PHOTRONICS, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Income
(in thousands, except per share
amounts)
(Unaudited)
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
July 29, |
|
July 31, |
|
July 29, |
|
July 31, |
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| Net sales |
|
$ |
116,616 |
|
|
$ |
135,935 |
|
|
$ |
346,220 |
|
|
$ |
389,861 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of
sales |
|
|
(84,312 |
) |
|
|
(97,695 |
) |
|
|
(258,598 |
) |
|
|
(284,540 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
(11,784 |
) |
|
|
(11,833 |
) |
|
|
(35,311 |
) |
|
|
(33,995 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
(5,221 |
) |
|
|
(3,527 |
) |
|
|
(14,106 |
) |
|
|
(11,238 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation, restructuring and related charges |
|
|
(7 |
) |
|
|
- |
|
|
|
(1,182 |
) |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
15,292 |
|
|
|
22,880 |
|
|
|
37,023 |
|
|
|
60,088 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt extinguishment loss |
|
|
- |
|
|
|
(4,973 |
) |
|
|
- |
|
|
|
(35,259 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other expense, net |
|
|
(767 |
) |
|
|
(390 |
) |
|
|
(2,143 |
) |
|
|
(2,019 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
14,525 |
|
|
|
17,517 |
|
|
|
34,880 |
|
|
|
22,810 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax provision |
|
|
(3,258 |
) |
|
|
(4,895 |
) |
|
|
(9,242 |
) |
|
|
(11,637 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
11,267 |
|
|
|
12,622 |
|
|
|
25,638 |
|
|
|
11,173 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income attributable to noncontrolling
interests |
|
|
(317 |
) |
|
|
(1,357 |
) |
|
|
(1,603 |
) |
|
|
(4,235 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income attributable to Photronics,
Inc. |
|
$ |
10,950 |
|
|
$ |
11,265 |
|
|
$ |
24,035 |
|
|
$ |
6,938 |
|
| |
| Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.18 |
|
|
$ |
0.19 |
|
|
$ |
0.40 |
|
|
$ |
0.12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
0.16 |
|
|
$ |
0.16 |
|
|
$ |
0.37 |
|
|
$ |
0.12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number of common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
60,121 |
|
|
|
58,987 |
|
|
|
60,008 |
|
|
|
56,163 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
76,436 |
|
|
|
76,744 |
|
|
|
76,460 |
|
|
|
57,724 |
|
