Photronics (PLAB) 8-K Results of Operations and Financial Condition

PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Six Months Ended
	May 3,			April 27,			May 3,			April 27,
	2009			2008			2009			2008
Net sales	$	83,232		$	110,330		$	171,275		$	213,545
Costs and expenses:
Cost of sales		(71,792	)	(90,056		)		(149,275	)		(172,675	)
Selling, general and administrative		(10,630	)	(13,575		)		(21,032	)		(29,878	)
Research and development		(4,177	)		(4,613	)		(7,801	)		(8,851	)
Consolidation, restructuring and related charges		(406	)		-			(2,086	)		-
Impairment of long-lived assets		(1,458	)		-			(1,458	)		-
Operating (loss) income		(5,231	)		2,086			(10,377	)		2,141
Other income (expense), net		(5,001	)		(3,196	)		(8,625	)		(3,764	)
Loss before income taxes and minority interest		(10,232	)		(1,110	)		(19,002	)		(1,623	)
Income tax benefit (provision)		76			(932	)		(1,122	)		(2,804	)
Loss before minority interest		(10,156	)		(2,042	)		(20,124	)		(4,427	)
Minority interest		84			(27	)		(181	)		(982	)
Net loss	$	(10,072	)	$	(2,069	)	$	(20,305	)	$	(5,409	)
Loss per share:
Basic	$	(0.24	)	$	(0.05	)	$	(0.49	)	$	(0.13	)
Diluted	$	(0.24	)	$	(0.05	)	$	(0.49	)	$	(0.13	)
Weighted average number of common shares outstanding:
Basic		41,775			41,638			41,749			41,632
Diluted		41,775			41,638			41,749			41,632