Exhibit 99.5
PHOTRONICS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
May 1, 2016 | May 3, 2015 | May 1, 2016 | May 3, 2015 | |||||||||||||
Reconciliation of GAAP to Non-GAAP Net Income Attributable to Photronics, Inc. Shareholders | ||||||||||||||||
GAAP net income attributable to Photronics, Inc. shareholders | $ | 11,854 | $ | 10,060 | $ | 32,856 | $ | 13,897 | ||||||||
(a) Income tax benefit | (3,004 | ) | - | (3,004 | ) | - | ||||||||||
(b) Gain on sale of investment, net of tax | - | - | (8,753 | ) | - | |||||||||||
(c) Financing expenses, net of tax | - | - | - | 901 | ||||||||||||
Non-GAAP net income attributable to Photronics, Inc. shareholders | $ | 8,850 | $ | 10,060 | $ | 21,099 | $ | 14,798 | ||||||||
Reconciliation of GAAP to Non-GAAP Net Income Applicable to Common Shareholders | ||||||||||||||||
Weighted average number of diluted shares outstanding | ||||||||||||||||
GAAP | 77,516 | 78,228 | 78,326 | 72,624 | ||||||||||||
Non-GAAP | 77,516 | 78,228 | 78,326 | 78,166 | ||||||||||||
Net income per diluted share | ||||||||||||||||
GAAP | $ | 0.16 | $ | 0.14 | $ | 0.44 | $ | 0.21 | ||||||||
Non-GAAP | $ | 0.13 | $ | 0.14 | $ | 0.29 | $ | 0.22 |
(a) | Represents net, non-recurring tax benefit related to the recognition of certain tax benefits in Taiwan |
(b) | Represents gain on sale of investment in a foreign entity |
(c) | Represents financing expenses related to the exchange of $57.5 million of 3.25% convertible senior notes |