Photronics (PLAB) 8-K Photronics Reports Fourth Quarter Fiscal 2015 Results

PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measure
Reconciliation of GAAP Net Income to Non-GAAP EBITDA
(in thousands)
(Unaudited)

	Three Months Ended				Year Ended
	November 1,		November 2,		November 1,		November 2,
	2015		2014		2015		2014
GAAP Net Income (a)	$	22,150	$	6,699	$	56,859	$	32,035
Add: interest expense		1,178		1,638		4,991		7,247
Add: income tax expense		5,406		2,004		13,181		9,295
Add: depreciation and amortization		20,777		21,421		81,653		78,685
Add (less): special items (b)		905		941		4,590		(9,846	)
Non-GAAP EBITDA	$	50,416	$	32,703	$	161,274	$	117,416

(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.