PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net income to EBITDA
(in thousands)
(Unaudited)
Non-GAAP Financial Measure
Reconciliation of GAAP Net income to EBITDA
(in thousands)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||
July 31, | August 1, | July 31, | August 1, | ||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||
GAAP Net income | $ | 12,622 | $ | 7,607 | $ | 11,173 | $ | 16,620 | |||||
Add: interest expense | 1,907 | 1,827 | 5,499 | 7,807 | |||||||||
Add: income tax expense | 4,895 | 2,910 | 11,638 | 5,790 | |||||||||
Add: depreciation and amortization | 23,229 | 21,536 | 68,923 | 65,247 | |||||||||
Add(less): special items (a) | 5,479 | 100 | 37,671 | (3,176 | ) | ||||||||
EBITDA | $ | 48,132 | $ | 33,980 | $ | 134,904 | $ | 92,288 | |||||
(a) | Special items consist of debt extinguishment loss and non-cash consolidation and restructuring charges/(credits), warrants expense (income), deferred financing fees write-off and stock compensation expense |