Photronics (PLAB) 8-K Results of Operations and Financial Condition

PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Nine Months Ended
	July 29,			July 31,			July 29,			July 31,
	2012			2011			2012			2011
Net sales	$	116,616		$	135,935		$	346,220		$	389,861
Costs and expenses:
Cost of sales		(84,312	)		(97,695	)		(258,598	)		(284,540	)
Selling, general and administrative		(11,784	)		(11,833	)		(35,311	)		(33,995	)
Research and development		(5,221	)		(3,527	)		(14,106	)		(11,238	)
Consolidation, restructuring and related charges		(7	)		-			(1,182	)		-
Operating income		15,292			22,880			37,023			60,088
Debt extinguishment loss		-			(4,973	)		-			(35,259	)
Other expense, net		(767	)		(390	)		(2,143	)		(2,019	)
Income before income taxes		14,525			17,517			34,880			22,810
Income tax provision		(3,258	)		(4,895	)		(9,242	)		(11,637	)
Net income		11,267			12,622			25,638			11,173
Net income attributable to noncontrolling interests		(317	)		(1,357	)		(1,603	)		(4,235	)
Net income attributable to Photronics, Inc.	$	10,950		$	11,265		$	24,035		$	6,938
Earnings per share:
Basic	$	0.18		$	0.19		$	0.40		$	0.12
Diluted	$	0.16		$	0.16		$	0.37		$	0.12
Weighted average number of common shares outstanding:
Basic		60,121			58,987			60,008			56,163
Diluted		76,436			76,744			76,460			57,724