Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||||||
April 28, 2024 | January 28, 2024 | April 30, 2023 | April 28, 2024 | April 30, 2023 | ||||||||||||||||
Revenue | $ | 217,000 | $ | 216,334 | $ | 229,306 | $ | 433,334 | $ | 440,397 | ||||||||||
Cost of goods sold | 137,749 | 137,079 | 140,904 | 274,828 | 275,918 | |||||||||||||||
Gross Profit | 79,251 | 79,255 | 88,402 | 158,506 | 164,479 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | 18,996 | 18,321 | 17,878 | 37,317 | 34,696 | |||||||||||||||
Research and development | 4,292 | 3,445 | 3,479 | 7,736 | 6,781 | |||||||||||||||
Total Operating Expenses | 23,288 | 21,766 | 21,357 | 45,053 | 41,477 | |||||||||||||||
Other operating gain | 89 | - | - | 89 | - | |||||||||||||||
Operating Income | 56,052 | 57,489 | 67,045 | 113,542 | 123,002 | |||||||||||||||
Non-operating (loss) income, net | 20,534 | (3,747 | ) | 13,571 | 16,786 | (854 | ) | |||||||||||||
Income Before Income Tax Provision | 76,586 | 53,742 | 80,616 | 130,328 | 122,148 | |||||||||||||||
Income tax provision | 20,214 | 14,660 | 21,343 | 34,874 | 33,925 | |||||||||||||||
Net Income | 56,372 | 39,082 | 59,273 | 95,454 | 88,223 | |||||||||||||||
Net income attributable to noncontrolling interests | 20,121 | 12,902 | 19,344 | 33,023 | 34,308 | |||||||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 36,251 | $ | 26,180 | $ | 39,929 | $ | 62,431 | $ | 53,915 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.59 | $ | 0.43 | $ | 0.65 | $ | 1.01 | $ | 0.88 | ||||||||||
Diluted | $ | 0.58 | $ | 0.42 | $ | 0.65 | $ | 1.00 | $ | 0.88 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 61,771 | 61,455 | 61,138 | 61,613 | 61,016 | |||||||||||||||
Diluted | 62,409 | 62,283 | 61,507 | 62,346 | 61,489 |