PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended | Year Ended | |||||||||||||||
November 3, | October 28, | November 3, | October 28, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | $ | 106,009 | $ | 104,219 | $ | 422,180 | $ | 450,439 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of sales | (79,334 | ) | (79,922 | ) | (322,540 | ) | (338,519 | ) | ||||||||
Selling, general and administrative | (12,928 | ) | (11,396 | ) | (48,213 | ) | (46,706 | ) | ||||||||
Research and development | (6,378 | ) | (5,264 | ) | (20,758 | ) | (19,371 | ) | ||||||||
Consolidation, restructuring and related charges | - | (246 | ) | - | (1,428 | ) | ||||||||||
Operating income | 7,369 | 7,391 | 30,669 | 44,415 | ||||||||||||
Other expense, net | (1,384 | ) | (1,623 | ) | (3,864 | ) | (3,767 | ) | ||||||||
Income before income taxes | 5,985 | 5,768 | 26,805 | 40,648 | ||||||||||||
Income tax provision | (1,072 | ) | (1,551 | ) | (7,229 | ) | (10,793 | ) | ||||||||
Net income | 4,913 | 4,217 | 19,576 | 29,855 | ||||||||||||
Net income attributable to noncontrolling interests | (73 | ) | (384 | ) | (1,610 | ) | (1,987 | ) | ||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 4,840 | $ | 3,833 | $ | 17,966 | $ | 27,868 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.08 | $ | 0.06 | $ | 0.30 | $ | 0.46 | ||||||||
Diluted | $ | 0.08 | $ | 0.06 | $ | 0.29 | $ | 0.44 | ||||||||
Weighted-average number of common shares outstanding | ||||||||||||||||
Basic | 61,058 | 60,196 | 60,644 | 60,055 | ||||||||||||
Diluted | 61,962 | 61,052 | 61,599 | 76,464 |