Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | ||||||||||||
January 27, 2019 | October 31, 2018 | January 28, 2018 | ||||||||||
Revenue | $ | 124,712 | $ | 144,660 | $ | 123,446 | ||||||
Cost of goods sold | 98,610 | 109,236 | 95,784 | |||||||||
Gross profit | 26,102 | 35,424 | 27,662 | |||||||||
Operating Expenses: | ||||||||||||
Selling, general and administrative | 13,792 | 13,504 | 11,750 | |||||||||
Research and development | 4,263 | 3,906 | 4,104 | |||||||||
Total Operating Expenses | 18,055 | 17,410 | 15,854 | |||||||||
Operating income | 8,047 | 18,014 | 11,808 | |||||||||
Other income (expense), net | 1,108 | 2,307 | (4,105 | ) | ||||||||
Income before income taxes | 9,155 | 20,321 | 7,703 | |||||||||
Income tax (provision) benefit | (1,387 | ) | (3,552 | ) | 1,778 | |||||||
Net income | 7,768 | 16,769 | 9,481 | |||||||||
Net income attributable to noncontrolling interests | 2,501 | 4,282 | 3,583 | |||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 5,267 | $ | 12,487 | $ | 5,898 | ||||||
Earnings per share: | ||||||||||||
Basic | $ | 0.08 | $ | 0.18 | $ | 0.09 | ||||||
Diluted | $ | 0.08 | $ | 0.18 | $ | 0.09 | ||||||
Weighted-average number of common shares outstanding: | ||||||||||||
Basic | 66,583 | 67,894 | 68,755 | |||||||||
Diluted | 67,047 | 73,921 | 69,372 |