Photronics (PLAB) 8-K Photronics Reports First Quarter Fiscal 2024 Results

Exhibit 99.2

PHOTRONICS, INC.

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended
	January 28, 2024			October 31, 2023		January 29, 2023
Revenue	$	216,334		$	227,473	$	211,090
Cost of goods sold		137,079			142,591		135,013
Gross Profit		79,255			84,882		76,077
Operating Expenses:
Selling, general and administrative		18,321			16,731		16,818
Research and development		3,445			3,367		3,302
Total Operating Expenses		21,766			20,098		20,120
Operating Income		57,489			64,784		55,957
Non-operating (loss) income, net		(3,747	)		18,660		(14,425	)
Income Before Income Tax Provision		53,742			83,444		41,532
Income tax provision		14,660			20,288		12,582
Net Income		39,082			63,156		28,950
Net income attributable to noncontrolling interests		12,902			18,545		14,964
Net income attributable to Photronics, Inc. shareholders	$	26,180		$	44,611	$	13,986
Earnings per share:
Basic	$	0.43		$	0.73	$	0.23
Diluted	$	0.42		$	0.72	$	0.23
Weighted-average number of common shares outstanding:
Basic		61,455			61,290		60,894
Diluted		62,283			62,067		61,470