Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - PHOTRONICS INC | photronics_8k.htm |
| EX-99.5 - RECONCILIATION OF GAAP TO PRO FORMA FINANCIAL INFORMATION - PHOTRONICS INC | exhibit99-5.htm |
| EX-99.3 - CONDENSED CONSOLIDATED BALANCE SHEETS - PHOTRONICS INC | exhibit99-3.htm |
| EX-99.2 - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - PHOTRONICS INC | exhibit99-2.htm |
| EX-99.4 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - PHOTRONICS INC | exhibit99-4.htm |
 Press Release |
FOR FURTHER INFORMATION:
Sean T. Smith Senior Vice President Chief Financial Officer (203) 775-9000 ssmith@photronics.com |
|
FOR IMMEDIATE
RELEASE
February 16, 2010 |
PHOTRONICS REPORTS FIRST QUARTER RESULTS
First Quarter
Highlights
- Sales of $98.2 million versus guidance of $91 - $96 million.
- Pro forma earnings per share of $0.01 versus guidance of $(0.08) - $(0.03) loss per share
- High-end IC photomask sales increased 22% sequentially
- High-end and FPD photomask sales increased 13% sequentially
BROOKFIELD, Connecticut February 16, 2010 --
Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative
imaging technology solutions for the global electronics industry, today reported
fiscal 2010 first quarter results for the period ended January 31, 2010.
Sales for the first quarter were $98.2
million, an increase of 12% compared to $88.0 million for the first quarter of
fiscal year 2009. Sales of semiconductor photomasks accounted for $74.5 million,
or 75.9% of revenues during the first quarter of fiscal 2010, and sales of flat
panel display (FPD) photomasks accounted for $23.7 million, or 24.1% of
revenues. GAAP net income attributable to Photronics, Inc. for the first quarter
of fiscal year 2010 was $0.2 million, or $0.00 earnings per diluted share,
compared to net loss attributable to Photronics, Inc. of $10.2 million, or $0.25
loss per share for the first quarter of fiscal 2009.
Pro forma net income attributable to
Photronics, Inc. for the first quarter of 2010 was $0.6 million or $0.01
earnings per diluted share as compared to pro forma net loss attributable to
Photronics, Inc. of $8.9 million or $0.21 loss per share for the first quarter
of 2009. The section below entitled “Non-GAAP Financial Measures” provides a definition and information about the use of pro forma
financial measures in this press release and the attached financial supplement
reconciles pro forma financial information with Photronics, Inc.’s financial
results under GAAP.
Constantine (“Deno”) Macricostas, Photronics’
chairman and chief executive officer commented, “First quarter sales improved
sequentially in what is normally a slow period seasonally and marked the sixth
consecutive quarterly increase of high-end integrated circuit photomask sales.
Improvement in sales of both high-end flat panel display and integrated circuit
photomasks confirms the continued success of our market penetration strategy,”
concluded Macricostas.
Non-GAAP Financial Measures
Pro forma net income (loss)
attributable to Photronics, Inc. and pro forma earnings (loss) per share are
“non-GAAP financial measures,” as such term is defined by the Securities and
Exchange Commission, and may differ from non-GAAP financial measures used by
other companies. Photronics, Inc. believes that pro forma net income (loss)
attributable to Photronics, Inc. and pro forma earnings (loss) per share that
exclude certain non-cash or non-recurring income or expense items are useful for
analysts and investors to evaluate Photronics, Inc.’s future on-going
performance because they enable a more meaningful comparison of Photronics,
Inc.’s projected earnings and performance with its historical results from prior
periods. These pro forma metrics, in particular pro forma net income (loss)
attributable to Photronics, Inc. and pro forma earnings (loss) per share, are
not intended to represent funds available for Photronics, Inc.’s discretionary
use and are not intended to represent or be used as a substitute for operating
income (loss), net income (loss) or cash flows from operations data as measured
under GAAP. The items excluded from these pro forma metrics, but included in the
calculation of their closest GAAP equivalent, are significant components of
consolidated statements of operations and must be considered in performing a
comprehensive assessment of overall financial performance. Pro forma financial
information is adjusted for the following items:
- Consolidation and restructuring charges are excluded because they are not a part of ongoing operations
- Impact of financing expenses related to warrants are excluded because they do not affect cash earnings
The presentation of this financial
information should not be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with generally
accepted accounting principles in the United States. The attached financial
supplement reconciles pro forma financial information with Photronics, Inc.'s
financial results under GAAP.
A conference call with investors and the media
to discuss these results is scheduled for 8:30 a.m. Eastern time on Wednesday,
February 17, 2010. The live dial-in number is 913-312-0651. The call can also be
accessed by logging onto Photronics’ web site at
www.photronics.com.
# # #
Photronics is a
leading worldwide manufacturer of photomasks. Photomasks are high precision
quartz plates that contain microscopic images of electronic circuits. A key
element in the manufacture of semiconductors and flat panel displays, photomasks
are used to transfer circuit patterns onto semiconductor wafers and flat panel
substrates during the fabrication of integrated circuits, a variety of flat
panel displays and, to a lesser extent, other types of electrical and optical
components. They are produced in accordance with product designs provided by
customers at strategically located manufacturing facilities in Asia, Europe, and
North America. Additional information on the Company can be accessed at
www.photronics.com.
The Private
Securities Litigation Reform Act of 1995 provides a “safe harbor” for
forward-looking statements made by or on behalf of Photronics, Inc. and its
subsidiaries (the Company). The forward-looking statements contained in this
press release and other parts of Photronics’ web site involve risks and
uncertainties that may affect the Company’s operations, markets, products,
services, prices, and other factors as discussed in filings with the U. S.
Securities and Exchange Commission (SEC). These risks and uncertainties include,
but are not limited to, economic, competitive, legal, governmental, and
technological factors. Accordingly, there is no assurance that the Company’s
expectations will be realized. The Company assumes no obligation to provide
revisions to any forward-looking statements.
05-2010
PLAB - E