missed analyst estimates as pro forma profits dropped from last year, but revenue for the quarter was higher.
The company, which makes photomasks used in semiconductor manufacturing, posted net income of $2.5 million, or 8 cents a share, compared with a net loss of $16.2 million, or 54 cents a share including restructuring charges, in the year-ago period. On a pro forma basis, the company earned 32 cents a share last year.
Analysts polled by Thomson Financial/First Call had been expecting Photronics to earn 10 cents a share for the current quarter.
Revenue was $103.1 million, up 2.5% from $100.6 million last year.
In a press release, the company said that "visibility remains limited, and while the majority of customers have not yet transitioned into a broad up cycle, pockets of improvement centered on semiconductor companies" have emerged.
Shares of Photronics closed at $33.24 Tuesday before the news.