PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net Income to Non-GAAP EBITDA
(in thousands)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
GAAP Net Income (a) | $ | 15,410 | $ | 7,344 | $ | 34,709 | $ | 25,336 | |||||
Add: interest expense | 1,209 | 1,809 | 3,813 | 5,609 | |||||||||
Add: income tax expense | 3,390 | 2,545 | 7,775 | 7,291 | |||||||||
Add: depreciation and amortization | 20,976 | 21,292 | 60,876 | 57,264 | |||||||||
Add (less): special items (b) | 948 | 981 | 3,685 | (10,787 | ) | ||||||||
Non-GAAP EBITDA | $ | 41,933 | $ | 33,971 | $ | 110,858 | $ | 84,713 |
(a) | Includes net income attributable to noncontrolling interests. |
(b) | Special items consist of stock compensation expense, and in 2015 financing expenses in connection with the exchange of $57.5 million of 3.25% convertible senior notes, and in 2014 noncash gain on acquisition of DNP Photomask Technology Taiwan, Co., Ltd., a wholly-owned subsidiary of Dai Nippon Printing Co., Ltd., and related acquisition transaction expenses. |