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PHOTRONICS REPORTS RECORD SALES AND EARNINGS FOR FISCAL 1991

 PHOTRONICS REPORTS RECORD SALES AND EARNINGS FOR FISCAL 1991
 BROOKFIELD, Conn., Dec. 12 /PRNewswire/ -- Photronics, Inc. (NASDAQ-NMS: PLAB), the nation's second largest independent manufacturer of photomasks, today reported record sales and earnings. For the year ended Oct. 31, 1991, sales were $42,157,999, up 12.8 percent from $37,369,592 last year. Net income for the year was $6,776,651, or $1.34 per share, compared with $3,970,908, or $1.04 per share, a year earlier. The 1991 results included income from the settlement of the company's insurance claim for the fire in June 1990 and the 1990 results include the effect of a reversal of a portion of a reserve for sales and use tax. The per share amounts of net income reported for 1991, were effected by the issuance of common stock in a public offering during the year.
 Sales of $11,406,450 were reported for the three months ended Oct. 31, 1991, up 10.0 percent from $10,366,215 for the same period last year. Fourth quarter earnings were $1,614,908, or $0.30 per share, compared with earnings of $1,327,879, or $0.29 per share in 1990.
 In commenting an the year's results, Constantine (Deno) Macricostas, chairman and chief executive officer, said that the company experienced growth in excess of that experienced by the semiconductor market as a whole. He also noted that the company's financial position was strengthened as a result of the favorable operating results and the receipt of proceeds from a public offering of the company's common stock in May.
 Macricostas stated that he expected fiscal 1992 to be another strong year for the company. The company increased its customer support capabilities in the growing Texas market and is acquiring property in Austin, Texas, for the construction of a third manufacturing facility. Macricostas said he expected that the Austin facility would be operational in fiscal 1993.
 Photomasks are ultra high precision photographic plates made of glass or quartz that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors, photomasks are used to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated circuits and, to a lesser extent, of other types of electrical components such as diodes and transistors. They are produced in accordance with circuit designs provided by customers at two strategically located manufacturing facilities in Connecticut and California.
 PHOTRONICS, INC. AND SUBSIDIARY
 Consolidated Statements of Operations
 Years ended Oct. 31: 1991 1990 1989
 Net sales $42,157,999 $37,369,592 $27,680,817
 Costs & expenses:
 Cost of sales 25,852,618 23,099,718 18,766,374
 Sell., genl. & admin. 4,986,185 5,442,351 4,758,734
 Research & development 2,613,611 2,467,967 2,515,114
 Operating income 8,705,585 6,359,556 1,640,595
 Gain on insurance
 settlements 1,479,222 -- --
 Interest income 887,865 320,825 114,785
 Interest expense (194,306) (632,951) (765,746)
 Other income 53,193 255,564 269,270
 Inc. bef. inc. taxes 10,931,559 6,302,994 1,258,904
 Income taxes 4,154,908 2,332,086 395,984
 Net income 6,776,651 3,970,908 862,920
 Net income per common
 & common equivalent share $1.34 $1.04 $0.27
 Weighted average common
 & common equivalents
 shares outstanding 5,041,000 3,814,000 3,189,000
 PHOTRONICS, INC. AND SUBSIDIARY
 Consolidated Balance Sheets
 Oct. 31: 1991 1990
 ASSETS
 Current assets:
 Cash and cash equivalents $ 6,971,741 $6,652,646
 Short-term investments 12,941,184 2,441,984
 Accounts receivable, less
 allowance for doubtful
 accounts of $70,000 in 1991
 and $165,000 in 1990 5,879,109 5,939,567
 Income tax refund receivable 666,285 --
 Inventories 1,386,629 972,571
 Prepaids & other current assets 426,101 816,306
 Total current assets 28,271,049 16,823,074
 Property, plant & equipment, net 17,096,823 14,801,037
 Other assets 2,855,132 993,022
 Total $48,223,004 $32,617,133
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Current portion of long-term debt 693,656 771,156
 Accounts payable:
 Trade 2,059,641 2,876,241
 Other 708,000 --
 Accrued liabilities 931,042 1,169,484
 Income taxes payable -- 848,688
 Total current liabilities 4,392,339 5,701,569
 Long-term debt, less current
 portion 1,758,197 2,451,853
 Deferred income taxes 2,514,828 1,765,371
 Deferred rent and other liabilities 173,282 161,308
 Total liabilities 8,838,646 10,080,101
 Stockholders' equity:
 Preferred stock, $.01 par value;
 authorized: 2 million shares;
 none issued and outstanding -- --
 Common stock, $.01 par value;
 authorized: 10 million shares;
 issued: 5,343,612 shares in 1991
 and 4,417,250 in 1990 53,436 44,173
 Additional paid-in capital 24,849,198 14,787,786
 Retained earnings 14,726,662 7,950,011
 Less treasury stock, at cost (244,938) (244,938)
 Total stockholders' equity 39,384,358 22,537,032
 Total $48,223,044 $32,617,133
 -0- 12/12/91
 /CONTACT: Michael J. Yomazzo, executive vice president of Photronics, 203-775-9000; or Tom Gavin, 212-661-8030, or after 7 p.m., 203-846-4719, or Linda Eitel, 312-266-7800, both of the Financial Relations Board, for Photronics/
 (PLAB) CO: Photronics, Inc. ST: Connecticut IN: SU: ERN


TS-PS -- NY006 -- 1769 12/12/91 08:49 EST
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Date:Dec 12, 1991
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