Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
August 2, 2020 | May 3, 2020 | July 28, 2019 | August 2, 2020 | July 28, 2019 | ||||||||||||||||
Revenue | $ | 157,895 | $ | 142,774 | $ | 138,112 | $ | 460,405 | $ | 394,404 | ||||||||||
Cost of goods sold | 120,161 | 112,341 | 107,542 | 357,636 | 311,721 | |||||||||||||||
Gross profit | 37,734 | 30,433 | 30,570 | 102,769 | 82,683 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | 13,306 | 13,267 | 13,124 | 40,792 | 40,186 | |||||||||||||||
Research and development | 4,492 | 4,462 | 4,046 | 13,034 | 11,852 | |||||||||||||||
Total Operating Expenses | 17,798 | 17,729 | 17,170 | 53,826 | 52,038 | |||||||||||||||
Operating income | 19,936 | 12,704 | 13,400 | 48,943 | 30,645 | |||||||||||||||
Other (expense) income, net | (2,135 | ) | (951 | ) | (348 | ) | 610 | 4,692 | ||||||||||||
Income before income taxes | 17,801 | 11,753 | 13,052 | 49,553 | 35,337 | |||||||||||||||
Income tax provision | 4,937 | 3,781 | 3,218 | 17,789 | 7,883 | |||||||||||||||
Net income | 12,864 | 7,972 | 9,834 | 31,764 | 27,454 | |||||||||||||||
Net income attributable to noncontrolling interests | 2,088 | 1,688 | 3,487 | 4,404 | 7,361 | |||||||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 10,776 | $ | 6,284 | $ | 6,347 | $ | 27,360 | $ | 20,093 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.17 | $ | 0.10 | $ | 0.10 | $ | 0.42 | $ | 0.30 | ||||||||||
Diluted | $ | 0.17 | $ | 0.10 | $ | 0.10 | $ | 0.42 | $ | 0.30 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 64,780 | 64,937 | 66,313 | 65,090 | 66,386 | |||||||||||||||
Diluted | 65,247 | 65,417 | 66,570 | 65,704 | 69,919 |