PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
August 2, | August 3, | August 2, | August 3, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net sales | $ | 131,699 | $ | 124,852 | $ | 382,513 | $ | 331,276 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of sales | (94,456 | ) | (96,202 | ) | (283,991 | ) | (257,554 | ) | ||||||||
Selling, general and administrative | (12,430 | ) | (12,394 | ) | (36,795 | ) | (38,092 | ) | ||||||||
Research and development | (6,253 | ) | (5,199 | ) | (16,743 | ) | (16,111 | ) | ||||||||
Operating income | 18,560 | 11,057 | 44,984 | 19,519 | ||||||||||||
Gain on acquisition | - | - | - | 16,372 | ||||||||||||
Other income (expense), net | 240 | (1,168 | ) | (2,500 | ) | (3,264 | ) | |||||||||
Income before income taxes | 18,800 | 9,889 | 42,484 | 32,627 | ||||||||||||
Income tax provision | (3,390 | ) | (2,545 | ) | (7,775 | ) | (7,291 | ) | ||||||||
Net income | 15,410 | 7,344 | 34,709 | 25,336 | ||||||||||||
Net income attributable to noncontrolling interests | (3,304 | ) | (3,158 | ) | (8,706 | ) | (3,617 | ) | ||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 12,106 | $ | 4,186 | $ | 26,003 | $ | 21,719 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.18 | $ | 0.07 | $ | 0.39 | $ | 0.35 | ||||||||
Diluted | $ | 0.17 | $ | 0.07 | $ | 0.37 | $ | 0.34 | ||||||||
Weighted-average number of common shares outstanding | ||||||||||||||||
Basic | 66,454 | 61,436 | 66,250 | 61,336 | ||||||||||||
Diluted | 78,569 | 62,432 | 78,300 | 77,706 |