PHOTRONICS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to non-GAAP Financial Information
(in thousands)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| April 29, | May 1, | April 29, | May 1, | |||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Reconciliation of GAAP to Non-GAAP Net Income (Loss) | ||||||||||||||||
| Attributable to Photronics, Inc. | ||||||||||||||||
| GAAP net income (loss) attributable to Photronics, Inc. | $ | 8,818 | $ | (16,438 | ) | $ | 13,086 | $ | (4,327 | ) | ||||||
| (a) | Debt extinguishment loss and net interest impact, | - | 30,513 | - | 30,513 | |||||||||||
| net of tax | ||||||||||||||||
| (b) | Consolidation and restructuring charges, net of tax | 58 | - | 1,176 | - | |||||||||||
| (c) | Impact of warrants, net of tax | - | 745 | (94 | ) | 820 | ||||||||||
| Non-GAAP net income attributable to Photronics, Inc. | $ | 8,876 | $ | 14,820 | $ | 14,168 | $ | 27,006 | ||||||||
| Reconciliation of GAAP to Non-GAAP Net Income (Loss) | ||||||||||||||||
| Applicable to Common Shareholders | ||||||||||||||||
| Weighted average number of diluted shares outstanding | ||||||||||||||||
| GAAP | 76,590 | 55,685 | 76,472 | 54,751 | ||||||||||||
| (d) | Non-GAAP | 76,590 | 67,047 | 76,435 | 66,634 | |||||||||||
| Net income (loss) per diluted share | ||||||||||||||||
| GAAP | $ | 0.14 | $ | (0.30 | ) | $ | 0.21 | $ | (0.08 | ) | ||||||
| Non-GAAP | $ | 0.14 | $ | 0.24 | $ | 0.23 | $ | 0.44 | ||||||||
| (a) | Represents 2011 extinguishment charge related to the repurchase of $30.4 million of our 5.50% convertible senior notes due in October 2014, and net interest impact on convertible transactions. | |
| (b) | Represents consolidation and restructuring charges primarily related to restructuring in Singapore. | |
| (c) | Represents financing expenses related to warrants, which are recorded in other income (expense). | |
| (d) | Excludes the 2011 impact of shares issued on March 29, 2011 (1.7 million shares during the three months ended May 1, 2011 and 0.8 million shares during the six months ended May 1, 2011), primarily related to the issuance of common stock in exchange for $30.4 million of our 5.5% convertible senior notes due in October 2014. | |