Photronics (PLAB) 8-K Photronics Reports Third Quarter Fiscal 2016 Results

Exhibit 99.2

PHOTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended						Nine Months Ended
	July 31, 2016			August 2, 2015			July 31, 2016			August 2, 2015
Net sales	$	123,209		$	131,699		$	376,088		$	382,513
Costs and expenses:
Cost of sales		(91,759	)		(94,456	)		(277,915	)		(283,991	)
Selling, general and administrative		(11,163	)		(12,430	)		(34,386	)		(36,795	)
Research and development		(5,466	)		(6,253	)		(16,613	)		(16,743	)
Operating income		14,821			18,560			47,174			44,984
Gain on sale of investment		157			-			8,940			-
Other income (expense), net		1,237			240			(872	)		(2,500	)
Income before income taxes		16,215			18,800			55,242			42,484
Income tax provision		(4,762	)		(3,390	)		(6,136	)		(7,775	)
Net income		11,453			15,410			49,106			34,709
Net income attributable to noncontrolling interests		(3,365	)		(3,304	)		(8,162	)		(8,706	)
Net income attributable to Photronics, Inc. shareholders	$	8,088		$	12,106		$	40,944		$	26,003
Earnings per share:
Basic	$	0.12		$	0.18		$	0.61		$	0.39
Diluted	$	0.12		$	0.17		$	0.56		$	0.37
Weighted-average number of common shares outstanding:
Basic		67,953			66,454			67,377			66,250
Diluted		74,317			78,569			76,990			78,300