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 |