Exhibit 99.2
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
July 30, | April 30, | July 31, | July 30, | July 31, | ||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Revenue | $ | 224,206 | $ | 229,306 | $ | 219,948 | $ | 664,603 | $ | 614,283 | ||||||||||
Cost of goods sold | 137,405 | 140,904 | 136,085 | 413,323 | 400,338 | |||||||||||||||
Gross Profit | 86,801 | 88,402 | 83,863 | 251,280 | 213,945 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | 18,032 | 17,878 | 15,960 | 52,728 | 48,306 | |||||||||||||||
Research and development | 3,505 | 3,479 | 4,151 | 10,287 | 14,297 | |||||||||||||||
Total Operating Expenses | 21,537 | 21,357 | 20,111 | 63,015 | 62,603 | |||||||||||||||
Other operating loss | - | - | (23 | ) | - | (17 | ) | |||||||||||||
Operating Income | 65,264 | 67,045 | 63,729 | 188,265 | 151,325 | |||||||||||||||
Non-operating (loss) income, net | (911 | ) | 13,571 | 3,641 | (1,764 | ) | 16,370 | |||||||||||||
Income Before Income Tax Provision | 64,353 | 80,616 | 67,370 | 186,501 | 167,695 | |||||||||||||||
Income tax provision | 16,098 | 21,343 | 18,146 | 50,023 | 43,717 | |||||||||||||||
Net Income | 48,255 | 59,273 | 49,224 | 136,478 | 123,978 | |||||||||||||||
Net income attributable to noncontrolling interests | 21,296 | 19,344 | 17,994 | 55,604 | 42,252 | |||||||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 26,959 | $ | 39,929 | $ | 31,230 | $ | 80,874 | $ | 81,726 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.44 | $ | 0.65 | $ | 0.51 | $ | 1.32 | $ | 1.35 | ||||||||||
Diluted | $ | 0.44 | $ | 0.65 | $ | 0.51 | $ | 1.31 | $ | 1.34 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 61,233 | 61,138 | 60,701 | 61,089 | 60,488 | |||||||||||||||
Diluted | 61,974 | 61,507 | 61,299 | 61,650 | 61,127 |