
Research and development		(5,700	)		(4,681	)
Operating income		17,538			11,559
Gain on sale of investment		8,785			-
Other income (expense), net		878			(1,283	)
Income before income taxes		27,201			10,276
Income tax provision		(3,700	)		(3,134	)
Net income		23,501			7,142
Net income attributable to noncontrolling interests		(2,499	)		(3,305	)
Net income attributable to Photronics, Inc. shareholders	$	21,002		$	3,837
Earnings per share:
Basic	$	0.31		$	0.06
Diluted	$	0.28		$	0.06
Weighted-average number of common shares outstanding:
Basic		66,807			66,066
Diluted		79,136			67,020