PHOTRONICS, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Income
(in thousands,
except per share amounts)
(Unaudited)
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
April 28, |
|
April 29, |
|
April 28, |
|
April 29, |
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| Net sales |
|
$
|
106,680 |
|
|
$
|
117,451 |
|
|
$
|
206,519 |
|
|
$
|
229,605 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of
sales |
|
|
(81,891 |
) |
|
|
(87,590 |
) |
|
|
(160,632 |
) |
|
|
(174,286 |
) |
| Selling, general and
administrative |
|
|
(12,151 |
) |
|
|
(12,201 |
) |
|
|
(23,218 |
) |
|
|
(23,526 |
) |
|
Research and development |
|
|
(4,556 |
) |
|
|
(4,441 |
) |
|
|
(9,395 |
) |
|
|
(8,885 |
) |
| Consolidation, restructuring
and related charges |
|
|
- |
|
|
|
(58 |
) |
|
|
- |
|
|
|
(1,176 |
) |
|
Operating income |
|
|
8,082 |
|
|
|
13,161 |
|
|
|
13,274 |
|
|
|
21,732 |
|
| Other expense, net |
|
|
(916 |
) |
|
|
(968 |
) |
|
|
(1,507 |
) |
|
|
(1,377 |
) |
|
Income before income tax provision |
|
|
7,166 |
|
|
|
12,193 |
|
|
|
11,767 |
|
|
|
20,355 |
|
| Income tax provision |
|
|
(1,724 |
) |
|
|
(2,663 |
) |
|
|
(3,466 |
) |
|
|
(5,984 |
) |
|
Net income |
|
|
5,442 |
|
|
|
9,530 |
|
|
|
8,301 |
|
|
|
14,371 |
|
| Net
income attributable to noncontrolling interests |
|
|
(579 |
) |
|
|
(712 |
) |
|
|
(1,114 |
) |
|
|
(1,285 |
) |
| Net income attributable to Photronics, Inc.
shareholders |
|
$ |
4,863 |
|
|
$ |
8,818 |
|
|
$ |
7,187 |
|
|
$ |
13,086 |
|
| |
| Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.08 |
|
|
$ |
0.15 |
|
|
$ |
0.12 |
|
|
$ |
0.22 |
|
|
Diluted |
|
$ |
0.08 |
|
|
$ |
0.14 |
|
|
$ |
0.12 |
|
|
$ |
0.21 |
|
| Weighted average number of common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
60,493 |
|
|
|
60,086 |
|
|
|
60,385 |
|
|
|
59,952 |
|
|
Diluted |
|
|
61,501 |
|
|
|
76,590 |
|
|
|
61,298 |
|
|
|
76,472 |
|
