Exhibit 99.2
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||||||
October 29, 2017 | July 30, 2017 | October 30, 2016 | October 29, 2017 | October 30, 2016 | ||||||||||||||||
Revenue | $ | 120,971 | $ | 111,579 | $ | 107,368 | $ | 450,678 | $ | 483,456 | ||||||||||
Cost of goods sold | (94,529 | ) | (89,862 | ) | (86,835 | ) | (359,363 | ) | (364,750 | ) | ||||||||||
Gross profit | 26,442 | 21,717 | 20,533 | 91,315 | 118,706 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | (10,182 | ) | (11,639 | ) | (10,191 | ) | (43,585 | ) | (44,577 | ) | ||||||||||
Research and development | (3,838 | ) | (4,812 | ) | (5,041 | ) | (15,862 | ) | (21,654 | ) | ||||||||||
Total Operating Expenses | (14,020 | ) | (16,451 | ) | (15,232 | ) | (59,447 | ) | (66,231 | ) | ||||||||||
Operating income | 12,422 | 5,266 | 5,301 | 31,868 | 52,475 | |||||||||||||||
Gain on sale of investment | - | - | - | - | 8,940 | |||||||||||||||
Other income (expense), net | 536 | (134 | ) | (69 | ) | (5,303 | ) | (941 | ) | |||||||||||
Income before income taxes | 12,958 | 5,132 | 5,232 | 26,565 | 60,474 | |||||||||||||||
Income tax (provision) benefit | (2,462 | ) | (333 | ) | 1,337 | (5,276 | ) | (4,798 | ) | |||||||||||
Net income | 10,496 | 4,799 | 6,569 | 21,289 | 55,676 | |||||||||||||||
Net income attributable to noncontrolling interests | (5,110 | ) | (798 | ) | (1,313 | ) | (8,159 | ) | (9,476 | ) | ||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 5,386 | $ | 4,001 | $ | 5,256 | $ | 13,130 | $ | 46,200 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.08 | $ | 0.06 | $ | 0.08 | $ | 0.19 | $ | 0.68 | ||||||||||
Diluted | $ | 0.08 | $ | 0.06 | $ | 0.08 | $ | 0.19 | $ | 0.64 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 68,615 | 68,525 | 68,025 | 68,436 | 67,539 | |||||||||||||||
Diluted | 69,218 | 69,380 | 68,906 | 69,288 | 76,354 |