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 |