PHOTRONICS, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Income
(in thousands,
except per share amounts)
(Unaudited)
|
Three Months
Ended |
|
Nine Months
Ended |
|
August 3, |
|
July 28, |
|
August 3, |
|
July 28, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| Net
sales |
$ |
124,852 |
|
|
$ |
109,652 |
|
|
$ |
331,276 |
|
|
$
|
316,171 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
(96,202 |
) |
|
|
(82,574 |
) |
|
|
(257,554 |
) |
|
|
(243,206 |
) |
| Selling, general and
administrative |
|
(12,394 |
) |
|
|
(12,068 |
) |
|
|
(38,092 |
) |
|
|
(35,286 |
) |
| Research and
development |
|
(5,199 |
) |
|
|
(4,985 |
) |
|
|
(16,111 |
) |
|
|
(14,380 |
) |
|
Operating income |
|
11,057 |
|
|
|
10,025 |
|
|
|
19,519 |
|
|
|
23,299 |
|
| Gain
on acquisition |
|
- |
|
|
|
- |
|
|
|
16,372 |
|
|
|
- |
|
| Other expense, net |
|
(1,168 |
) |
|
|
(972 |
) |
|
|
(3,264 |
) |
|
|
(2,479 |
) |
| Income before income
taxes |
|
9,889 |
|
|
|
9,053 |
|
|
|
32,627 |
|
|
|
20,820 |
|
| Income tax provision |
|
(2,545 |
) |
|
|
(2,689 |
) |
|
|
(7,291 |
) |
|
|
(6,155 |
) |
| Net income |
|
7,344 |
|
|
|
6,364 |
|
|
|
25,336 |
|
|
|
14,665 |
|
| Net
income attributable to noncontrolling interests |
|
(3,158 |
) |
|
|
(424 |
) |
|
|
(3,617 |
) |
|
|
(1,539 |
) |
| Net
income attributable to Photronics, Inc. shareholders |
$ |
4,186 |
|
|
$ |
5,940 |
|
|
$ |
21,719 |
|
|
$ |
13,126 |
|
| |
| Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
$ |
0.07 |
|
|
$ |
0.10 |
|
|
$ |
0.35 |
|
|
$ |
0.22 |
|
| Diluted |
$ |
0.07 |
|
|
$ |
0.10 |
|
|
$ |
0.34 |
|
|
$ |
0.21 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average number of common shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
61,436 |
|
|
|
60,746 |
|
|
|
61,336 |
|
|
|
60,505 |
|
| Diluted |
|
62,432 |
|
|
|
66,177 |
|
|
|
77,706 |
|
|
|
61,478 |
|
