Photronics (PLAB) 8-K Photronics Reports First Quarter Fiscal 2018 Results

Exhibit 99.2

PHOTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended
	January 28, 2018			October 29, 2017			January 29, 2017
Revenue	$	123,446		$	120,971		$	109,831
Cost of goods sold		(95,784	)		(94,529	)		(86,832	)
Gross profit		27,662			26,442			22,999
Operating Expenses:
Selling, general and administrative		(11,750	)		(10,182	)		(10,871	)
Research and development		(4,104	)		(3,838	)		(3,485	)
Total Operating Expenses		(15,854	)		(14,020	)		(14,356	)
Operating income		11,808			12,422			8,643
Other (expense) income, net		(4,105	)		536			(2,083	)
Income before income taxes		7,703			12,958			6,560
Income tax benefit (provision)		1,778			(2,462	)		(2,050	)
Net income		9,481			10,496			4,510
Net income attributable to noncontrolling interests		(3,583	)		(5,110	)		(2,564	)
Net income attributable to Photronics, Inc. shareholders	$	5,898		$	5,386		$	1,946
Earnings per share:
Basic	$	0.09		$	0.08		$	0.03
Diluted	$	0.09		$	0.08		$	0.03
Weighted-average number of common shares outstanding:
Basic		68,755			68,615			68,176
Diluted		69,372			69,218			69,169