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ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. (Tables) | 6 Months Ended
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May 04, 2014
ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. [Abstract] |
Fair values of assets acquired and liabilities assumed | The following table summarizes the provisional fair values of assets acquired and liabilities assumed of DPTT, the fair value of the noncontrolling interests and consideration for DPTT at the acquisition date. These provisional amounts could change as a result of the ultimate realization of the acquired net working capital.
Cash and cash equivalents |  | $ | 4,508 |
Accounts receivable (gross amount of $28,560, of which $500 is expected to be uncollectable) |  |  | 28,060 |
Inventory |  |  | 1,279 |
Deferred tax asset |  |  | 9,787 |
Other current assets |  |  | 11,517 |
Property, plant and equipment |  |  | 95,431 |
Identifiable intangible assets |  |  | 1,552 |
Other long-term assets |  |  | 1,328 |
Accounts payable and accrued expenses |  |  | (32,410 | )
Deferred tax liability |  |  | (3,042 | )
Other long-term liabilities |  |  | (3,291 | )
Total net assets acquired |  |  | 114,719 |
Noncontrolling interests retained by DNP |  |  | 57,348 |
|  |  | 57,371 |
Consideration – 49.99% of fair value of PSMC |  |  | 40,999 |
Gain on acquisition |  | $ | 16,372 |
Pro forma information | The pro forma information presented does not purport to represent results that would have been achieved had the merger occurred on October 29, 2012, or to be indicative of the Company’s future financial performance.
|  | Three Months Ended |  |  | Six Months Ended |
|  | May 4, 2014 |  |  | April 28, 2013 |  |  | May 4, 2014 |  |  | April 28, 2013 |
Revenues |  | $ | 124,030 |  |  | $ | 126,535 |  |  | $ | 250,865 |  |  | $ | 252,381 |
Net income |  | $ | 3,499 |  |  | $ | 9,297 |  |  | $ | 9,926 |  |  | $ | 17,470 |
Net income attributable to Photronics, Inc. shareholders |  | $ | 1,047 |  |  | $ | 6,210 |  |  | $ | 3,706 |  |  | $ | 10,668 |
Diluted earnings per share |  | $ | 0.02 |  |  | $ | 0.10 |  |  | $ | 0.06 |  |  | $ | 0.17 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
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