Exhibit 99.2
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | ||||||||||||
January 29, 2017 | October 30, 2016 | January 31, 2016 | ||||||||||
Net sales | $ | 109,831 | $ | 107,368 | $ | 129,956 | ||||||
Costs and expenses: | ||||||||||||
Cost of sales | (86,832 | ) | (86,835 | ) | (94,520 | ) | ||||||
Gross profit | 22,999 | 20,533 | 35,436 | |||||||||
Selling, general and administrative | (10,871 | ) | (10,191 | ) | (12,198 | ) | ||||||
Research and development | (3,485 | ) | (5,041 | ) | (5,700 | ) | ||||||
Operating income | 8,643 | 5,301 | 17,538 | |||||||||
Gain on sale of investment | - | - | 8,785 | |||||||||
Other income (expense), net | (2,083 | ) | (69 | ) | 878 | |||||||
Income before income taxes | 6,560 | 5,232 | 27,201 | |||||||||
Income tax provision | (2,050 | ) | 1,337 | (3,700 | ) | |||||||
Net income | 4,510 | 6,569 | 23,501 | |||||||||
Net income attributable to noncontrolling interests | (2,564 | ) | (1,313 | ) | (2,499 | ) | ||||||
Net income attributable to Photronics, Inc. shareholders | $ | 1,946 | $ | 5,256 | $ | 21,002 | ||||||
Earnings per share: | ||||||||||||
Basic | $ | 0.03 | $ | 0.08 | $ | 0.31 | ||||||
Diluted | $ | 0.03 | $ | 0.08 | $ | 0.28 | ||||||
Weighted-average number of common shares outstanding: | ||||||||||||
Basic | 68,176 | 68,025 | 66,807 | |||||||||
Diluted | 69,169 | 68,906 | 79,136 |