PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net income to EBITDA
(in thousands)
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||
| July 28, | July 29, | July 28, | July 29, | |||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||
| GAAP Net income(a) | $ | 6,364 | $ | 11,267 | $ | 14,665 | $ | 25,638 | ||||
| Add: interest expense | 1,909 | 2,012 | 5,707 | 5,587 | ||||||||
| Add: income tax expense | 2,689 | 3,258 | 6,155 | 9,242 | ||||||||
| Add: depreciation and amortization | 17,212 | 20,403 | 53,954 | 63,787 | ||||||||
| Add: special items (b) | 993 | 878 | 2,818 | 2,418 | ||||||||
| EBITDA | $ | 29,167 | $ | 37,818 | $ | 83,299 | $ | 106,672 | ||||
| (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. |