PHOTRONICS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||
| April 28, | April 29, | April 28, | April 29, | ||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||
| Reconciliation of GAAP to Non-GAAP Net Income | |||||||||||||
| Attributable to Photronics, Inc. Shareholders | |||||||||||||
| GAAP net income attributable to Photronics, Inc. shareholders | $ | 4,863 | $ | 8,818 | $ | 7,187 | $ | 13,086 | |||||
| (a)Consolidation and restructuring charges, net of tax | - | 58 | - | 1,176 | |||||||||
| (b)Impact of warrants, net of tax | - | - | - | (94 | ) | ||||||||
| Non-GAAP net income attributable to Photronics, Inc. shareholders | $ | 4,863 | $ | 8,876 | $ | 7,187 | $ | 14,168 | |||||
| Reconciliation of GAAP to Non-GAAP Net Income | |||||||||||||
| Applicable to Common Shareholders | |||||||||||||
| Weighted average number of diluted shares outstanding | |||||||||||||
| GAAP | 61,501 | 76,590 | 61,298 | 76,472 | |||||||||
| Non-GAAP | 61,501 | 76,590 | 61,298 | 76,435 | |||||||||
| Net income per diluted share | |||||||||||||
| GAAP | $ | 0.08 | $ | 0.14 | $ | 0.12 | $ | 0.21 | |||||
| Non-GAAP | $ | 0.08 | $ | 0.14 | $ | 0.12 | $ | 0.23 | |||||
| (a) | Represents consolidation and restructuring charges primarily related to restructuring in Singapore. | |
| (b) | Represents financing expenses related to warrants, which are recorded in other expense, net. | |