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 3, | May 4, | May 3, | May 4, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Reconciliation of GAAP to Non-GAAP Net Income | ||||||||||||||
Attributable to Photronics, Inc. Shareholders | ||||||||||||||
GAAP net income attributable to Photronics, Inc. shareholders | $ | 10,060 | $ | 15,540 | $ | 13,897 | $ | 17,533 | ||||||
(a)Financing expenses, net of tax | - | - | 901 | - | ||||||||||
(b)Gain on acquisition, net of tax | - | (16,372 | ) | - | (16,372 | ) | ||||||||
(c)Acquisition transaction expenses, net of tax | - | 2,018 | - | 2,455 | ||||||||||
Non-GAAP net income attributable to Photronics, Inc. shareholders | $ | 10,060 | $ | 1,186 | $ | 14,798 | $ | 3,616 | ||||||
Reconciliation of GAAP to Non-GAAP Net Income | ||||||||||||||
Applicable to Common Shareholders | ||||||||||||||
Weighted average number of diluted shares outstanding | ||||||||||||||
GAAP | 78,228 | 77,705 | 72,624 | 77,632 | ||||||||||
Non-GAAP | 78,228 | 62,282 | 78,166 | 62,209 | ||||||||||
Net income per diluted share | ||||||||||||||
GAAP | $ | 0.14 | $ | 0.22 | $ | 0.21 | $ | 0.27 | ||||||
Non-GAAP | $ | 0.14 | $ | 0.02 | $ | 0.22 | $ | 0.06 |
(a) | Represents financing expenses related to the exchange of $57.5 million of 3.25% convertible senior notes, recorded in other expense, net | |
(b) | Represents gain on acquisition of DNP Photomask Technology Taiwan Co., Ltd (DPTT), a wholly-owned subsidiary of Dai Nippon Printing Co., Ltd. | |
(c) | Represents transaction expenses in connection with the acquisition of DPTT |