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 |