PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net income to EBITDA
(in thousands)
(Unaudited)
Three Months Ended | ||||||
January 27, | January 29, | |||||
2013 | 2012 | |||||
GAAP Net income(a) | $ | 2,859 | $ | 4,841 | ||
Add: interest expense | 1,887 | 1,781 | ||||
Add: income tax expense | 1,742 | 3,321 | ||||
Add: depreciation and amortization | 18,783 | 22,295 | ||||
Add (less): special items (b) | 886 | 794 | ||||
EBITDA | $ | 26,157 | $ | 33,032 |
(a) | Includes net income attributable to noncontrolling interests. | |
(b) | Special items consist of stock compensation expense, and in 2012 non-cash consolidation and restructuring charges, and warrants income. |