PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
| Three Months Ended | Year Ended | |||||||||||||||
| November 2, | November 3, | November 2, | November 3, | |||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Net sales | $ | 124,251 | $ | 106,009 | $ | 455,527 | $ | 422,180 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of sales | (97,626 | ) | (79,334 | ) | (355,181 | ) | (322,540 | ) | ||||||||
| Selling, general and administrative | (11,547 | ) | (12,928 | ) | (49,638 | ) | (48,213 | ) | ||||||||
| Research and development | (5,801 | ) | (6,378 | ) | (21,913 | ) | (20,758 | ) | ||||||||
| Operating income | 9,277 | 7,369 | 28,795 | 30,669 | ||||||||||||
| Gain on acquisition | - | - | 16,372 | - | ||||||||||||
| Other expense, net | (574 | ) | (1,384 | ) | (3,837 | ) | (3,864 | ) | ||||||||
| Income before income taxes | 8,703 | 5,985 | 41,330 | 26,805 | ||||||||||||
| Income tax provision | (2,004 | ) | (1,072 | ) | (9,295 | ) | (7,229 | ) | ||||||||
| Net income | 6,699 | 4,913 | 32,035 | 19,576 | ||||||||||||
| Net income attributable to noncontrolling interests | (2,422 | ) | (73 | ) | (6,039 | ) | (1,610 | ) | ||||||||
| Net income attributable to Photronics, Inc. shareholders | $ | 4,277 | $ | 4,840 | $ | 25,996 | $ | 17,966 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 0.07 | $ | 0.08 | $ | 0.42 | $ | 0.30 | ||||||||
| Diluted | $ | 0.07 | $ | 0.08 | $ | 0.41 | $ | 0.29 | ||||||||
| Weighted-average number of common shares outstanding: | ||||||||||||||||
| Basic | 63,106 | 61,058 | 61,779 | 60,644 | ||||||||||||
| Diluted | 64,085 | 61,962 | 66,679 | 61,599 | ||||||||||||