PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| July 28, | July 29, | July 28, | July 29, | |||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Net sales | $ | 109,652 | $ | 116,616 | $ | 316,171 | $ | 346,220 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of sales | (82,574 | ) | (84,312 | ) | (243,206 | ) | (258,598 | ) | ||||||||
| Selling, general and administrative | (12,068 | ) | (11,784 | ) | (35,286 | ) | (35,311 | ) | ||||||||
| Research and development | (4,985 | ) | (5,221 | ) | (14,380 | ) | (14,106 | ) | ||||||||
| Consolidation, restructuring and related charges | - | (7 | ) | - | (1,182 | ) | ||||||||||
| Operating income | 10,025 | 15,292 | 23,299 | 37,023 | ||||||||||||
| Other expense, net | (972 | ) | (767 | ) | (2,479 | ) | (2,143 | ) | ||||||||
| Income before income tax provision | 9,053 | 14,525 | 20,820 | 34,880 | ||||||||||||
| Income tax provision | (2,689 | ) | (3,258 | ) | (6,155 | ) | (9,242 | ) | ||||||||
| Net income | 6,364 | 11,267 | 14,665 | 25,638 | ||||||||||||
| Net income attributable to noncontrolling interests | (424 | ) | (317 | ) | (1,539 | ) | (1,603 | ) | ||||||||
| Net income attributable to Photronics, Inc. shareholders | $ | 5,940 | $ | 10,950 | $ | 13,126 | $ | 24,035 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 0.10 | $ | 0.18 | $ | 0.22 | $ | 0.40 | ||||||||
| Diluted | $ | 0.10 | $ | 0.16 | $ | 0.21 | $ | 0.37 | ||||||||
| Weighted average number of common shares | ||||||||||||||||
| outstanding: | ||||||||||||||||
| Basic | 60,746 | 60,121 | 60,505 | 60,008 | ||||||||||||
| Diluted | 66,177 | 76,436 | 61,478 | 76,460 | ||||||||||||