PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
July 31, | August 1, | July 31, | August 1, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales | $ | 135,935 | $ | 112,251 | $ | 389,861 | $ | 315,518 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of sales | (97,695 | ) | (85,979 | ) | (284,540 | ) | (248,979 | ) | ||||||||
Selling, general and administrative | (11,833 | ) | (11,068 | ) | (33,995 | ) | (32,086 | ) | ||||||||
Research and development | (3,527 | ) | (3,427 | ) | (11,238 | ) | (10,983 | ) | ||||||||
Consolidation, restructuring and related (charges) credits | - | (26 | ) | - | 4,810 | |||||||||||
Operating income | 22,880 | 11,751 | 60,088 | 28,280 | ||||||||||||
Debt extinguishment loss | (4,973 | ) | - | (35,259 | ) | - | ||||||||||
Other income (expense), net | (390 | ) | (1,234 | ) | (2,019 | ) | (5,870 | ) | ||||||||
Income before income taxes | 17,517 | 10,517 | 22,810 | 22,410 | ||||||||||||
Income tax provision | (4,895 | ) | (2,910 | ) | (11,637 | ) | (5,790 | ) | ||||||||
Net income | 12,622 | 7,607 | 11,173 | 16,620 | ||||||||||||
Net (income) loss attributable to noncontrolling interests | (1,357 | ) | 84 | (4,235 | ) | (842 | ) | |||||||||
Net income attributable to Photronics, Inc. | $ | 11,265 | $ | 7,691 | $ | 6,938 | $ | 15,778 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.19 | $ | 0.14 | $ | 0.12 | $ | 0.30 | ||||||||
Diluted | $ | 0.16 | $ | 0.13 | $ | 0.12 | $ | 0.29 | ||||||||
Weighted average number of common shares | ||||||||||||||||
outstanding: | ||||||||||||||||
Basic | 58,987 | 53,516 | 56,163 | 53,341 | ||||||||||||
Diluted | 76,744 | 66,280 | 57,724 | 65,689 | ||||||||||||