Exhibit 99.3
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
April 30, 2017 | January 29, 2017 | May 1, 2016 | April 30, 2017 | May 1, 2016 | ||||||||||||||||
| Net sales | $ | 108,297 | $ | 109,831 | $ | 122,923 | $ | 218,128 | $ | 252,879 | ||||||||||
| Costs and expenses: | ||||||||||||||||||||
| Cost of sales | (88,140 | ) | (86,832 | ) | (91,636 | ) | (174,972 | ) | (186,156 | ) | ||||||||||
| Gross profit | 20,157 | 22,999 | 31,287 | 43,156 | 66,723 | |||||||||||||||
| Selling, general and administrative | (10,894 | ) | (10,871 | ) | (11,024 | ) | (21,765 | ) | (23,222 | ) | ||||||||||
| Research and development | (3,726 | ) | (3,485 | ) | (5,447 | ) | (7,211 | ) | (11,148 | ) | ||||||||||
| Operating income | 5,537 | 8,643 | 14,816 | 14,180 | 32,353 | |||||||||||||||
| Gain on sale of investment | - | - | - | - | 8,785 | |||||||||||||||
| Other income (expense), net | (3,622 | ) | (2,083 | ) | (2,989 | ) | (5,705 | ) | (2,111 | ) | ||||||||||
| Income before income taxes | 1,915 | 6,560 | 11,827 | 8,475 | 39,027 | |||||||||||||||
| Income tax (provision) benefit | (431 | ) | (2,050 | ) | 2,326 | (2,481 | ) | (1,374 | ) | |||||||||||
| Net income | 1,484 | 4,510 | 14,153 | 5,994 | 37,653 | |||||||||||||||
| Net Loss (income) attributable to noncontrolling interests | 313 | (2,564 | ) | (2,299 | ) | (2,251 | ) | (4,797 | ) | |||||||||||
| Net income attributable to Photronics, Inc. shareholders | $ | 1,797 | $ | 1,946 | $ | 11,854 | $ | 3,743 | $ | 32,856 | ||||||||||
| Earnings per share: | ||||||||||||||||||||
| Basic | $ | 0.03 | $ | 0.03 | $ | 0.18 | $ | 0.05 | $ | 0.49 | ||||||||||
| Diluted | $ | 0.03 | $ | 0.03 | $ | 0.16 | $ | 0.05 | $ | 0.44 | ||||||||||
| Weighted-average number of common shares outstanding: | ||||||||||||||||||||
| Basic | 68,426 | 68,176 | 67,372 | 68,301 | 67,090 | |||||||||||||||
| Diluted | 69,385 | 69,169 | 77,516 | 69,277 | 78,326 | |||||||||||||||