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 | Nine Months Ended | |||||||||||||||||||
| July 30, | April 30, | July 31, | July 30, | July 31, | ||||||||||||||||
| 2017 | 2017 | 2016 | 2017 | 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 | $ | 4,001 | $ | 1,797 | $ | 8,088 | $ | 7,745 | $ | 40,944 | ||||||||||
| Income tax benefit (a) | - | - | - | - | (3,004 | ) | ||||||||||||||
| Gain on sale of investment, net of tax (b) | - | - | - | - | (8,753 | ) | ||||||||||||||
| Non-GAAP net income attributable to Photronics, Inc. shareholders | $ | 4,001 | $ | 1,797 | $ | 8,088 | $ | 7,745 | $ | 29,187 | ||||||||||
| Weighted average number of diluted shares outstanding | ||||||||||||||||||||
| GAAP | 69,380 | 69,385 | 74,317 | 69,311 | 76,990 | |||||||||||||||
| Non-GAAP | 69,380 | 69,385 | 74,317 | 69,311 | 76,990 | |||||||||||||||
| Net income per diluted share | ||||||||||||||||||||
| GAAP | $ | 0.06 | $ | 0.03 | $ | 0.12 | $ | 0.11 | $ | 0.56 | ||||||||||
| Non-GAAP | $ | 0.06 | $ | 0.03 | $ | 0.12 | $ | 0.11 | $ | 0.41 | ||||||||||
Reconciliation of GAAP Net Income to Non-GAAP EBITDA | ||||||||||||||||||||
| GAAP Net Income (c) | $ | 4,799 | $ | 1,484 | $ | 11,453 | $ | 10,793 | $ | 49,106 | ||||||||||
| Interest expense | 550 | 550 | 612 | 1,658 | 2,750 | |||||||||||||||
| Income tax expense | 333 | 431 | 4,762 | 2,814 | 6,136 | |||||||||||||||
| Depreciation and amortization | 21,840 | 21,345 | 19,572 | 64,081 | 60,102 | |||||||||||||||
| Other items (d) | 984 | 921 | 975 | 2,842 | 2,848 | |||||||||||||||
| Non-GAAP EBITDA | $ | 28,506 | $ | 24,731 | $ | 37,374 | $ | 82,188 | $ | 120,942 | ||||||||||
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 |