Exhibit 99.2
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||||||
October 31, 2019 | July 28, 2019 | October 31, 2018 | October 31, 2019 | October 31, 2018 | ||||||||||||||||
Revenue | $ | 156,257 | $ | 138,112 | $ | 144,660 | $ | 550,660 | $ | 535,276 | ||||||||||
Cost of goods sold | 118,098 | 107,542 | 109,236 | 429,819 | 403,773 | |||||||||||||||
Gross profit | 38,159 | 30,570 | 35,424 | 120,841 | 131,503 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | 12,140 | 13,124 | 13,504 | 52,326 | 51,395 | |||||||||||||||
Research and development | 4,543 | 4,046 | 3,906 | 16,394 | 14,481 | |||||||||||||||
Total Operating Expenses | 16,683 | 17,170 | 17,410 | 68,720 | 65,876 | |||||||||||||||
Operating income | 21,476 | 13,400 | 18,014 | 52,121 | 65,627 | |||||||||||||||
Other (expense) income, net | (6,111 | ) | (348 | ) | 2,307 | (1,420 | ) | 2,944 | ||||||||||||
Income before income taxes | 15,365 | 13,052 | 20,321 | 50,701 | 68,571 | |||||||||||||||
Income tax provision | 2,327 | 3,218 | 3,552 | 10,210 | 7,335 | |||||||||||||||
Net income | 13,038 | 9,834 | 16,769 | 40,491 | 61,236 | |||||||||||||||
Net income attributable to noncontrolling interests | 3,338 | 3,487 | 4,282 | 10,698 | 19,181 | |||||||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 9,700 | $ | 6,347 | $ | 12,487 | $ | 29,793 | $ | 42,055 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.15 | $ | 0.10 | $ | 0.18 | $ | 0.45 | $ | 0.61 | ||||||||||
Diluted | $ | 0.15 | $ | 0.10 | $ | 0.18 | $ | 0.44 | $ | 0.59 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 66,230 | 66,313 | 67,894 | 66,347 | 68,829 | |||||||||||||||
Diluted | 66,862 | 66,570 | 73,921 | 69,155 | 74,821 |