Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||||||
October 31, 2020 | August 2, 2020 | October 31, 2019 | October 31, 2020 | October 31, 2019 | ||||||||||||||||
Revenue | $ | 149,286 | $ | 157,895 | $ | 156,257 | $ | 609,691 | $ | 550,660 | ||||||||||
Cost of goods sold | 117,401 | 120,161 | 118,098 | 475,037 | 429,819 | |||||||||||||||
Gross profit | 31,885 | 37,734 | 38,159 | 134,654 | 120,841 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | 12,790 | 13,306 | 12,140 | 53,582 | 52,326 | |||||||||||||||
Research and development | 4,110 | 4,492 | 4,543 | 17,144 | 16,394 | |||||||||||||||
Total Operating Expenses | 16,900 | 17,798 | 16,683 | 70,726 | 68,720 | |||||||||||||||
Operating income | 14,985 | 19,936 | 21,476 | 63,928 | 52,121 | |||||||||||||||
Other (expense) income, net | (2,937 | ) | (2,135 | ) | (6,111 | ) | (2,327 | ) | (1,420 | ) | ||||||||||
Income before income tax provision | 12,048 | 17,801 | 15,365 | 61,601 | 50,701 | |||||||||||||||
Income tax provision | 3,469 | 4,937 | 2,327 | 21,258 | 10,210 | |||||||||||||||
Net income | 8,579 | 12,864 | 13,038 | 40,343 | 40,491 | |||||||||||||||
Net income attributable to noncontrolling interests | 2,119 | 2,088 | 3,338 | 6,523 | 10,698 | |||||||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 6,460 | $ | 10,776 | $ | 9,700 | $ | 33,820 | $ | 29,793 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.10 | $ | 0.17 | $ | 0.15 | $ | 0.52 | $ | 0.45 | ||||||||||
Diluted | $ | 0.10 | $ | 0.17 | $ | 0.15 | $ | 0.52 | $ | 0.44 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 64,193 | 64,780 | 66,230 | 64,866 | 66,347 | |||||||||||||||
Diluted | 64,768 | 65,247 | 66,862 | 65,470 | 69,155 |