PHOTRONICS, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Income
(in thousands,
except per share amounts)
|
|
Three Months
Ended |
|
Year
Ended |
|
|
November 1, |
|
November 2, |
|
November 1, |
|
November 2, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| Net
sales |
|
$ |
141,692 |
|
|
$ |
124,251 |
|
|
$ |
524,206 |
|
|
$ |
455,527 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of
sales |
|
|
(97,078 |
) |
|
|
(97,626 |
) |
|
|
(381,070 |
) |
|
|
(355,181 |
) |
| Selling, general
and administrative |
|
|
(12,189 |
) |
|
|
(11,547 |
) |
|
|
(48,983 |
) |
|
|
(49,638 |
) |
| Research and
development |
|
|
(5,177 |
) |
|
|
(5,801 |
) |
|
|
(21,920 |
) |
|
|
(21,913 |
) |
| Operating
income |
|
|
27,248 |
|
|
|
9,277 |
|
|
|
72,233 |
|
|
|
28,795 |
|
| Gain
on acquisition |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16,372 |
|
| Other income (expense), net |
|
|
308 |
|
|
|
(574 |
) |
|
|
(2,193 |
) |
|
|
(3,837 |
) |
| Income
before income taxes |
|
|
27,556 |
|
|
|
8,703 |
|
|
|
70,040 |
|
|
|
41,330 |
|
| Income tax provision |
|
|
(5,406 |
) |
|
|
(2,004 |
) |
|
|
(13,181 |
) |
|
|
(9,295 |
) |
| Net
income |
|
|
22,150 |
|
|
|
6,699 |
|
|
|
56,859 |
|
|
|
32,035 |
|
| Net
income attributable to noncontrolling interests |
|
|
(3,527 |
) |
|
|
(2,422 |
) |
|
|
(12,234 |
) |
|
|
(6,039 |
) |
| Net
income attributable to Photronics, Inc. shareholders |
|
$ |
18,623 |
|
|
$ |
4,277 |
|
|
$ |
44,625 |
|
|
$ |
25,996 |
|
| |
| Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.28 |
|
|
$ |
0.07 |
|
|
$ |
0.67 |
|
|
$ |
0.42 |
|
| Diluted |
|
$ |
0.25 |
|
|
$ |
0.07 |
|
|
$ |
0.63 |
|
|
$ |
0.41 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average number of common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
66,575 |
|
|
|
63,106 |
|
|
|
66,331 |
|
|
|
61,779 |
|
| Diluted |
|
|
78,631 |
|
|
|
64,085 |
|
|
|
78,383 |
|
|
|
66,679 |
|
