PHOTRONICS INC - FORM 8-K - EX-99.5 - RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - May 15, 2012

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8-K - CURRENT REPORT - PHOTRONICS INCphotronics_8k.htm
EX-99.6 - RECONCILIATION OF GAAP NET INCOME TO EBITDA - PHOTRONICS INCexhibit99-6.htm
EX-99.3 - CONDENSED CONSOLIDATED BALANCE SHEETS - PHOTRONICS INCexhibit99-3.htm
EX-99.4 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - PHOTRONICS INCexhibit99-4.htm
EX-99.1 - PRESS RELEASE DATED MAY 14, 2012 - PHOTRONICS INCexhibit99-1.htm
EX-99.2 - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - PHOTRONICS INCexhibit99-2.htm

PHOTRONICS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to non-GAAP Financial Information
(in thousands)
(Unaudited)

Three Months Ended Six Months Ended
April 29, May 1, April 29, May 1,
2012 2011 2012 2011
Reconciliation of GAAP to Non-GAAP Net Income (Loss)
       Attributable to Photronics, Inc.
GAAP net income (loss) attributable to Photronics, Inc. $ 8,818 $ (16,438 ) $ 13,086 $ (4,327 )
       (a)  Debt extinguishment loss and net interest impact, - 30,513 - 30,513
net of tax
       (b) Consolidation and restructuring charges, net of tax 58 - 1,176 -
       (c) Impact of warrants, net of tax - 745 (94 ) 820  
Non-GAAP net income attributable to Photronics, Inc. $ 8,876 $ 14,820 $ 14,168 $ 27,006
  
Reconciliation of GAAP to Non-GAAP Net Income (Loss)
       Applicable to Common Shareholders
Weighted average number of diluted shares outstanding
GAAP 76,590 55,685 76,472 54,751
(d)  Non-GAAP 76,590 67,047 76,435 66,634
Net income (loss) per diluted share
GAAP $ 0.14 $ (0.30 ) $ 0.21 $ (0.08 )
Non-GAAP       $      0.14       $      0.24       $      0.23       $      0.44

(a) Represents 2011 extinguishment charge related to the repurchase of $30.4 million of our 5.50% convertible senior notes due in October 2014, and net interest impact on convertible transactions.
 
(b) Represents consolidation and restructuring charges primarily related to restructuring in Singapore.
 
(c) Represents financing expenses related to warrants, which are recorded in other income (expense).
 
(d)       Excludes the 2011 impact of shares issued on March 29, 2011 (1.7 million shares during the three months ended May 1, 2011 and 0.8 million shares during the six months ended May 1, 2011), primarily related to the issuance of common stock in exchange for $30.4 million of our 5.5% convertible senior notes due in October 2014.

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