PHOTRONICS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)
| Three Months Ended | Year Ended | ||||||||||||
| November 3, | October 28, | November 3, | October 28, | ||||||||||
| 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 | $ | 4,840 | $ | 3,833 | $ | 17,966 | $ | 27,868 | |||||
| (a)Joint venture transaction expenses, net of tax | 773 | - | 773 | - | |||||||||
| (b)Consolidation and restructuring charges, net of tax | - | 246 | - | 1,428 | |||||||||
| (c)Impact of warrants, net of tax | - | - | - | (94 | ) | ||||||||
| Non-GAAP net income attributable to Photronics, Inc. shareholders | $ | 5,613 | $ | 4,079 | $ | 18,739 | $ | 29,202 | |||||
| Reconciliation of GAAP to Non-GAAP Net Income | |||||||||||||
| Applicable to Common Shareholders | |||||||||||||
| Weighted average number of diluted shares outstanding | |||||||||||||
| GAAP | 61,962 | 61,052 | 61,599 | 76,464 | |||||||||
| Non-GAAP | 61,962 | 61,052 | 61,599 | 76,445 | |||||||||
| Net income per diluted share | |||||||||||||
| GAAP | $ | 0.08 | $ | 0.06 | $ | 0.29 | $ | 0.44 | |||||
| Non-GAAP | $ | 0.09 | $ | 0.07 | $ | 0.30 | $ | 0.46 | |||||
| (a) | Represents transaction expenses in connection with the joint venture with DNP Photomask Technology Taiwan Co., Ltd., a wholly-owned subsidiary of Dai Nippon Printing Co., Ltd. | |
| (b) | Represents consolidation and restructuring charges primarily related to restructuring in Singapore. | |
| (c) | Represents impact related to warrants, which is recorded in other expense, net. | |