PHOTRONICS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||
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 | $ | 12,106 | $ | 4,186 | $ | 26,003 | $ | 21,719 | |||||
(a)Financing expenses, net of tax | - | - | 901 | - | |||||||||
(b)Gain on acquisition, net of tax | - | - | - | (16,372 | ) | ||||||||
(c)Acquisition transaction expenses, net of tax | - | - | - | 2,455 | |||||||||
Non-GAAP net income attributable to Photronics, Inc. shareholders | $ | 12,106 | $ | 4,186 | $ | 26,904 | $ | 7,802 | |||||
Reconciliation of GAAP to Non-GAAP Net Income | |||||||||||||
Applicable to Common Shareholders | |||||||||||||
Weighted average number of diluted shares outstanding | |||||||||||||
GAAP | 78,569 | 62,432 | 78,300 | 77,706 | |||||||||
Non-GAAP | 78,569 | 62,432 | 78,300 | 62,283 | |||||||||
Net income per diluted share | |||||||||||||
GAAP | $ | 0.17 | $ | 0.07 | $ | 0.37 | $ | 0.34 | |||||
Non-GAAP | $ | 0.17 | $ | 0.07 | $ | 0.39 | $ | 0.13 |
(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 |