PHOTRONICS INC - FORM 8-K - EX-99.5 - RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - August 15, 2012

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8-K - CURRENT REPORT - PHOTRONICS INCphotronics_8k.htm
EX-99.6 - RECONCILIATION OF GAAP NET INCOME TO EBITDA - PHOTRONICS INCexhibit99-6.htm
EX-99.1 - PRESS RELEASE DATED AUGUST 14, 2012 - PHOTRONICS INCexhibit99-1.htm
EX-99.3 - CONDENSED CONSOLIDATED BALANCE SHEETS - PHOTRONICS INCexhibit99-3.htm
EX-99.4 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - PHOTRONICS INCexhibit99-4.htm
EX-99.2 - CONDENSED CONSOLIDATED STATEMENTS OF INCOME - PHOTRONICS INCexhibit99-2.htm

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

      Three Months Ended       Nine Months Ended
July 29,       July 31, July 29,       July 31,
2012 2011 2012 2011
Reconciliation of GAAP to Non-GAAP Net Income
       Attributable to Photronics, Inc.
 
GAAP net income attributable to Photronics, Inc. $      10,950 $      11,265 $      24,035 $      6,938
 
(a)   Debt extinguishment loss and net interest impact, net of tax - 4,973 - 35,486
 
(b) Consolidation and restructuring charges, net of tax 7 - 1,182 -
 
(c) Impact of warrants, net of tax - (221 ) (94 ) 599
 
Non-GAAP net income attributable to Photronics, Inc. $ 10,957 $ 16,017 $ 25,123 $ 43,023
 
Reconciliation of GAAP to Non-GAAP Net Income
       Applicable to Common Shareholders  
 
Weighted average number of diluted shares outstanding  
 
GAAP 76,436 76,744 76,460 57,724
 
(d) Non-GAAP 76,436 76,692 76,435 70,559
 
Net income per diluted share  
 
GAAP $ 0.16 $ 0.16 $ 0.37 $ 0.12
 
Non-GAAP $ 0.16 $ 0.23 $ 0.39 $ 0.66

(a)      Represents extinguishment charges during the three and nine months ended July 31, 2011 related to the repurchase of $5.0 million and $35.4 million, respectively, of the Company's 5.50% convertible senior notes due in October 2014, and net interest impact on convertible transactions.
 
(b) Represents consolidation and restructuring charges primarily related to restructuring in Singapore.
 
(c) Represents financing expenses related to warrants, which are recorded in other income (expense).
 
(d) Excludes the 2011 impact of shares issued on June 13, 2011 (0.4 million shares during the three months ended July 31, 2011 and 0.1 million shares during the nine months ended July 31, 2011), primarily related to the issuance of common stock in exchange for $5.0 million of the Company's 5.5% convertible senior notes due in October 2014.

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