PHOTRONICS, INC. AND
SUBSIDIARIES
Condensed
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
April 29, |
|
May
1, |
|
April 29, |
|
May
1, |
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| Net sales |
|
$ |
117,451 |
|
|
$ |
133,103 |
|
|
$ |
229,605 |
|
|
$ |
253,926 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of
sales |
|
|
(87,590 |
) |
|
|
(96,617 |
) |
|
|
(174,286 |
) |
|
|
(186,845 |
) |
| Selling,
general and administrative |
|
|
(12,201 |
) |
|
|
(11,448 |
) |
|
|
(23,526 |
) |
|
|
(22,162 |
) |
| Research and
development |
|
|
(4,441 |
) |
|
|
(3,940 |
) |
|
|
(8,885 |
) |
|
|
(7,711 |
) |
| Consolidation,
restructuring and related charges |
|
|
(58 |
) |
|
|
- |
|
|
|
(1,176 |
) |
|
|
- |
|
| Operating
income |
|
|
13,161 |
|
|
|
21,098 |
|
|
|
21,732 |
|
|
|
37,208 |
|
| Debt extinguishment loss |
|
|
- |
|
|
|
(30,286 |
) |
|
|
- |
|
|
|
(30,286 |
) |
| Other expense,
net |
|
|
(968 |
) |
|
|
(2,585 |
) |
|
|
(1,377 |
) |
|
|
(1,629 |
) |
| Income
(loss) before income taxes |
|
|
12,193 |
|
|
|
(11,773 |
) |
|
|
20,355 |
|
|
|
5,293 |
|
| Income tax
provision |
|
|
(2,663 |
) |
|
|
(3,260 |
) |
|
|
(5,984 |
) |
|
|
(6,742 |
) |
| Net
income (loss) |
|
|
9,530 |
|
|
|
(15,033 |
) |
|
|
14,371 |
|
|
|
(1,449 |
) |
| Net income attributable to
noncontrolling interests |
|
|
(712 |
) |
|
|
(1,405 |
) |
|
|
(1,285 |
) |
|
|
(2,878 |
) |
| Net income (loss) attributable to
Photronics, Inc. |
|
$ |
8,818 |
|
|
$ |
(16,438 |
) |
|
$ |
13,086 |
|
|
$ |
(4,327 |
) |
| |
| Earnings (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.15 |
|
|
$ |
(0.30 |
) |
|
$ |
0.22 |
|
|
$ |
(0.08 |
) |
| Diluted |
|
$ |
0.14 |
|
|
$ |
(0.30 |
) |
|
$ |
0.21 |
|
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number of
common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
60,086 |
|
|
|
55,685 |
|
|
|
59,952 |
|
|
|
54,751 |
|
| Diluted |
|
|
76,590 |
|
|
|
55,685 |
|
|
|
76,472 |
|
|
|
54,751 |
|
