PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net income to EBITDA
(in thousands)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||
| April 28, | April 29, | April 28, | April 29, | |||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||
| GAAP Net income (a) | $ | 5,442 | $ | 9,530 | $ | 8,301 | $ | 14,371 | ||||
| Add: interest expense | 1,909 | 1,795 | 3,796 | 3,575 | ||||||||
| Add: income tax expense | 1,724 | 2,663 | 3,466 | 5,984 | ||||||||
| Add: depreciation and amortization | 17,959 | 21,089 | 36,742 | 43,384 | ||||||||
| Add (less): special items (b) | 939 | 746 | 1,825 | 1,540 | ||||||||
| EBITDA | $ | 27,973 | $ | 35,823 | $ | 54,130 | $ | 68,854 | ||||
| (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 expense (income). | |