PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| April 29, | May 1, | April 29, | May 1, | |||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Net sales | $ | 117,451 | $ | 133,103 | $ | 229,605 | $ | 253,926 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of sales | (87,590 | ) | (96,617 | ) | (174,286 | ) | (186,845 | ) | ||||||||
| Selling, general and administrative | (12,201 | ) | (11,448 | ) | (23,526 | ) | (22,162 | ) | ||||||||
| Research and development | (4,441 | ) | (3,940 | ) | (8,885 | ) | (7,711 | ) | ||||||||
| Consolidation, restructuring and related charges | (58 | ) | - | (1,176 | ) | - | ||||||||||
| Operating income | 13,161 | 21,098 | 21,732 | 37,208 | ||||||||||||
| Debt extinguishment loss | - | (30,286 | ) | - | (30,286 | ) | ||||||||||
| Other expense, net | (968 | ) | (2,585 | ) | (1,377 | ) | (1,629 | ) | ||||||||
| Income (loss) before income taxes | 12,193 | (11,773 | ) | 20,355 | 5,293 | |||||||||||
| Income tax provision | (2,663 | ) | (3,260 | ) | (5,984 | ) | (6,742 | ) | ||||||||
| Net income (loss) | 9,530 | (15,033 | ) | 14,371 | (1,449 | ) | ||||||||||
| Net income attributable to noncontrolling interests | (712 | ) | (1,405 | ) | (1,285 | ) | (2,878 | ) | ||||||||
| Net income (loss) attributable to Photronics, Inc. | $ | 8,818 | $ | (16,438 | ) | $ | 13,086 | $ | (4,327 | ) | ||||||
| Earnings (loss) per share: | ||||||||||||||||
| Basic | $ | 0.15 | $ | (0.30 | ) | $ | 0.22 | $ | (0.08 | ) | ||||||
| Diluted | $ | 0.14 | $ | (0.30 | ) | $ | 0.21 | $ | (0.08 | ) | ||||||
| Weighted average number of common shares | ||||||||||||||||
| outstanding: | ||||||||||||||||
| Basic | 60,086 | 55,685 | 59,952 | 54,751 | ||||||||||||
| Diluted | 76,590 | 55,685 | 76,472 | 54,751 | ||||||||||||