PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| April 28, | April 29, | April 28, | April 29, | |||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Net sales | $ | 106,680 | $ | 117,451 | $ | 206,519 | $ | 229,605 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of sales | (81,891 | ) | (87,590 | ) | (160,632 | ) | (174,286 | ) | ||||||||
| Selling, general and administrative | (12,151 | ) | (12,201 | ) | (23,218 | ) | (23,526 | ) | ||||||||
| Research and development | (4,556 | ) | (4,441 | ) | (9,395 | ) | (8,885 | ) | ||||||||
| Consolidation, restructuring and related charges | - | (58 | ) | - | (1,176 | ) | ||||||||||
| Operating income | 8,082 | 13,161 | 13,274 | 21,732 | ||||||||||||
| Other expense, net | (916 | ) | (968 | ) | (1,507 | ) | (1,377 | ) | ||||||||
| Income before income tax provision | 7,166 | 12,193 | 11,767 | 20,355 | ||||||||||||
| Income tax provision | (1,724 | ) | (2,663 | ) | (3,466 | ) | (5,984 | ) | ||||||||
| Net income | 5,442 | 9,530 | 8,301 | 14,371 | ||||||||||||
| Net income attributable to noncontrolling interests | (579 | ) | (712 | ) | (1,114 | ) | (1,285 | ) | ||||||||
| Net income attributable to Photronics, Inc. shareholders | $ | 4,863 | $ | 8,818 | $ | 7,187 | $ | 13,086 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 0.08 | $ | 0.15 | $ | 0.12 | $ | 0.22 | ||||||||
| Diluted | $ | 0.08 | $ | 0.14 | $ | 0.12 | $ | 0.21 | ||||||||
| Weighted average number of common shares | ||||||||||||||||
| outstanding: | ||||||||||||||||
| Basic | 60,493 | 60,086 | 60,385 | 59,952 | ||||||||||||
| Diluted | 61,501 | 76,590 | 61,298 | 76,472 | ||||||||||||