Photronics (PLAB) 8-K Photronics Reports Fourth Quarter Fiscal 2017 Results

Exhibit 99.5

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							Year Ended
	October 29, 2017		July 30, 2017		October 30, 2016			October 29, 2017		October 30, 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	$	5,386	$	4,001	$	5,256		$	13,130	$	46,200
Income tax benefit (a)		-		-		(1,834	)		-		(4,838	)
Gain on sale of investment, net of tax  (b)		-		-		-			-		(8,753	)
Non-GAAP net income attributable to Photronics, Inc. shareholders	$	5,386	$	4,001	$	3,422		$	13,130	$	32,609
Weighted average number of diluted shares outstanding
GAAP		69,218		69,380		68,906			69,288		76,354
Non-GAAP		69,218		69,380		68,906			69,288		76,354
Net income per diluted share
GAAP	$	0.08	$	0.06	$	0.08		$	0.19	$	0.64
Non-GAAP	$	0.08	$	0.06	$	0.05		$	0.19	$	0.47
Reconciliation of GAAP  Net Income to Non-GAAP EBITDA
GAAP Net Income (c)	$	10,496	$	4,799	$	6,569		$	21,289	$	55,676
Interest expense		578		550		616			2,235		3,366
Income tax expense		2,462		333		(1,337	)		5,276		4,798
Depreciation and amortization		22,492		21,840		22,304			86,573		82,406
Other items (d)		785		984		980			3,627		3,828
Non-GAAP EBITDA	$	36,813	$	28,506	$	29,132		$	119,000	$	150,074

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