PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net income to EBITDA
(in thousands)
(Unaudited)
| Three Months Ended | ||||||
| January 29, | January 30, | |||||
| 2012 | 2011 | |||||
| GAAP Net income (a) | $ | 4,841 | $ | 13,584 | ||
| Add: interest expense | 1,781 | 1,711 | ||||
| Add: income tax expense | 3,321 | 3,483 | ||||
| Add: depreciation and amortization | 22,295 | 22,808 | ||||
| Add (less): special items (b) | 794 | 553 | ||||
| EBITDA | $ | 33,032 | $ | 42,139 | ||
| (a) | Includes net income attributable to noncontrolling interests. | |
| (b) | Special items consist of non-cash consolidation and restructuring charges, warrants expense (income), and stock compensation expense. | |