PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net Income to EBITDA
(in thousands)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||
| May 4, | April 28, | May 4, | April 28, | |||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||
| GAAP Net Income (a) | $ | 15,950 | $ | 5,442 | $ | 17,992 | $ | 8,301 | ||||||
| Add: interest expense | 1,816 | 1,909 | 3,800 | 3,796 | ||||||||||
| Add: income tax expense | 2,032 | 1,724 | 4,747 | 3,466 | ||||||||||
| Add: depreciation and amortization | 18,550 | 17,959 | 35,972 | 36,742 | ||||||||||
| Add (less): special items (b) | (13,310 | ) | 939 | (11,768 | ) | 1,825 | ||||||||
| $ | 25,038 | $ | 27,973 | $ | 50,743 | $ | 54,130 | |||||||
| (a) | Includes net income attributable to noncontrolling interests. | |
| (b) | Special items consist of stock compensation expense, and in 2014 noncash gain on acquisition of DNP Photomask Technology Taiwan, Co., Ltd., a wholly-owned subsidiary of Dai Nippon Printing Co., Ltd., and related acquisition transaction expenses. | |