PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net income (loss) to EBITDA
(in thousands)
(Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||
| April 29, | May 1, | April 29, | May 1, | ||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||
| GAAP Net income (loss) (a) | $ | 9,530 | $ | (15,033 | ) | $ | 14,371 | $ | (1,449 | ) | |||
| Add: interest expense | 1,795 | 1,882 | 3,575 | 3,593 | |||||||||
| Add: income tax expense | 2,663 | 3,260 | 5,984 | 6,742 | |||||||||
| Add: depreciation and amortization | 21,089 | 22,887 | 43,384 | 45,695 | |||||||||
| Add (less): special items (b) | 746 | 31,639 | 1,540 | 32,192 | |||||||||
| EBITDA | $ | 35,823 | $ | 44,635 | $ | 68,854 | $ | 86,773 | |||||
| (a) | Includes net income attributable to noncontrolling interests. |
| (b) | Special items consist of non-cash consolidation and restructuring charges, stock compensation expense, warrants expense (income), and in 2011 debt extinguishment loss and deferred financing fees write off. |