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

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

	Three Months Ended						Year Ended
	October 30,			October 31,			October 30,			October 31,
	2011			2010			2011			2010
Net sales	$	122,159		$	110,036		$	512,020		$	425,554
Costs and expenses:
Cost of sales		(91,266	)		(84,760	)		(375,806	)		(333,739	)
Selling, general and administrative		(11,245	)		(10,300	)		(45,240	)		(42,387	)
Research and development		(4,269	)		(3,949	)		(15,507	)		(14,932	)
Consolidation, restructuring and related credits		-			168			-			4,979
Operating income		15,379			11,195			75,467			39,475
Debt extinguishment loss		-			-			(35,259	)		-
Other expense, net		(2,290	)		(1,052	)		(4,309	)		(6,922	)
Income before income taxes		13,089			10,143			35,899			32,553
Income tax provision		(4,054	)		(1,682	)		(15,691	)		(7,471	)
Net income		9,035			8,461			20,208			25,082
Net (income) loss attributable to noncontrolling interests		256			(317	)		(3,979	)		(1,160	)
Net income attributable to Photronics, Inc.	$	9,291		$	8,144		$	16,229		$	23,922
Earnings per share:
Basic	$	0.16		$	0.15		$	0.28		$	0.45
Diluted	$	0.14		$	0.14		$	0.28		$	0.43
Weighted-average number of common shares outstanding
Basic		59,629			53,710			57,030			53,433
Diluted		76,259			66,145			58,458			65,803