PHOTRONICS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||
October 30, | October 31, | October 30, | October 31, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Reconciliation of GAAP to Non-GAAP Net Income | ||||||||||||||||
Attributable to Photronics, Inc. | ||||||||||||||||
GAAP net income attributable to Photronics, Inc. | $ | 9,291 | $ | 8,144 | $ | 16,229 | $ | 23,922 | ||||||||
(a) | Debt extinguishment loss and net interest impact, | |||||||||||||||
net of tax | - | - | 35,486 | - | ||||||||||||
(b) | Consolidation and restructuring credits, net of tax | - | (168 | ) | - | (4,979 | ) | |||||||||
(c) | Impact of warrants, net of tax | (175 | ) | 554 | 424 | 1,246 | ||||||||||
(d) | Deferred financing fees write off, net of tax | - | - | - | 1,011 | |||||||||||
Non-GAAP net income attributable to Photronics, Inc. | $ | 9,116 | $ | 8,530 | $ | 52,139 | $ | 21,200 | ||||||||
Reconciliation of GAAP to Non-GAAP Net Income | ||||||||||||||||
Applicable to Common Shareholders | ||||||||||||||||
Weighted average number of diluted shares outstanding | ||||||||||||||||
GAAP | 76,259 | 66,145 | 58,458 | 65,803 | ||||||||||||
Non-GAAP | 76,082 | 66,145 | 71,940 | 65,803 | ||||||||||||
Net income per diluted share | ||||||||||||||||
GAAP | $ | 0.14 | $ | 0.14 | $ | 0.28 | $ | 0.43 | ||||||||
Non-GAAP | $ | 0.14 | $ | 0.14 | $ | 0.80 | $ | 0.38 | ||||||||
(a) | Represents extinguishment charges during the year ended October 30, 2011 related to the repurchase of $35.4 million of our 5.50% convertible senior notes due in October 2014, and net interest impact on convertible transactions. | |
(b) | Includes credits related to restructuring in China. | |
(c) | Represents financing expenses related to warrants, which are recorded in other expense, net. | |
(d) | Represents write-off of deferred financing fees recorded in interest expense, as a result of an amendment to our revolving credit facility. |