PHOTRONICS, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Income
(in thousands, except per share
amounts)
|
|
Three Months Ended |
|
Year Ended |
|
|
November
3, |
|
October
28, |
|
November
3, |
|
October
28, |
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| Net sales |
|
$ |
106,009 |
|
|
$ |
104,219 |
|
|
$ |
422,180 |
|
|
$ |
450,439 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
|
(79,334 |
) |
|
|
(79,922 |
) |
|
|
(322,540 |
) |
|
|
(338,519 |
) |
|
Selling, general and administrative |
|
|
(12,928 |
) |
|
|
(11,396 |
) |
|
|
(48,213 |
) |
|
|
(46,706 |
) |
| Research and
development |
|
|
(6,378 |
) |
|
|
(5,264 |
) |
|
|
(20,758 |
) |
|
|
(19,371 |
) |
|
Consolidation, restructuring and related charges |
|
|
- |
|
|
|
(246 |
) |
|
|
- |
|
|
|
(1,428 |
) |
|
Operating income |
|
|
7,369 |
|
|
|
7,391 |
|
|
|
30,669 |
|
|
|
44,415 |
|
| Other expense, net |
|
|
(1,384 |
) |
|
|
(1,623 |
) |
|
|
(3,864 |
) |
|
|
(3,767 |
) |
|
Income before income taxes |
|
|
5,985 |
|
|
|
5,768 |
|
|
|
26,805 |
|
|
|
40,648 |
|
| Income tax provision |
|
|
(1,072 |
) |
|
|
(1,551 |
) |
|
|
(7,229 |
) |
|
|
(10,793 |
) |
| Net income |
|
|
4,913 |
|
|
|
4,217 |
|
|
|
19,576 |
|
|
|
29,855 |
|
| Net income attributable to noncontrolling
interests |
|
|
(73 |
) |
|
|
(384 |
) |
|
|
(1,610 |
) |
|
|
(1,987 |
) |
| Net income attributable to
Photronics, Inc. shareholders |
|
$ |
4,840 |
|
|
$ |
3,833 |
|
|
$ |
17,966 |
|
|
$ |
27,868 |
|
| |
| Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.08 |
|
|
$ |
0.06 |
|
|
$ |
0.30 |
|
|
$ |
0.46 |
|
|
Diluted |
|
$ |
0.08 |
|
|
$ |
0.06 |
|
|
$ |
0.29 |
|
|
$ |
0.44 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average number of
common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
61,058 |
|
|
|
60,196 |
|
|
|
60,644 |
|
|
|
60,055 |
|
|
Diluted |
|
|
61,962 |
|
|
|
61,052 |
|
|
|
61,599 |
|
|
|
76,464 |
|
