Exhibit 99.3
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
July 30, | April 30, | July 31, | July 30, | July 31, | ||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Net sales | $ | 111,579 | $ | 108,297 | $ | 123,209 | $ | 329,707 | $ | 376,088 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales | (89,862 | ) | (88,140 | ) | (91,759 | ) | (264,835 | ) | (277,915 | ) | ||||||||||
Gross profit | 21,717 | 20,157 | 31,450 | 64,872 | 98,173 | |||||||||||||||
Selling, general and administrative | (11,639 | ) | (10,894 | ) | (11,163 | ) | (33,403 | ) | (34,386 | ) | ||||||||||
Research and development | (4,812 | ) | (3,726 | ) | (5,466 | ) | (12,023 | ) | (16,613 | ) | ||||||||||
Operating income | 5,266 | 5,537 | 14,821 | 19,446 | 47,174 | |||||||||||||||
Gain on sale of investment | - | - | 157 | - | 8,940 | |||||||||||||||
Other income (expense), net | (134 | ) | (3,622 | ) | 1,237 | (5,839 | ) | (872 | ) | |||||||||||
Income before income taxes | 5,132 | 1,915 | 16,215 | 13,607 | 55,242 | |||||||||||||||
Income tax provision | (333 | ) | (431 | ) | (4,762 | ) | (2,814 | ) | (6,136 | ) | ||||||||||
Net income | 4,799 | 1,484 | 11,453 | 10,793 | 49,106 | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | (798 | ) | 313 | (3,365 | ) | (3,048 | ) | (8,162 | ) | |||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 4,001 | $ | 1,797 | $ | 8,088 | $ | 7,745 | $ | 40,944 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.06 | $ | 0.03 | $ | 0.12 | $ | 0.11 | $ | 0.61 | ||||||||||
Diluted | $ | 0.06 | $ | 0.03 | $ | 0.12 | $ | 0.11 | $ | 0.56 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 68,525 | 68,426 | 67,953 | 68,376 | 67,377 | |||||||||||||||
Diluted | 69,380 | 69,385 | 74,317 | 69,311 | 76,990 |