Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | ||||||||||||
January 31, 2021 | October 31, 2020 | February 2, 2020 | ||||||||||
Revenue | $ | 152,067 | $ | 149,286 | $ | 159,736 | ||||||
Cost of goods sold | 121,538 | 117,401 | 125,134 | |||||||||
Gross profit | 30,529 | 31,885 | 34,602 | |||||||||
Operating Expenses: | ||||||||||||
Selling, general and administrative | 14,053 | 12,790 | 14,219 | |||||||||
Research and development | 4,710 | 4,110 | 4,080 | |||||||||
Total Operating Expenses | 18,763 | 16,900 | 18,299 | |||||||||
Operating income | 11,766 | 14,985 | 16,303 | |||||||||
Other income (expense), net | 680 | (2,937 | ) | 3,697 | ||||||||
Income before income tax provision | 12,446 | 12,048 | 20,000 | |||||||||
Income tax provision | 2,937 | 3,469 | 9,072 | |||||||||
Net income | 9,509 | 8,579 | 10,928 | |||||||||
Net income attributable to noncontrolling interests | 1,473 | 2,119 | 628 | |||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 8,036 | $ | 6,460 | $ | 10,300 | ||||||
Earnings per share: | ||||||||||||
Basic | $ | 0.13 | $ | 0.10 | $ | 0.16 | ||||||
Diluted | $ | 0.13 | $ | 0.10 | $ | 0.16 | ||||||
Weighted-average number of common shares outstanding: | ||||||||||||
Basic | 62,475 | 64,193 | 65,554 | |||||||||
Diluted | 63,005 | 64,768 | 66,449 |