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 |