Exhibit 99.2
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
May 1, 2016 | May 3, 2015 | May 1, 2016 | May 3, 2015 | |||||||||||||
Net sales | $ | 122,923 | $ | 127,309 | $ | 252,879 | $ | 250,814 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of sales | (91,636 | ) | (94,214 | ) | (186,156 | ) | (189,535 | ) | ||||||||
Selling, general and administrative | (11,024 | ) | (12,421 | ) | (23,222 | ) | (24,365 | ) | ||||||||
Research and development | (5,447 | ) | (5,809 | ) | (11,148 | ) | (10,490 | ) | ||||||||
Operating income | 14,816 | 14,865 | 32,353 | 26,424 | ||||||||||||
Gain on sale of investment | - | - | 8,785 | - | ||||||||||||
Other expense, net | (2,989 | ) | (1,457 | ) | (2,111 | ) | (2,740 | ) | ||||||||
Income before income taxes | 11,827 | 13,408 | 39,027 | 23,684 | ||||||||||||
Income tax benefit (provision) | 2,326 | (1,252 | ) | (1,374 | ) | (4,386 | ) | |||||||||
Net income | 14,153 | 12,156 | 37,653 | 19,298 | ||||||||||||
Net income attributable to noncontrolling interests | (2,299 | ) | (2,096 | ) | (4,797 | ) | (5,401 | ) | ||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 11,854 | $ | 10,060 | $ | 32,856 | $ | 13,897 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.18 | $ | 0.15 | $ | 0.49 | $ | 0.21 | ||||||||
Diluted | $ | 0.16 | $ | 0.14 | $ | 0.44 | $ | 0.21 | ||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||
Basic | 67,372 | 66,230 | 67,090 | 66,148 | ||||||||||||
Diluted | 77,516 | 78,228 | 78,326 | 72,624 |