PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net income to EBITDA
(in thousands)
(Unaudited)
Three Months Ended | Year Ended | ||||||||||||
October 30, | October 31, | October 30, | October 31, | ||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||
GAAP Net income (a) | $ | 9,035 | $ | 8,461 | $ | 20,208 | $ | 25,082 | |||||
Add: interest expense | 1,759 | 1,667 | 7,258 | 9,475 | |||||||||
Add: income tax expense | 4,054 | 1,682 | 15,691 | 7,471 | |||||||||
Add: depreciation and amortization | 23,019 | 22,133 | 91,942 | 87,379 | |||||||||
Add (less): special items (b) | 469 | 749 | 38,140 | (2,426 | ) | ||||||||
EBITDA | $ | 38,336 | $ | 34,692 | $ | 173,239 | $ | 126,981 | |||||
(a) | Includes net income attributable to noncontrolling interests. | |
(b) | 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. |