Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||||||
April 28, 2019 | January 27, 2019 | April 29, 2018 | April 28, 2019 | April 29, 2018 | ||||||||||||||||
Revenue | $ | 131,580 | $ | 124,712 | $ | 130,779 | $ | 256,291 | $ | 254,225 | ||||||||||
Cost of goods sold | 105,570 | 98,610 | 97,960 | 204,179 | 193,744 | |||||||||||||||
Gross profit | 26,010 | 26,102 | 32,819 | 52,112 | 60,481 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | 13,269 | 13,792 | 13,637 | 27,061 | 25,387 | |||||||||||||||
Research and development | 3,542 | 4,263 | 3,817 | 7,805 | 7,921 | |||||||||||||||
Total Operating Expenses | 16,811 | 18,055 | 17,454 | 34,866 | 33,308 | |||||||||||||||
Operating income | 9,199 | 8,047 | 15,365 | 17,246 | 27,173 | |||||||||||||||
Other income (expense), net | 3,931 | 1,108 | 3,332 | 5,039 | (774 | ) | ||||||||||||||
Income before income taxes | 13,130 | 9,155 | 18,697 | 22,285 | 26,399 | |||||||||||||||
Income tax provision | 3,278 | 1,387 | 3,508 | 4,665 | 1,729 | |||||||||||||||
Net income | 9,852 | 7,768 | 15,189 | 17,620 | 24,670 | |||||||||||||||
Net income attributable to noncontrolling interests | 1,373 | 2,501 | 4,524 | 3,874 | 8,107 | |||||||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 8,479 | $ | 5,267 | $ | 10,665 | $ | 13,746 | $ | 16,563 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.13 | $ | 0.08 | $ | 0.15 | $ | 0.21 | $ | 0.24 | ||||||||||
Diluted | $ | 0.13 | $ | 0.08 | $ | 0.15 | $ | 0.20 | $ | 0.23 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 66,261 | 66,583 | 69,293 | 66,422 | 69,024 | |||||||||||||||
Diluted | 70,597 | 67,047 | 75,190 | 71,593 | 75,052 |