Exhibit 99.6
PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net Income to Non-GAAP EBITDA
(in thousands)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
May 1, 2016 | May 3, 2015 | May 1, 2016 | May 3, 2015 | |||||||||||||
GAAP Net Income (a) | $ | 14,153 | $ | 12,156 | $ | 37,653 | $ | 19,298 | ||||||||
Add: interest expense | 964 | 1,233 | 2,138 | 2,603 | ||||||||||||
Add (less): income tax expense (benefit) | (2,326 | ) | 1,252 | 1,374 | 4,386 | |||||||||||
Add: depreciation and amortization | 20,073 | 19,293 | 40,530 | 39,900 | ||||||||||||
Add: special items (b) | 976 | 912 | 1,873 | 2,738 | ||||||||||||
Non-GAAP EBITDA | $ | 33,840 | $ | 34,846 | $ | 83,568 | $ | 68,925 |
(a) | Includes net income attributable to noncontrolling interests, and in the six months ended May 1, 2016 includes gain on sale of investment in a foreign entity |
(b) | Special items consist of stock compensation expense, and in the six months ended May 3, 2015 includes financing expenses in connection with the exchange of $57.5 million of 3.25% convertible senior notes |