PHOTRONICS, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Income
(in thousands, except per share
amounts)
|
Three Months Ended |
|
Year Ended |
|
October
30, |
|
October
31, |
|
October
30, |
|
October
31, |
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| Net sales |
$
|
122,159 |
|
|
$
|
110,036 |
|
|
$
|
512,020 |
|
|
$
|
425,554 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
(91,266 |
) |
|
|
(84,760 |
) |
|
|
(375,806 |
) |
|
|
(333,739 |
) |
|
Selling, general and administrative |
|
(11,245 |
) |
|
|
(10,300 |
) |
|
|
(45,240 |
) |
|
|
(42,387 |
) |
| Research and
development |
|
(4,269 |
) |
|
|
(3,949 |
) |
|
|
(15,507 |
) |
|
|
(14,932 |
) |
| Consolidation, restructuring and related
credits |
|
- |
|
|
|
168 |
|
|
|
- |
|
|
|
4,979 |
|
| Operating
income |
|
15,379 |
|
|
|
11,195 |
|
|
|
75,467 |
|
|
|
39,475 |
|
| Debt extinguishment loss |
|
- |
|
|
|
- |
|
|
|
(35,259 |
) |
|
|
- |
|
| Other expense,
net |
|
(2,290 |
) |
|
|
(1,052 |
) |
|
|
(4,309 |
) |
|
|
(6,922 |
) |
| Income
before income taxes |
|
13,089 |
|
|
|
10,143 |
|
|
|
35,899 |
|
|
|
32,553 |
|
| Income tax
provision |
|
(4,054 |
) |
|
|
(1,682 |
) |
|
|
(15,691 |
) |
|
|
(7,471 |
) |
| Net
income |
|
9,035 |
|
|
|
8,461 |
|
|
|
20,208 |
|
|
|
25,082 |
|
| Net (income) loss
attributable to noncontrolling interests |
|
256 |
|
|
|
(317 |
) |
|
|
(3,979 |
) |
|
|
(1,160 |
) |
| Net income attributable to Photronics,
Inc. |
$ |
9,291 |
|
|
$ |
8,144 |
|
|
$ |
16,229 |
|
|
$ |
23,922 |
|
| |
| Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.16 |
|
|
$ |
0.15 |
|
|
$ |
0.28 |
|
|
$ |
0.45 |
|
| Diluted |
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.28 |
|
|
$ |
0.43 |
|
| Weighted-average number of common shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
59,629 |
|
|
|
53,710 |
|
|
|
57,030 |
|
|
|
53,433 |
|
|
Diluted |
|
76,259 |
|
|
|
66,145 |
|
|
|
58,458 |
|
|
|
65,803 |
|
