Photronics (PLAB) 8-K Photronics Reports Third 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									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