PHOTRONICS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)
| Three Months Ended | |||||||
| January 29, | January 30, | ||||||
| 2012 | 2011 | ||||||
| Reconciliation of GAAP to Non-GAAP Net Income | |||||||
| Attributable to Photronics, Inc. | |||||||
| GAAP net income attributable to Photronics, Inc. | $ | 4,268 | $ | 12,111 | |||
| (a)Consolidation and restructuring charges, net of tax | 1,118 | - | |||||
| (b)Impact of warrants, net of tax | (94 | ) | 75 | ||||
| Non-GAAP net income attributable to Photronics, Inc. | $ | 5,292 | $ | 12,186 | |||
| Reconciliation of GAAP to Non-GAAP Net Income | |||||||
| Applicable to Common Shareholders | |||||||
| Weighted average number of diluted shares outstanding | |||||||
| GAAP | 60,930 | 66,411 | |||||
| Non-GAAP | 60,856 | 66,411 | |||||
| Net income per diluted share | |||||||
| GAAP | $ | 0.07 | $ | 0.20 | |||
| Non-GAAP | $ | 0.09 | $ | 0.20 | |||
| (a) | Represents consolidation and restructuring charges primarily related to the announced restructuring in Singapore. | |
| (b) | Represents financing expenses related to warrants, which are recorded in other income (expense), net. | |