Photronics (PLAB) 8-K Photronics Reports Full Year and Fourth Quarter Fiscal 2022 Results

Exhibit 99.2

PHOTRONICS, INC.

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended							Year Ended
	October 31, 2022		July 31, 2022			October 31, 2021		October 31, 2022			October 31, 2021
Revenue	$	210,266	$	219,948		$	181,288	$	824,549		$	663,761
Cost of goods sold		129,997		136,085			129,347		530,336			496,717
Gross Profit		80,269		83,863			51,941		294,213			167,044
Operating Expenses:
Selling, general and administrative		15,683		15,960			14,322		63,989			57,525
Research and development		4,045		4,151			4,100		18,341			18,490
Total Operating Expenses		19,728		20,111			18,422		82,330			76,015
Other operating (loss) income, net		-		(23	)		-		(17	)		3,525
Operating Income		60,541		63,729			33,519		211,866			94,554
Non-operating income, net		10,797		3,641			3,809		27,167			7,452
Income Before Income Tax Provision		71,338		67,370			37,328		239,033			102,006
Income tax provision		16,074		18,146			8,697		59,791			23,190
Net Income		55,264		49,224			28,631		179,242			78,816
Net income attributable to noncontrolling interests		18,204		17,994			8,820		60,456			23,367
Net income attributable to Photronics, Inc. shareholders	$	37,060	$	31,230		$	19,811	$	118,786		$	55,449
Earnings per share:
Basic	$	0.61	$	0.51		$	0.33	$	1.96		$	0.90
Diluted	$	0.60	$	0.51		$	0.33	$	1.94		$	0.89
Weighted-average number of common shares outstanding:
Basic		60,773		60,701			60,216		60,559			61,407
Diluted		61,374		61,299			60,908		61,189			61,999