PHOTRONICS INC - FORM 8-K - EX-99.6 - RECONCILIATION OF GAAP NET INCOME TO EBITDA - December 7, 2011

Attached files

file	filename
EX-99.3 - CONDENSED CONSOLIDATED BALANCE SHEETS - PHOTRONICS INC	exhibit99-3.htm
EX-99.1 - PRESS RELEASE DATED DECEMBER 6, 2011 - PHOTRONICS INC	exhibit99-1.htm
EX-99.4 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - PHOTRONICS INC	exhibit99-4.htm
EX-99.5 - RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - PHOTRONICS INC	exhibit99-5.htm
8-K - CURRENT REPORT - PHOTRONICS INC	photronics_8k.htm
EX-99.2 - CONDENSED CONSOLIDATED STATEMENTS OF INCOME - PHOTRONICS INC	exhibit99-2.htm

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

		Three Months Ended						Year Ended
		October 30,			October 31,			October 30,			October 31,
		2011			2010			2011			2010
GAAP Net income (a)		$	9,035		$	8,461		$	20,208		$	25,082

Add: interest expense			1,759			1,667			7,258			9,475
Add: income tax expense			4,054			1,682			15,691			7,471
Add: depreciation and amortization			23,019			22,133			91,942			87,379
Add (less): special items (b)			469			749			38,140			(2,426	)
EBITDA		$	38,336		$	34,692		$	173,239		$	126,981

(a)		Includes net income attributable to noncontrolling interests.

(b)		Special items consist of debt extinguishment loss and non-cash consolidation and restructuring charges (credits), warrants expense (income), deferred financing fees write-off and stock compensation expense.