PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Operating Income to Non-GAAP Operating Income
(in thousands)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
May 3, | May 4, | May 3, | May 4, | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | |||||||||||||||||
(a) | (a) | (a) | (a) | |||||||||||||||||||||
GAAP Operating Income | $ | 14,865 | 11.7 | % | $ | 2,832 | 2.7 | % | $ | 26,424 | 10.5 | % | $ | 8,462 | 4.1 | % | ||||||||
Acquisition transaction expenses (b) | — | — | 2,018 | 1.9 | — | — | 2,455 | 1.2 | ||||||||||||||||
Non-GAAP Operating Income | $ | 14,865 | 11.7 | % | $ | 4,850 | 4.6 | % | $ | 26,424 | 10.5 | % | $ | 10,917 | 5.3 | % |
(a) | Represents percentage of net sales |
(b) | Represents transaction expenses in connection with the acquisition of DNP Photomask Technology Taiwan Co., Ltd., a wholly-owned subsidiary of Dai Nippon Printing Co., Ltd. |