Photronics Trims 3rd-quarter Loss, Beats Street

BROOKFIELD, Conn. (AP) — Photronics Inc., which makes semiconductor components, said Tuesday it narrowed its fiscal third-quarter loss as a more profitable product mix and lower costs offset reduced revenue.

In the three months ended Aug. 2, the company lost $22.8 million, or 55 cents per share, compared with a loss in the year-earlier period of $205.6 million, or $4.93 per share, the company said after the market closed.

But excluding one-time items, Photronics lost 13 cents per share.

Quarterly revenue fell 10 percent to $95.4 million from $105.7 million.

Analysts polled by Thomson Reuters expected, on average, a wider loss of 19 cents per share on revenue of $88.2 million. Such expectations typically exclude one-time items.

Cost of sales, research and development outlays plus selling, general and administrative expenses all declined during the quarter.

"The (sequential) revenue growth was a result of successfully executing our high-end market penetration strategy which was clearly evident during the last few weeks of the quarter," a spokesman said.

In aftermarket trading, shares added 10 cents to $5.21, having closed the regular session at $5.11.