Photronics (PLAB) 8-K Photronics Reports Third Quarter Fiscal 2020 Results

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