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Photronics Reports First Quarter Fiscal 2012 Results

Stocks in this article: PLAB

Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, today reported financial results for the fiscal 2012 first quarter ended January 29, 2012.

Constantine ("Deno") Macricostas, Photronics' chairman and chief executive officer commented, “As anticipated, the soft demand environment continued into our seasonally slow first fiscal quarter resulting in sales of $112.2 million. On the bottom line, as a result of strict expense control we reported EBITDA for the quarter of $33 million and Non-GAAP EPS in the middle of our guidance range of $0.09 per diluted share.”

“We did see strength in high-end semiconductor photomask sales as leading edge customers continued to invest in new designs during the cycle,” continued Macricostas. “We increased high end IC sales 6% sequentially and 98% over the same period last year as our investments at the leading edge partially offset the slowdown in the mainstream business during the period. Our technology leadership, coupled with a lean and flexible operating structure, enabled us to deliver on our expectations for the quarter and should drive solid earnings growth when the market returns.”

Sales for the first quarter of fiscal 2012 were $112.2 million, a decrease of 7% compared with $120.8 million for the first quarter of fiscal 2011. Sales of semiconductor photomasks were $86.8 million, or 77% of revenues, during the first quarter of fiscal 2012, and sales of flat panel display (FPD) photomasks were $25.4 million, or 23% of revenues.

GAAP net income attributable to Photronics, Inc. for the first quarter of fiscal 2012 was $4.3 million, or $0.07 per diluted share, compared with GAAP net income attributable to Photronics, Inc. of $12.1 million, or $0.20 per diluted share, for the first quarter of fiscal 2011. First quarter fiscal 2012 GAAP net income includes a $1.1 million charge related to the previously announced Singapore restructuring. Non-GAAP net income attributable to Photronics, Inc. for the first quarter of fiscal 2012, excluding charges related to the Singapore restructuring and the impact of warrants, was $5.3 million, or $0.09 per diluted share.

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