PHOTRONICS INC - FORM 8-K - EX-99.6 - RECONCILIATION OF GAAP NET INCOME TO EBITDA - December 5, 2012

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8-K - CURRENT REPORT - PHOTRONICS INCphotronics_8k.htm
EX-99.4 - CONDENSED CONSOLIDATED BALANCE SHEETS - PHOTRONICS INCexhibit99-4.htm
EX-99.3 - CONDENSED CONSOLIDATED STATEMENTS OF INCOME - PHOTRONICS INCexhibit99-3.htm
EX-99.1 - PRESS RELEASE DATED DECEMBER 4, 2012 - PHOTRONICS INCexhibit99-1.htm
EX-99.2 - RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - PHOTRONICS INCexhibit99-2.htm
EX-99.5 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - PHOTRONICS INCexhibit99-5.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 28, October 30, October 28, October 30,
      2012       2011       2012       2011
GAAP Net income (a) $     4,217 $     9,035 $     29,855 $     20,208
   
Add: interest expense 1,901 1,759 7,488 7,258
Add: income tax expense 1,551 4,054 10,793 15,691
Add: depreciation and amortization 19,825 23,019 83,611 91,942
Add: special items (b) 910 469 3,328 38,140
EBITDA $ 28,404 $ 38,336 $ 135,075 $ 173,239

(a)       Includes net income attributable to noncontrolling interests.
 
(b) Special items consist of stock compensation expense, non-cash consolidation and restructuring charges in 2012, warrants expense (income), and in 2011 debt extinguishment loss and deferred financing fees write off.

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