Exhibit 99.2
PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
July 29, 2018 | April 29, 2018 | July 30, 2017 | July 29, 2018 | July 30, 2017 | ||||||||||||||||
Revenue | $ | 136,391 | $ | 130,779 | $ | 111,579 | $ | 390,616 | $ | 329,707 | ||||||||||
Cost of goods sold | (100,794 | ) | (97,960 | ) | (89,862 | ) | (294,538 | ) | (264,835 | ) | ||||||||||
Gross profit | 35,597 | 32,819 | 21,717 | 96,078 | 64,872 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | (12,504 | ) | (13,637 | ) | (11,639 | ) | (37,891 | ) | (33,403 | ) | ||||||||||
Research and development | (2,653 | ) | (3,817 | ) | (4,812 | ) | (10,574 | ) | (12,023 | ) | ||||||||||
Total Operating Expenses | (15,157 | ) | (17,454 | ) | (16,451 | ) | (48,465 | ) | (45,426 | ) | ||||||||||
Operating income | 20,440 | 15,365 | 5,266 | 47,613 | 19,446 | |||||||||||||||
Other income (expense), net | 1,411 | 3,332 | (134 | ) | 637 | (5,839 | ) | |||||||||||||
Income before income taxes | 21,851 | 18,697 | 5,132 | 48,250 | 13,607 | |||||||||||||||
Income tax provision | (2,054 | ) | (3,508 | ) | (333 | ) | (3,783 | ) | (2,814 | ) | ||||||||||
Net income | 19,797 | 15,189 | 4,799 | 44,467 | 10,793 | |||||||||||||||
Net income attributable to noncontrolling interests | (6,792 | ) | (4,524 | ) | (798 | ) | (14,899 | ) | (3,048 | ) | ||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 13,005 | $ | 10,665 | $ | 4,001 | $ | 29,568 | $ | 7,745 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.19 | $ | 0.15 | $ | 0.06 | $ | 0.43 | $ | 0.11 | ||||||||||
Diluted | $ | 0.18 | $ | 0.15 | $ | 0.06 | $ | 0.41 | $ | 0.11 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 69,374 | 69,293 | 68,525 | 69,141 | 68,376 | |||||||||||||||
Diluted | 75,258 | 75,190 | 69,380 | 75,121 | 69,311 |