Photronics (PLAB) 8-K Photronics Reports Fourth Quarter Fiscal 2019 Results

Exhibit 99.2

PHOTRONICS, INC.

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