Press Release
|
FOR FURTHER INFORMATION:
Pete
Broadbent
Vice President, Investor Relations
&
Marketing
(203) 775-9000
pbroadbent@photronics.com |
PHOTRONICS REPORTS SECOND
QUARTER FISCAL 2013
RESULTS
- Quarterly sales of $106.7 million;
within guidance of $106 – $110 million
- High-end IC photomask sales increase
sequentially by 31%
- GAAP EPS of $0.08 per diluted share;
within guidance of $0.07 - $0.10
- Gross margin improves 210 bps
sequentially to 23.2%
- Operating margin improves by 240 bps
sequentially to 7.6%
- EBITDA of $28 million
BROOKFIELD, Connecticut May
14, 2013 — 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 2013 second quarter ended April
28, 2013.
Constantine (“Deno”)
Macricostas, Photronics' chairman and chief executive officer commented, “We
achieved top and bottom line results within our expectations. High-end IC orders
were up 31% sequentially even though we experienced some softness with a key
Asian foundry customer. Flat panel orders were generally in line with the
improved performance in the previous quarter. We continue to expect conditions
in the market to be favorable for us in the coming quarters,
especially at the high-end with our new equipment deployments.”
Sales for the second
quarter of fiscal 2013 were $106.7 million, a decrease of 9% compared with
$117.5 million for the second quarter of fiscal 2012. Sales of semiconductor
photomasks were $82.2 million, or 77% of revenues, during the second quarter of
fiscal 2013, and sales of flat panel display (FPD) photomasks were $24.5
million, or 23% of revenues. GAAP and non-GAAP net income attributable to
Photronics, Inc. shareholders for the second quarter of fiscal 2013 was $4.9
million, or $0.08 per diluted share, compared with the second quarter of fiscal
2012 GAAP net income attributable to Photronics, Inc. shareholders of $8.8
million, or $0.14 per diluted share, and non-GAAP net income attributable to
Photronics, Inc. shareholders of $8.9 million, or $0.14 per diluted share.
Non-GAAP net income attributable to Photronics, Inc. shareholders for the second
quarter of fiscal 2012 excluded restructuring charges of $0.1
million.
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Sales for the first six months of fiscal 2013 were $206.5 million,
compared with $229.6 million for the first six months of fiscal 2012. For the
first six months of fiscal 2013, sales of semiconductor photomasks were $156.6
million, or 76% of revenues, and sales of FPD photomasks were $49.9 million, or
24% of revenues. GAAP and non-GAAP net income attributable to Photronics, Inc.
shareholders for the first six months of fiscal 2013 was $7.2 million, or $0.12
per diluted share, compared with the first six months of fiscal 2012 GAAP net
income attributable to Photronics, Inc. shareholders of $13.1 million, or $0.21
per diluted share, and non-GAAP net income attributable to Photronics, Inc.
shareholders of $14.2 million, or $0.23 per diluted share. Non-GAAP net income
attributable to Photronics, Inc. shareholders for the first six months of fiscal
2012 excludes $1.2 million of restructuring charges and a $0.1 million gain
relating to warrants.
The section below
entitled "Non-GAAP Financial Measures" provides a definition and information
about the use of non-GAAP financial measures in this press release, and the
attached financial supplement reconciles non-GAAP financial information with
Photronics, Inc.'s financial results under GAAP.
Non-GAAP Financial
Measures
Non-GAAP net
income attributable to Photronics, Inc. shareholders and non-GAAP earnings per
share are "non-GAAP financial measures," as such term is defined by the
Securities and Exchange Commission, and may differ from non-GAAP financial
measures used by other companies. Photronics, Inc. believes that non-GAAP net
income attributable to Photronics, Inc. shareholders and non-GAAP earnings per
share that exclude certain non-cash or non-recurring income or expense items are
useful for analysts and investors to evaluate Photronics, Inc.'s future on-going
performance because they enable a more meaningful comparison of Photronics,
Inc.'s projected earnings and performance with its historical results of prior
periods. These non-GAAP metrics, in particular non-GAAP net income attributable
to Photronics, Inc. shareholders and non-GAAP earnings per share are not
intended to represent funds available for Photronics, Inc.'s discretionary use
and are not intended to represent, or be used as a substitute for, operating
income, net income or cash flows from operations data as measured under GAAP.
The items excluded from these non-GAAP metrics, but included in the calculation
of their closest GAAP equivalent, are significant components of the consolidated
statements of operations and must be considered in performing a comprehensive
assessment of overall financial performance. Non-GAAP financial information is
adjusted for the following items:
- Consolidation and restructuring charges in fiscal 2012 are excluded
because they are not a part of ongoing operations.
- Impact of financing expenses related
to warrants in fiscal 2012 is excluded because it does not affect cash
earnings.
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The presentation of this financial information should not be considered
in isolation or as a substitute for the financial information prepared and
presented in accordance with accounting principles generally accepted in the
United States. The attached financial supplement reconciles non-GAAP financial
information with Photronics, Inc.'s financial results under GAAP.
A conference call
with investors and the media to discuss these results is scheduled for 8:30 a.m.
Eastern time on Wednesday, May 15, 2013. The call can be accessed by logging
onto Photronics' web site at www.photronics.com. The live
dial-in number is 408-774-4601. The call will be archived for instant replay
access until the Company reports its fiscal 2013 third quarter results.
# # #
Photronics is a leading
worldwide manufacturer of photomasks. Photomasks are high precision quartz
plates that contain microscopic images of electronic circuits. A key element in
the manufacture of semiconductors and flat panel displays, photomasks are used
to transfer circuit patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of flat panel displays
and, to a lesser extent, other types of electrical and optical components. They
are produced in accordance with product designs provided by customers at
strategically located manufacturing facilities in Asia, Europe, and North
America. Additional information on the Company can be accessed at
www.photronics.com.
The Private Securities
Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking
statements made by or on behalf of Photronics, Inc. and its subsidiaries (the
Company). The forward-looking statements contained in this press release and
other parts of Photronics’ web site involve risks and uncertainties that may
affect the Company’s operations, markets, products, services, prices, and other
factors. These risks and uncertainties include, but are not limited to,
economic, competitive, legal, governmental, and technological factors as well as
decisions we may make in the future regarding our business, capital structure
and other matters. Accordingly, there is no assurance that the Company’s
expectations will be realized. For a fuller discussion of the factors that may
affect the Company's operations, see "Forward Looking Statements" in the
Company's Quarterly and Annual Reports to the Securities and Exchange Commission
on Forms 10-Q and 10-K. The Company assumes no obligation to provide revisions
to any forward-looking statements.
09-2013
PLAB – E
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