PHOTRONICS, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share
amounts)
(Unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
May
4, |
|
April
28, |
|
May
4, |
|
April
28, |
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| Net sales |
|
$ |
104,882 |
|
|
$ |
106,680 |
|
|
$ |
206,424 |
|
|
$ |
206,519 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
|
(82,692 |
) |
|
|
(81,891 |
) |
|
|
(161,352 |
) |
|
|
(160,632 |
) |
|
Selling, general and administrative |
|
|
(13,419 |
) |
|
|
(12,151 |
) |
|
|
(25,697 |
) |
|
|
(23,218 |
) |
| Research and
development |
|
|
(5,939 |
) |
|
|
(4,556 |
) |
|
|
(10,913 |
) |
|
|
(9,395 |
) |
|
Operating income |
|
|
2,832 |
|
|
|
8,082 |
|
|
|
8,462 |
|
|
|
13,274 |
|
| Gain on
acquisition |
|
|
16,372 |
|
|
|
- |
|
|
|
16,372 |
|
|
|
- |
|
| Other expense, net |
|
|
(1,222 |
) |
|
|
(916 |
) |
|
|
(2,095 |
) |
|
|
(1,507 |
) |
| Income before income
taxes |
|
|
17,982 |
|
|
|
7,166 |
|
|
|
22,739 |
|
|
|
11,767 |
|
| Income tax provision |
|
|
(2,032 |
) |
|
|
(1,724 |
) |
|
|
(4,747 |
) |
|
|
(3,466 |
) |
| Net income |
|
|
15,950 |
|
|
|
5,442 |
|
|
|
17,992 |
|
|
|
8,301 |
|
| Net income attributable to noncontrolling
interests |
|
|
(410 |
) |
|
|
(579 |
) |
|
|
(459 |
) |
|
|
(1,114 |
) |
| Net income attributable to
Photronics, Inc. shareholders |
|
$ |
15,540 |
|
|
$ |
4,863 |
|
|
$ |
17,533 |
|
|
$ |
7,187 |
|
| |
| Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
$ |
0.08 |
|
|
$ |
0.29 |
|
|
$ |
0.12 |
|
| Diluted |
|
$ |
0.22 |
|
|
$ |
0.08 |
|
|
$ |
0.27 |
|
|
$ |
0.12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average number of
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
61,372 |
|
|
|
60,493 |
|
|
|
61,286 |
|
|
|
60,385 |
|
| Diluted |
|
|
77,705 |
|
|
|
61,501 |
|
|
|
77,632 |
|
|
|
61,298 |
|
