PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended | Year Ended | |||||||||||||||
October 28, | October 30, | October 28, | October 30, | |||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net sales | $ | 104,219 | $ | 122,159 | $ | 450,439 | $ | 512,020 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of sales | (79,922 | ) | (91,266 | ) | (338,519 | ) | (375,806 | ) | ||||||||
Selling, general and administrative | (11,396 | ) | (11,245 | ) | (46,706 | ) | (45,240 | ) | ||||||||
Research and development | (5,264 | ) | (4,269 | ) | (19,371 | ) | (15,507 | ) | ||||||||
Consolidation, restructuring and related charges | (246 | ) | - | (1,428 | ) | - | ||||||||||
Operating income | 7,391 | 15,379 | 44,415 | 75,467 | ||||||||||||
Debt extinguishment loss | - | - | - | (35,259 | ) | |||||||||||
Other expense, net | (1,623 | ) | (2,290 | ) | (3,767 | ) | (4,309 | ) | ||||||||
Income before income taxes | 5,768 | 13,089 | 40,648 | 35,899 | ||||||||||||
Income tax provision | (1,551 | ) | (4,054 | ) | (10,793 | ) | (15,691 | ) | ||||||||
Net income | 4,217 | 9,035 | 29,855 | 20,208 | ||||||||||||
Net (income) loss attributable to noncontrolling interests | (384 | ) | 256 | (1,987 | ) | (3,979 | ) | |||||||||
Net income attributable to Photronics, Inc. | $ | 3,833 | $ | 9,291 | $ | 27,868 | $ | 16,229 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.06 | $ | 0.16 | $ | 0.46 | $ | 0.28 | ||||||||
Diluted | $ | 0.06 | $ | 0.14 | $ | 0.44 | $ | 0.28 | ||||||||
Weighted-average number of common shares outstanding | ||||||||||||||||
Basic | 60,196 | 59,629 | 60,055 | 57,030 | ||||||||||||
Diluted | 61,052 | 76,259 | 76,464 | 58,458 |