Exhibit 99.2
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||||||
May 1, 2022 | January 30, 2022 | May 2, 2021 | May 1, 2022 | May 2, 2021 | ||||||||||||||||
Revenue | $ | 204,509 | $ | 189,827 | $ | 159,763 | $ | 394,336 | $ | 311,830 | ||||||||||
Cost of goods sold | 131,582 | 129,964 | 120,514 | 261,546 | 242,052 | |||||||||||||||
Gross Profit | 72,927 | 59,863 | 39,249 | 132,790 | 69,778 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Selling, general and administrative | 16,613 | 15,727 | 14,067 | 32,340 | 28,120 | |||||||||||||||
Research and development | 4,206 | 5,939 | 4,375 | 10,145 | 9,085 | |||||||||||||||
Total Operating Expenses | 20,819 | 21,666 | 18,442 | 42,485 | 37,205 | |||||||||||||||
Operating Income | 52,108 | 38,197 | 20,807 | 90,305 | 32,573 | |||||||||||||||
Non-operating income (expense), net | 8,021 | 4,707 | (772 | ) | 12,728 | (92 | ) | |||||||||||||
Income Before Income Tax Provision | 60,129 | 42,904 | 20,035 | 103,033 | 32,481 | |||||||||||||||
Income tax provision | 14,689 | 11,178 | 3,714 | 25,867 | 6,651 | |||||||||||||||
Net Income | 45,440 | 31,726 | 16,321 | 77,166 | 25,830 | |||||||||||||||
Net income attributable to noncontrolling interests | 15,597 | 8,662 | 5,795 | 24,259 | 7,268 | |||||||||||||||
Net income attributable to Photronics, Inc. shareholders | $ | 29,843 | $ | 23,064 | $ | 10,526 | $ | 52,907 | $ | 18,562 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.49 | $ | 0.38 | $ | 0.17 | $ | 0.88 | $ | 0.30 | ||||||||||
Diluted | $ | 0.49 | $ | 0.38 | $ | 0.17 | $ | 0.87 | $ | 0.30 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||
Basic | 60,606 | 60,158 | 62,054 | 60,382 | 62,265 | |||||||||||||||
Diluted | 61,145 | 60,936 | 62,568 | 61,041 | 62,786 |