PHOTRONICS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||
| May 4, | April 28, | May 4, | April 28, | ||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||
| Reconciliation of GAAP to Non-GAAP Net Income | |||||||||||||
| Attributable to Photronics, Inc. Shareholders | |||||||||||||
| GAAP net income attributable to Photronics, Inc. shareholders | $ | 15,540 | $ | 4,863 | $ | 17,533 | $ | 7,187 | |||||
| (a)Gain on acquisition, net of tax | (16,372 | ) | - | (16,372 | ) | - | |||||||
| (b)Acquisition transaction expenses, net of tax | 2,018 | - | 2,455 | - | |||||||||
| Non-GAAP net income attributable to Photronics, Inc. shareholders | $ | 1,186 | $ | 4,863 | $ | 3,616 | $ | 7,187 | |||||
| Reconciliation of GAAP to Non-GAAP Net Income | |||||||||||||
| Applicable to Common Shareholders | |||||||||||||
| Weighted average number of diluted shares outstanding | |||||||||||||
| GAAP | 77,705 | 61,501 | 77,632 | 61,298 | |||||||||
| Non-GAAP | 62,282 | 61,501 | 62,209 | 61,298 | |||||||||
| Net income per diluted share | |||||||||||||
| GAAP | $ | 0.22 | $ | 0.08 | $ | 0.27 | $ | 0.12 | |||||
| Non-GAAP | $ | 0.02 | $ | 0.08 | $ | 0.06 | $ | 0.12 | |||||
| (a) | Represents gain on acquisition of DNP Photomask Technology Taiwan Co., Ltd (DPTT), a wholly-owned subsidiary of Dai Nippon Printing Co., Ltd. | |
| (b) | Represents transaction expenses in connection with the acquisition of DPTT | |