Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
July 31, 2022 | May 1, 2022 | August 1, 2021 | July 31, 2022 | August 1, 2021 | ||||||||||||||||
Revenue | $ | 219,948 | $ | 204,509 | $ | 170,643 | $ | 614,283 | $ | 482,473 | ||||||||||
Cost of goods sold | 136,085 | 134,289 | 125,318 | 400,338 | 367,370 | |||||||||||||||
Gross Profit | 83,863 | 70,220 | 45,325 | 213,945 | 115,103 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | 15,960 | 16,613 | 15,083 | 48,306 | 43,203 | |||||||||||||||
Research and development | 4,151 | 4,206 | 5,305 | 14,297 | 14,390 | |||||||||||||||
Total Operating Expenses | 20,111 | 20,819 | 20,388 | 62,603 | 57,593 | |||||||||||||||
Other operating (loss) income, net | (23 | ) | - | 3,525 | (17 | ) | 3,525 | |||||||||||||
Operating Income | 63,729 | 49,401 | 28,462 | 151,325 | 61,035 | |||||||||||||||
Non-operating income, net | 3,641 | 8,021 | 3,735 | 16,370 | 3,643 | |||||||||||||||
Income Before Income Tax Provision | 67,370 | 57,422 | 32,197 | 167,695 | 64,678 | |||||||||||||||
Income tax provision | 18,146 | 14,393 | 7,842 | 43,717 | 14,493 | |||||||||||||||
Net Income | 49,224 | 43,029 | 24,355 | 123,978 | 50,185 | |||||||||||||||
Net income attributable to noncontrolling interests | 17,994 | 15,597 | 7,279 | 42,252 | 14,547 | |||||||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 31,230 | $ | 27,432 | $ | 17,076 | $ | 81,726 | $ | 35,638 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.51 | $ | 0.45 | $ | 0.28 | $ | 1.35 | $ | 0.58 | ||||||||||
Diluted | $ | 0.51 | $ | 0.45 | $ | 0.28 | $ | 1.34 | $ | 0.57 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 60,701 | 60,606 | 60,884 | 60,488 | 61,804 | |||||||||||||||
Diluted | 61,299 | 61,145 | 61,515 | 61,127 | 62,362 |