PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
| Three Months Ended | Year Ended | |||||||||||||||
| November 1, | November 2, | November 1, | November 2, | |||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Net sales | $ | 141,692 | $ | 124,251 | $ | 524,206 | $ | 455,527 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of sales | (97,078 | ) | (97,626 | ) | (381,070 | ) | (355,181 | ) | ||||||||
| Selling, general and administrative | (12,189 | ) | (11,547 | ) | (48,983 | ) | (49,638 | ) | ||||||||
| Research and development | (5,177 | ) | (5,801 | ) | (21,920 | ) | (21,913 | ) | ||||||||
| Operating income | 27,248 | 9,277 | 72,233 | 28,795 | ||||||||||||
| Gain on acquisition | - | - | - | 16,372 | ||||||||||||
| Other income (expense), net | 308 | (574 | ) | (2,193 | ) | (3,837 | ) | |||||||||
| Income before income taxes | 27,556 | 8,703 | 70,040 | 41,330 | ||||||||||||
| Income tax provision | (5,406 | ) | (2,004 | ) | (13,181 | ) | (9,295 | ) | ||||||||
| Net income | 22,150 | 6,699 | 56,859 | 32,035 | ||||||||||||
| Net income attributable to noncontrolling interests | (3,527 | ) | (2,422 | ) | (12,234 | ) | (6,039 | ) | ||||||||
| Net income attributable to Photronics, Inc. shareholders | $ | 18,623 | $ | 4,277 | $ | 44,625 | $ | 25,996 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 0.28 | $ | 0.07 | $ | 0.67 | $ | 0.42 | ||||||||
| Diluted | $ | 0.25 | $ | 0.07 | $ | 0.63 | $ | 0.41 | ||||||||
| Weighted-average number of common shares outstanding: | ||||||||||||||||
| Basic | 66,575 | 63,106 | 66,331 | 61,779 | ||||||||||||
| Diluted | 78,631 | 64,085 | 78,383 | 66,679 | ||||||||||||