PHOTRONICS INC - FORM 8-K - EX-99.6 - RECONCILIATION OF GAAP NET INCOME TO EBITDA - May 15, 2012

Attached files

file	filename
8-K - CURRENT REPORT - PHOTRONICS INC	photronics_8k.htm
EX-99.3 - CONDENSED CONSOLIDATED BALANCE SHEETS - PHOTRONICS INC	exhibit99-3.htm
EX-99.5 - RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - PHOTRONICS INC	exhibit99-5.htm
EX-99.4 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - PHOTRONICS INC	exhibit99-4.htm
EX-99.1 - PRESS RELEASE DATED MAY 14, 2012 - PHOTRONICS INC	exhibit99-1.htm
EX-99.2 - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - PHOTRONICS INC	exhibit99-2.htm

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

	Three Months Ended							Six Months Ended
	April 29,			May 1,				April 29,			May 1,
	2012			2011				2012			2011
GAAP Net income (loss) (a)	$	9,530		$	(15,033	)		$	14,371		$	(1,449	)

Add: interest expense		1,795			1,882				3,575			3,593
Add: income tax expense		2,663			3,260				5,984			6,742
Add: depreciation and amortization		21,089			22,887				43,384			45,695
Add (less): special items (b)		746			31,639				1,540			32,192
EBITDA	$	35,823		$	44,635			$	68,854		$	86,773

(a)	Includes net income attributable to noncontrolling interests.

(b)	Special items consist of non-cash consolidation and restructuring charges, stock compensation expense, warrants expense (income), and in 2011 debt extinguishment loss and deferred financing fees write off.