Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | ||||||||||||
February 2, 2020 | October 31, 2019 | January 27, 2019 | ||||||||||
Revenue | $ | 159,736 | $ | 156,257 | $ | 124,712 | ||||||
Cost of goods sold | 125,134 | 118,098 | 98,610 | |||||||||
Gross profit | 34,602 | 38,159 | 26,102 | |||||||||
Operating Expenses: | ||||||||||||
Selling, general and administrative | 14,219 | 12,140 | 13,792 | |||||||||
Research and development | 4,080 | 4,543 | 4,263 | |||||||||
Total Operating Expenses | 18,299 | 16,683 | 18,055 | |||||||||
Operating income | 16,303 | 21,476 | 8,047 | |||||||||
Other income (expense), net | 3,697 | (6,111 | ) | 1,108 | ||||||||
Income before income taxes | 20,000 | 15,365 | 9,155 | |||||||||
Income tax provision | 9,072 | 2,327 | 1,387 | |||||||||
Net income | 10,928 | 13,038 | 7,768 | |||||||||
Net income attributable to noncontrolling interests | 628 | 3,338 | 2,501 | |||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 10,300 | $ | 9,700 | $ | 5,267 | ||||||
Earnings per share: | ||||||||||||
Basic | $ | 0.16 | $ | 0.15 | $ | 0.08 | ||||||
Diluted | $ | 0.16 | $ | 0.15 | $ | 0.08 | ||||||
Weighted-average number of common shares outstanding: | ||||||||||||
Basic | 65,554 | 66,230 | 66,583 | |||||||||
Diluted | 66,449 | 66,862 | 67,047 |