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 | Nine Months Ended | |||||||||||||||
July 31, 2016 | August 2, 2015 | July 31, 2016 | August 2, 2015 | |||||||||||||
Reconciliation of GAAP to Non-GAAP Net Income Attributable to Photronics, Inc. Shareholders | ||||||||||||||||
| GAAP net income attributable to Photronics, Inc. shareholders | $ | 8,088 | $ | 12,106 | $ | 40,944 | $ | 26,003 | ||||||||
(a) Income tax benefit | - | - | (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 | $ | 8,088 | $ | 12,106 | $ | 29,187 | $ | 26,904 | ||||||||
Reconciliation of GAAP to Non-GAAP Net Income Applicable to Common Shareholders | ||||||||||||||||
| Weighted average number of diluted shares outstanding | ||||||||||||||||
| GAAP | 74,317 | 78,569 | 76,990 | 78,300 | ||||||||||||
| Non-GAAP | 74,317 | 78,569 | 76,990 | 78,300 | ||||||||||||
| Net income per diluted share | ||||||||||||||||
| GAAP | $ | 0.12 | $ | 0.17 | $ | 0.56 | $ | 0.37 | ||||||||
| Non-GAAP | $ | 0.12 | $ | 0.17 | $ | 0.41 | $ | 0.39 | ||||||||
| (a) | Represents one-time tax benefit primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary 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 |