EX-99.2 3 exhibit99-2.htm CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

	Three Months Ended								Nine Months Ended
	August 3,				July 28,				August 3,				July 28,
	2014				2013				2014				2013
Net sales	$	124,852			$	109,652			$	331,276			$	316,171
Costs and expenses:
Cost of sales		(96,202	)			(82,574	)			(257,554	)			(243,206	)
Selling, general and administrative		(12,394	)			(12,068	)			(38,092	)			(35,286	)
Research and development		(5,199	)			(4,985	)			(16,111	)			(14,380	)
Operating income		11,057				10,025				19,519				23,299
Gain on acquisition		-				-				16,372				-
Other expense, net		(1,168	)			(972	)			(3,264	)			(2,479	)
Income before income taxes		9,889				9,053				32,627				20,820
Income tax provision		(2,545	)			(2,689	)			(7,291	)			(6,155	)
Net income		7,344				6,364				25,336				14,665
Net income attributable to noncontrolling interests		(3,158	)			(424	)			(3,617	)			(1,539	)
Net income attributable to Photronics, Inc. shareholders	$	4,186			$	5,940			$	21,719			$	13,126
Earnings per share:
Basic	$	0.07			$	0.10			$	0.35			$	0.22
Diluted	$	0.07			$	0.10			$	0.34			$	0.21
Weighted-average number of common shares outstanding
Basic		61,436				60,746				61,336				60,505
Diluted		62,432				66,177				77,706				61,478