Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||||||
October 31, 2021 | August 1, 2021 | October 31, 2020 | October 31, 2021 | October 31, 2020 | ||||||||||||||||
Revenue | $ | 181,288 | $ | 170,643 | $ | 149,286 | $ | 663,761 | $ | 609,691 | ||||||||||
Cost of goods sold | 129,347 | 125,318 | 117,401 | 496,717 | 475,037 | |||||||||||||||
Gross Profit | 51,941 | 45,325 | 31,885 | 167,044 | 134,654 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | 14,322 | 15,083 | 12,790 | 57,525 | 53,582 | |||||||||||||||
Research and development | 4,100 | 5,305 | 4,110 | 18,490 | 17,144 | |||||||||||||||
Total Operating Expenses | 18,422 | 20,388 | 16,900 | 76,015 | 70,726 | |||||||||||||||
Other operating income, net | - | 3,525 | - | 3,525 | - | |||||||||||||||
Operating Income | 33,519 | 28,462 | 14,985 | 94,554 | 63,928 | |||||||||||||||
Non-operating income (expense), net | 3,809 | 3,735 | (2,937 | ) | 7,452 | (2,327 | ) | |||||||||||||
Income Before Income Tax Provision | 37,328 | 32,197 | 12,048 | 102,006 | 61,601 | |||||||||||||||
Income tax provision | 8,697 | 7,842 | 3,469 | 23,190 | 21,258 | |||||||||||||||
Net Income | 28,631 | 24,355 | 8,579 | 78,816 | 40,343 | |||||||||||||||
Net income attributable to noncontrolling interests | 8,820 | 7,279 | 2,119 | 23,367 | 6,523 | |||||||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 19,811 | $ | 17,076 | $ | 6,460 | $ | 55,449 | $ | 33,820 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.33 | $ | 0.28 | $ | 0.10 | $ | 0.90 | $ | 0.52 | ||||||||||
Diluted | $ | 0.33 | $ | 0.28 | $ | 0.10 | $ | 0.89 | $ | 0.52 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 60,216 | 60,884 | 64,193 | 61,407 | 64,866 | |||||||||||||||
Diluted | 60,908 | 61,515 | 64,768 | 61,999 | 65,470 |