PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheet
(dollars in thousands)
May 4, October 31,
1997 1996
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ASSETS
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Current assets:
Cash, cash equivalents and
short-term investments $ 11,115 $ 26,684
Accounts receivable 30,403 24,750
Inventories 9,292 7,992
Other current assets 7,164 6,154
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Total current assets 57,974 65,580
Property, plant and equipment, net 146,494 123,666
Intangible assets, net 8,754 9,305
Investments and other assets 10,599 13,352
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$223,821 $211,903
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
Current portion of long-term debt $ 39 $ 38
Accounts payable and accrued liabilities 30,831 43,929
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Total current liabilities 30,870 43,967
Long-term debt 17,023 1,987
Deferred income taxes and other liabilities 8,813 9,532
Shareholders' equity 167,115 156,417
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$223,821 $211,903
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PHOTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Earnings
(in thousands, except per share amounts)
Quarter Ended Six Months Ended
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May 4, April 30, May 4, April 30,
1997 1996 1997 1996
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Net sales $49,034 $40,514 $89,063 $75,182
Costs and expenses:
Cost of sales 30,283 24,811 55,630 46,063
Selling, general and
administrative 6,244 5,447 11,279 10,032
Research and development 2,622 2,123 4,924 3,948
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Operating income 9,885 8,133 17,230 15,139
Interest and other income, net 99 334 1,379(a) 879
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Income before income taxes 9,984 8,467 18,609 16,018
Provision for income taxes 3,800 3,200 7,100 6,100
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Net income $ 6,184 $ 5,267 $11,509(a) $ 9,918
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Net income per common share $0.50 $0.44 $0.93(a) $0.82
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Weighted average number of
common shares outstanding 12,432 12,048 12,331 12,053
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(a) Includes a net gain from the sale of equity investments of
$1.1 million ($0.7 million, or $0.05 per share, after tax).
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8K-FINCL