EX-99.5 6 ex99_5.htm EXHIBIT 99.5
Exhibit 99.5

PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)

   
Three Months Ended
    
Year Ended
  
   
October 29,
2017
    
July 30,
2017
    
October 30,
2016
    
October 29,
2017
    
October 30,
2016
  
                               
Reconciliation of GAAP to Non-GAAP Net Income Attributable to Photronics, Inc. Shareholders and EPS data
                              
                               
GAAP net income attributable to Photronics, Inc. shareholders
  
$
5,386
    
$
4,001
    
$
5,256
    
$
13,130
    
$
46,200
  
Income tax benefit (a)
    
-
      
-
      
(1,834
)
    
-
      
(4,838
)
Gain on sale of investment, net of tax  (b)
    
-
      
-
      
-
      
-
      
(8,753
)
                                         
Non-GAAP net income attributable to Photronics, Inc. shareholders
  
$
5,386
    
$
4,001
    
$
3,422
    
$
13,130
    
$
32,609
  
                                         
Weighted average number of diluted shares outstanding
                                        
                                         
GAAP
    
69,218
      
69,380
      
68,906
      
69,288
      
76,354
  
                                         
Non-GAAP
    
69,218
      
69,380
      
68,906
      
69,288
      
76,354
  
                                         
Net income per diluted share
                                        
                                         
GAAP
  
$
0.08
    
$
0.06
    
$
0.08
    
$
0.19
    
$
0.64
  
                                         
Non-GAAP
  
$
0.08
    
$
0.06
    
$
0.05
    
$
0.19
    
$
0.47
  
                                         
Reconciliation of GAAP  Net Income to Non-GAAP EBITDA
                                        
                                         
GAAP Net Income (c)
  
$
10,496
    
$
4,799
    
$
6,569
    
$
21,289
    
$
55,676
  
Interest expense
    
578
      
550
      
616
      
2,235
      
3,366
  
Income tax expense
    
2,462
      
333
      
(1,337
)
    
5,276
      
4,798
  
Depreciation and amortization
    
22,492
      
21,840
      
22,304
      
86,573
      
82,406
  
Other items (d)
    
785
      
984
      
980
      
3,627
      
3,828
  
                                         
Non-GAAP EBITDA
  
$
36,813
    
$
28,506
    
$
29,132
    
$
119,000
    
$
150,074
  

Notes:
(a)
Represents tax benefit primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary in Taiwan
(b)
Represents gain on sale of investment in a foreign entity
(c)
Includes net income attributable to noncontrolling interests, and in 2016 includes gain on sale of investment in a foreign entity
(d)
Consists of stock compensation expense