Photronics (PLAB) 8-K Photronics Reports Second Quarter Financial Results

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

	Three Months Ended						Six Months Ended
	May 2,			May 3,			May 2,			May 3,
	2010			2009			2010			2009
Net sales	$	105,070		$	83,232		$	203,267		$	171,275
Costs and expenses:
Cost of sales		(82,980	)		(71,792	)		(163,000	)		(149,275	)
Selling, general and administrative		(10,870	)		(10,630	)		(21,018	)		(21,032	)
Research and development		(3,601	)		(4,177	)		(7,556	)		(7,801	)
Consolidation, restructuring and related (charges) credit		5,029			(406	)		4,836			(2,086	)
Impairment of long-lived assets		-			(1,458	)		-			(1,458	)
Operating income (loss)		12,648			(5,231	)		16,529			(10,377	)
Other expense, net		(2,183	)		(5,001	)		(4,636	)		(8,625	)
Income (loss) before income taxes		10,465			(10,232	)		11,893			(19,002	)
Income tax (provision) benefit		(1,860	)		76			(2,880	)		(1,122	)
Net income (loss)		8,605			(10,156	)		9,013			(20,124	)
Net (income) loss attributable to noncontrolling interests		(732	)		84			(927	)		(181	)
Net income (loss) attributable to Photronics, Inc.	$	7,873		$	(10,072	)	$	8,086		$	(20,305	)
Earnings (loss) per share:
Basic	$	0.15		$	(0.24	)	$	0.15		$	(0.49	)
Diluted	$	0.14		$	(0.24	)	$	0.15		$	(0.49	)
Weighted average number of common shares outstanding:
Basic		53,405			41,775			53,253			41,749
Diluted		65,780			41,775			54,291			41,749