Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
April 29, 2018 | January 28, 2018 | April 30, 2017 | April 29, 2018 | April 30, 2017 | ||||||||||||||||
| Revenue | $ | 130,779 | $ | 123,446 | $ | 108,297 | $ | 254,225 | $ | 218,128 | ||||||||||
| Cost of goods sold | (97,960 | ) | (95,784 | ) | (88,140 | ) | (193,744 | ) | (174,972 | ) | ||||||||||
| Gross profit | 32,819 | 27,662 | 20,157 | 60,481 | 43,156 | |||||||||||||||
| Operating Expenses: | ||||||||||||||||||||
| Selling, general and administrative | (13,637 | ) | (11,750 | ) | (10,894 | ) | (25,387 | ) | (21,765 | ) | ||||||||||
| Research and development | (3,817 | ) | (4,104 | ) | (3,726 | ) | (7,921 | ) | (7,211 | ) | ||||||||||
| Total Operating Expenses | (17,454 | ) | (15,854 | ) | (14,620 | ) | (33,308 | ) | (28,976 | ) | ||||||||||
| Operating income | 15,365 | 11,808 | 5,537 | 27,173 | 14,180 | |||||||||||||||
| Other income (expense), net | 3,332 | (4,105 | ) | (3,622 | ) | (774 | ) | (5,705 | ) | |||||||||||
| Income before income taxes | 18,697 | 7,703 | 1,915 | 26,399 | 8,475 | |||||||||||||||
| Income tax (provision) benefit | (3,508 | ) | 1,778 | (431 | ) | (1,729 | ) | (2,481 | ) | |||||||||||
| Net income | 15,189 | 9,481 | 1,484 | 24,670 | 5,994 | |||||||||||||||
| Net income attributable to noncontrolling interests | (4,524 | ) | (3,583 | ) | 313 | (8,107 | ) | (2,251 | ) | |||||||||||
| Net income attributable to Photronics, Inc. shareholders | $ | 10,665 | $ | 5,898 | $ | 1,797 | $ | 16,563 | $ | 3,743 | ||||||||||
| Earnings per share: | ||||||||||||||||||||
| Basic | $ | 0.15 | $ | 0.09 | $ | 0.03 | $ | 0.24 | $ | 0.05 | ||||||||||
| Diluted | $ | 0.15 | $ | 0.09 | $ | 0.03 | $ | 0.23 | $ | 0.05 | ||||||||||
| Weighted-average number of common shares outstanding: | ||||||||||||||||||||
| Basic | 69,293 | 68,755 | 68,426 | 69,024 | 68,301 | |||||||||||||||
| Diluted | 75,190 | 69,372 | 69,385 | 75,052 | 69,277 | |||||||||||||||