Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
July 28, 2019 | April 28, 2019 | July 29, 2018 | July 28, 2019 | July 29, 2018 | ||||||||||||||||
Revenue | $ | 138,112 | $ | 131,580 | $ | 136,391 | $ | 394,404 | $ | 390,616 | ||||||||||
Cost of goods sold | 107,542 | 105,570 | 100,794 | 311,721 | 294,538 | |||||||||||||||
Gross profit | 30,570 | 26,010 | 35,597 | 82,683 | 96,078 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | 13,124 | 13,269 | 12,504 | 40,186 | 37,891 | |||||||||||||||
Research and development | 4,046 | 3,542 | 2,653 | 11,852 | 10,574 | |||||||||||||||
Total Operating Expenses | 17,170 | 16,811 | 15,157 | 52,038 | 48,465 | |||||||||||||||
Operating income | 13,400 | 9,199 | 20,440 | 30,645 | 47,613 | |||||||||||||||
Other income (expense), net | (348 | ) | 3,931 | 1,411 | 4,692 | 637 | ||||||||||||||
Income before income taxes | 13,052 | 13,130 | 21,851 | 35,337 | 48,250 | |||||||||||||||
Income tax provision | �� | 3,218 | 3,278 | 2,054 | 7,883 | 3,783 | ||||||||||||||
Net income | 9,834 | 9,852 | 19,797 | 27,454 | 44,467 | |||||||||||||||
Net income attributable to noncontrolling interests | 3,487 | 1,373 | 6,792 | 7,361 | 14,899 | |||||||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 6,347 | $ | 8,479 | $ | 13,005 | $ | 20,093 | $ | 29,568 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.10 | $ | 0.13 | $ | 0.19 | $ | 0.30 | $ | 0.43 | ||||||||||
Diluted | $ | 0.10 | $ | 0.13 | $ | 0.18 | $ | 0.30 | $ | 0.41 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 66,313 | 66,261 | 69,374 | 66,386 | 69,141 | |||||||||||||||
Diluted | 66,570 | 70,597 | 75,258 | 69,919 | 75,121 |