PHOTRONICS, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share
amounts)
(Unaudited)
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
May 3, |
|
May 4, |
|
May 3, |
|
May 4, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| Net
sales |
|
$ |
127,309 |
|
|
$ |
104,882 |
|
|
$ |
250,814 |
|
|
$ |
206,424 |
|
| Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost
of sales |
|
|
(94,214 |
) |
|
|
(82,692 |
) |
|
|
(189,535 |
) |
|
|
(161,352 |
) |
| Selling,
general and administrative |
|
|
(12,421 |
) |
|
|
(13,419 |
) |
|
|
(24,365 |
) |
|
|
(25,697 |
) |
| Research
and development |
|
|
(5,809 |
) |
|
|
(5,939 |
) |
|
|
(10,490 |
) |
|
|
(10,913 |
) |
| Operating
income |
|
|
14,865 |
|
|
|
2,832 |
|
|
|
26,424 |
|
|
|
8,462 |
|
| Gain
on acquisition |
|
|
- |
|
|
|
16,372 |
|
|
|
- |
|
|
|
16,372 |
|
| Other expense, net |
|
|
(1,457 |
) |
|
|
(1,222 |
) |
|
|
(2,740 |
) |
|
|
(2,095 |
) |
| Income
before income taxes |
|
|
13,408 |
|
|
|
17,982 |
|
|
|
23,684 |
|
|
|
22,739 |
|
| Income tax provision |
|
|
(1,252 |
) |
|
|
(2,032 |
) |
|
|
(4,386 |
) |
|
|
(4,747 |
) |
| Net
income |
|
|
12,156 |
|
|
|
15,950 |
|
|
|
19,298 |
|
|
|
17,992 |
|
| Net
income attributable to noncontrolling interests |
|
|
(2,096 |
) |
|
|
(410 |
) |
|
|
(5,401 |
) |
|
|
(459 |
) |
| Net
income attributable to Photronics, Inc. shareholders |
|
$ |
10,060 |
|
|
$ |
15,540 |
|
|
$ |
13,897 |
|
|
$ |
17,533 |
|
| |
| Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.15 |
|
|
$ |
0.25 |
|
|
$ |
0.21 |
|
|
$ |
0.29 |
|
| Diluted |
|
$ |
0.14 |
|
|
$ |
0.22 |
|
|
$ |
0.21 |
|
|
$ |
0.27 |
|
| Weighted-average number of common shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
66,230 |
|
|
|
61,372 |
|
|
|
66,148 |
|
|
|
61,286 |
|
| Diluted |
|
|
78,228 |
|
|
|
77,705 |
|
|
|
72,624 |
|
|
|
77,632 |
|
