PHOTRONICS, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Income
(in thousands,
except per share amounts)
|
|
Three Months
Ended |
|
Year
Ended |
|
|
November 2, |
|
November 3, |
|
November 2, |
|
November 3, |
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| Net sales |
|
$
|
124,251 |
|
|
$
|
106,009 |
|
|
$
|
455,527 |
|
|
$
|
422,180 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of
sales |
|
|
(97,626 |
) |
|
|
(79,334 |
) |
|
|
(355,181 |
) |
|
|
(322,540 |
) |
| Selling, general and
administrative |
|
|
(11,547 |
) |
|
|
(12,928 |
) |
|
|
(49,638 |
) |
|
|
(48,213 |
) |
|
Research and development |
|
|
(5,801 |
) |
|
|
(6,378 |
) |
|
|
(21,913 |
) |
|
|
(20,758 |
) |
|
Operating income |
|
|
9,277 |
|
|
|
7,369 |
|
|
|
28,795 |
|
|
|
30,669 |
|
| Gain on acquisition |
|
|
- |
|
|
|
- |
|
|
|
16,372 |
|
|
|
- |
|
| Other expense, net |
|
|
(574 |
) |
|
|
(1,384 |
) |
|
|
(3,837 |
) |
|
|
(3,864 |
) |
|
Income before income taxes |
|
|
8,703 |
|
|
|
5,985 |
|
|
|
41,330 |
|
|
|
26,805 |
|
| Income tax provision |
|
|
(2,004 |
) |
|
|
(1,072 |
) |
|
|
(9,295 |
) |
|
|
(7,229 |
) |
|
Net income |
|
|
6,699 |
|
|
|
4,913 |
|
|
|
32,035 |
|
|
|
19,576 |
|
| Net
income attributable to noncontrolling interests |
|
|
(2,422 |
) |
|
|
(73 |
) |
|
|
(6,039 |
) |
|
|
(1,610 |
) |
| Net income attributable to Photronics, Inc.
shareholders |
|
$ |
4,277 |
|
|
$ |
4,840 |
|
|
$ |
25,996 |
|
|
$ |
17,966 |
|
| |
| Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.07 |
|
|
$ |
0.08 |
|
|
$ |
0.42 |
|
|
$ |
0.30 |
|
|
Diluted |
|
$ |
0.07 |
|
|
$ |
0.08 |
|
|
$ |
0.41 |
|
|
$ |
0.29 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average number of common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
63,106 |
|
|
|
61,058 |
|
|
|
61,779 |
|
|
|
60,644 |
|
|
Diluted |
|
|
64,085 |
|
|
|
61,962 |
|
|
|
66,679 |
|
|
|
61,599 |
|
