Photronics Reports First Quarter Results; Revenues Increase 22% Year-over-Year.Business Editors JUPITER, Fla.--(BUSINESS WIRE)--Feb. 16, 2000 Photronics, Inc. (Nasdaq:PLAB), the world's leading photomask An opaque image on a translucent plate that is used as a light filter to transfer an image from one device to another. See chip. supplier, today reported first quarter 2000 sales and earnings results for the period ended January 30, 2000. Sales for the quarter were $58.3 million, up 22%, compared to $47.8 million for the first quarter in 1999. Sequentially, sales were 7.5% lower than the $63.0 million reported in the fourth quarter of fiscal 1999 as a result of lower order activity typically experienced during the holiday season. Net income was $3.0 million compared to the prior year's $0.6 million. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of amounted to $0.13 in the current year's quarter, compared with $0.03 in the first quarter of 1999. James R. Northup, President stated, "Overall, the tone of our business continues to improve as integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for designers respond to the technology consumer's demand for more functionality per square inch of silicon. The proliferation proliferation /pro·lif·er·a·tion/ (pro-lif?er-a´shun) the reproduction or multiplication of similar forms, especially of cells.prolif´erativeprolif´erous pro·lif·er·a·tion n. of these high performance devices will continue to gain momentum as the semiconductor industry begins to utilize its growing installed base of deep ultra-violet lithography lithography (lĭthŏg`rəfē), type of planographic or surface printing. It is distinguished from letterpress (relief) printing and from intaglio printing (in which the design is cut or etched into the plate). systems. As the photomask industry is driven by new designs and applications for semiconductor devices, we believe the demand for the most advanced photomask technologies and services Photronics provides to its global customer base will continue to rise as well." Mr. Northup also noted that, as expected, sequential results were affected by year-end holiday interruptions in design activity, which are typically experienced during the Company's first quarter. "Though broader based than in prior years, we also began to see the typical rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective in the release of new designs as the quarter came to a close." In conclusion, Mr. Northup commented, "The mix of our business continues its shift toward technologies below 0.25 micron micron: see micrometer. One micrometer, which is one millionth of a meter or approximately 1/25,000 of an inch. The tiny elements that make up a transistor on a chip are measured in micrometers and nanometers. See process technology. , which we view as the primary driver in the photomask industry's growth in the year ahead. We believe Photronics is equipped to grow at a rate faster than the overall industry because we have carefully established a global leadership position by building a technology and service driven organization and management team focused on meeting the semiconductor industry's growing requirements in every region of the world." A conference call with the investment community and the media can be accessed by logging onto Photronics' web site at www.photronics.com and navigating to the Investor Relations Investor relations The process by which the corporation communicates with its investors. page. The call is scheduled for 8:30 a.m. Eastern Standard Time on Thursday, February 17th will be archived for instant replay access until 5:00 p.m. Eastern Standard Time on Friday, February 25, 2000. Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic microscopic /mi·cro·scop·ic/ (mi?kro-skop´ik) 1. of extremely small size; visible only by the aid of the microscope. 2. pertaining or relating to a microscope or to microscopy. images of electronic circuits. A key element in the manufacture of semiconductors, photomasks are used to transfer circuit patterns onto semiconductor wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. during the fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. of integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. . They are produced in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with circuit designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Additional information on the Company can be accessed at www.photronics.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Except for historical information, the matters discussed in this news release that may be considered forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. may be subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including uncertainties in the market, pricing competition, procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and manufacturing efficiencies, and other risks detailed from time to time in the Company's SEC reports. The Company assumes no obligation to update the information in this release.
PHOTRONICS, INC. AND SUBSIDIARIES
Consolidated Condensed Statement of Earnings
(in thousands, except per share amounts)
First Quarter Ended
January 30, January 31,
2000 1999
Net sales $58,316 $47,815
Costs and expenses:
Cost of sales 39,928 35,287
Selling, general and administrative 8,174 7,263
Research and development 4,493 3,519
----------- -----------
Operating income 5,721 1,746
Other income (expense), net (1,008) (729)
----------- -----------
Income before income taxes 4,713 1,017
Provision for income taxes 1,700 400
----------- -----------
Net income $ 3,013 $ 617
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Earnings per share:
Basic $0.13 $0.03
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Diluted $0.13 $0.03
===== =====
Weighted average number of common
shares outstanding:
Basic 23,983 24,102
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Diluted 23,983 24,102
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PHOTRONICS, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
(in thousands)
January 30, October 31,
2000 1999
----------- -----------
Assets
Current assets:
Cash, cash equivalents and
short-term investments $ 8,951 $ 16,269
Accounts receivable 42,497 41,293
Inventories 14,398 13,888
Other current assets 15,321 14,757
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Total current assets 81,167 86,207
Property, plant and equipment, net 276,191 282,157
Intangible assets, net 30,030 28,357
Investments and other assets 18,699 13,635
------- -------
$406,087 $410,356
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Liabilities and Shareholders' Equity
Current liabilities:
Current portion of
long-term debt $ 252 $ 261
Accounts payable and
accrued liabilities 42,631 56,755
-------- --------
Total current liabilities 42,883 57,016
Long-term debt 116,634 116,703
Deferred income taxes and
other liabilities 32,108 28,937
Shareholders' equity 214,462 207,700
------- -------
$406,087 $410,356
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