PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
May 3, | May 4, | May 3, | May 4, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net sales | $ | 127,309 | $ | 104,882 | $ | 250,814 | $ | 206,424 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of sales | (94,214 | ) | (82,692 | ) | (189,535 | ) | (161,352 | ) | ||||||||
Selling, general and administrative | (12,421 | ) | (13,419 | ) | (24,365 | ) | (25,697 | ) | ||||||||
Research and development | (5,809 | ) | (5,939 | ) | (10,490 | ) | (10,913 | ) | ||||||||
Operating income | 14,865 | 2,832 | 26,424 | 8,462 | ||||||||||||
Gain on acquisition | - | 16,372 | - | 16,372 | ||||||||||||
Other expense, net | (1,457 | ) | (1,222 | ) | (2,740 | ) | (2,095 | ) | ||||||||
Income before income taxes | 13,408 | 17,982 | 23,684 | 22,739 | ||||||||||||
Income tax provision | (1,252 | ) | (2,032 | ) | (4,386 | ) | (4,747 | ) | ||||||||
Net income | 12,156 | 15,950 | 19,298 | 17,992 | ||||||||||||
Net income attributable to noncontrolling interests | (2,096 | ) | (410 | ) | (5,401 | ) | (459 | ) | ||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 10,060 | $ | 15,540 | $ | 13,897 | $ | 17,533 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.15 | $ | 0.25 | $ | 0.21 | $ | 0.29 | ||||||||
Diluted | $ | 0.14 | $ | 0.22 | $ | 0.21 | $ | 0.27 | ||||||||
Weighted-average number of common shares outstanding | ||||||||||||||||
Basic | 66,230 | 61,372 | 66,148 | 61,286 | ||||||||||||
Diluted | 78,228 | 77,705 | 72,624 | 77,632 |