Exhibit 99.6
PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
April 30, 2017 | January 29, 2017 | May 1, 2016 | April 30, 2017 | May 1, 2016 | ||||||||||||||||
Reconciliation of GAAP to Non-GAAP Net Income | ||||||||||||||||||||
Attributable to Photronics, Inc. Shareholders and EPS data | ||||||||||||||||||||
| GAAP net income attributable to Photronics, Inc. shareholders | $ | 1,797 | $ | 1,946 | $ | 11,854 | $ | 3,743 | $ | 32,856 | ||||||||||
| Income tax expense/(benefit) (a) | - | - | (3,004 | ) | - | (3,004 | ) | |||||||||||||
| Gain on sale of investment, net of tax (b) | - | - | - | - | (8,753 | ) | ||||||||||||||
| Non-GAAP net income attributable to Photronics, Inc. shareholders | $ | 1,797 | $ | 1,946 | $ | 8,850 | $ | 3,743 | $ | 21,099 | ||||||||||
| Weighted average number of diluted shares outstanding | ||||||||||||||||||||
| GAAP | 69,385 | 69,169 | 77,516 | 69,277 | 78,326 | |||||||||||||||
| Non-GAAP | 69,385 | 69,169 | 77,516 | 69,277 | 78,326 | |||||||||||||||
| Net income per diluted share | ||||||||||||||||||||
| GAAP | $ | 0.03 | $ | 0.03 | $ | 0.16 | $ | 0.05 | $ | 0.44 | ||||||||||
| Non-GAAP | $ | 0.03 | $ | 0.03 | $ | 0.13 | $ | 0.05 | $ | 0.29 | ||||||||||
Reconciliation of GAAP Net Income to Non-GAAP EBITDA | ||||||||||||||||||||
| GAAP Net Income (c) | $ | 1,484 | $ | 4,510 | $ | 14,153 | $ | 5,994 | $ | 37,653 | ||||||||||
| Interest expense | 550 | 559 | 964 | 1,109 | 2,138 | |||||||||||||||
| Income tax expense/(benefit) | 431 | 2,050 | (2,326 | ) | 2,481 | 1,374 | ||||||||||||||
| Depreciation and amortization | 21,345 | 20,896 | 20,073 | 42,241 | 40,530 | |||||||||||||||
| Other items (d) | 921 | 937 | 976 | 1,858 | 1,873 | |||||||||||||||
| Non-GAAP EBITDA | $ | 24,731 | $ | 28,952 | $ | 33,840 | $ | 53,683 | $ | 83,568 | ||||||||||
Notes:
| (a) | Represents 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) | Includes net income attributable to noncontrolling interests, and in 2016 includes gain on sale of investment in a foreign entity |
| (d) | Consists of stock compensation expense |