PHOTRONICS INC - FORM 8-K - EX-99.7 - RECONCILIATION OF GAAP NET INCOME TO EBITDA - December 11, 2013

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8-K - CURRENT REPORT - PHOTRONICS INCphotronics_8k.htm
EX-99.6 - RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - PHOTRONICS INCexhibit99-6.htm
EX-99.1 - PRESS RELEASE DATED DECEMBER 5, 2013 - PHOTRONICS INCexhibit99-1.htm
EX-99.5 - CONDENSED CONSOLIDATED CASH FLOWS - PHOTRONICS INCexhibit99-5.htm
EX-99.3 - CONDENSED CONSOLIDATED STATEMENTS OF INCOME - PHOTRONICS INCexhibit99-3.htm
EX-99.2 - PRESS RELEASE DATED DECEMBER 10, 2013 - PHOTRONICS INCexhibit99-2.htm
EX-99.4 - CONDENSED CONSOLIDATED BALANCE SHEET - PHOTRONICS INCexhibit99-4.htm

PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net income to EBITDA
(in thousands)
(Unaudited)

Three Months Ended Year Ended
November 3, October 28, November 3, October 28,
2013        2012        2013        2012
GAAP Net income (a) $       4,913 $       4,217 $       19,576 $       29,855
 
Add: interest expense 2,051 1,901 7,756 7,488
Add: income tax expense 1,072 1,551 7,229 10,793
Add: depreciation and amortization 17,453 19,825 71,408 83,611
Add: special items (b) 1,156 910 3,974 3,328
EBITDA $ 26,645 $ 28,404 $ 109,943 $ 135,075

(a)        Includes net income attributable to noncontrolling interests.
 
(b)   Special items consist of stock compensation expense, and in 2012 non-cash consolidation and restructuring charges and warrants income.

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