|
For Further Information:
Troy Dewar
Director,
Investor Relations
(203) 775-9000
tdewar@photronics.com |
| Press
Release |
PHOTRONICS REPORTS THIRD
QUARTER FISCAL 2015
RESULTS
| ● |
Quarterly sales of
$131.7 million, up $4.4 million sequentially
|
| ● |
Diluted EPS of $0.17
(above guided range of $0.06 to $0.13)
|
| ● |
Sequential gross and
operating margin improvement of 230 and 240 BPS,
respectively
|
| ● |
Flat panel display
sales increase 18% sequentially to $27.7
million
|
| ● |
Non-GAAP EBITDA of
$42 million, up 20% sequentially
|
| ● |
Working capital of
$179 million, up $28 million sequentially
|
| ● |
Net cash of $57
million, up $18 million sequentially
|
BROOKFIELD, Connecticut
August 18, 2015 — 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 2015 third quarter ended August 2, 2015.
Peter Kirlin, Photronics’
chief executive officer commented, “High-end flat panel display sales led by
increased demand for AMOLED photomasks helped us achieve revenues near the high
end of our expectations for the quarter. This was the second consecutive quarter
with sales up on a sequential as well as a year-over-year basis. Our
continuously improving manufacturing efficiencies enabled us to leverage our
incremental revenue growth into bottom line performance above our guided range.”
Sales for the third quarter
of fiscal 2015 were $131.7 million, a sequential increase of 3% compared with
$127.3 million for the second quarter of fiscal 2015. Sales for the third
quarter of 2014 were $124.9 million. Sales of semiconductor photomasks were
$104.0 million, or 79% of revenues, during the third quarter of fiscal 2015, and
sales of flat panel display (FPD) photomasks were $27.7 million, or 21% of
revenues.
GAAP and non-GAAP net
income attributable to Photronics, Inc. shareholders for the third quarter of
fiscal 2015 was $12.1 million, or $0.17 per diluted share. GAAP and non-GAAP net
income attributable to Photronics, Inc. shareholders for the third quarter of
fiscal 2014 was $4.2 million, or $0.07 per diluted share.
Sales for the first nine
months of fiscal 2015 were $382.5 million, compared with $331.3 million for the
first nine months of fiscal 2014. For the first nine months of fiscal 2015,
sales of semiconductor photomasks were $309.3 million, or 81% of revenues, and
sales of FPD photomasks were $73.2 million, or 19% of revenues. GAAP net income
attributable to Photronics, Inc. shareholders for the first nine months of
fiscal 2015 was $26.0 million, or $0.37 per diluted share, compared
with $21.7 million, or $0.34 per diluted share for the
first nine months of fiscal 2014. Non-GAAP net income attributable to
Photronics, Inc. shareholders for the first nine months of fiscal 2015, which
excludes financing expenses of $0.9 million, was $26.9 million, or $0.39 per
diluted share. Non-GAAP net income attributable to Photronics, Inc. shareholders
for the first nine months of fiscal 2014, which excludes a non-cash gain on
acquisition of $16.4 million and transaction expenses of $2.5 million, was $7.8
million, or $0.13 per diluted share.
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:
| ● |
Financing expenses in
fiscal 2015 related to the exchange of convertible senior notes are
excluded because they are not a part of ongoing operations.
|
| ● |
Non-cash acquisition
gain and transaction expenses in fiscal 2014 related to the joint venture,
PDMC, in Taiwan are excluded because they are not part of ongoing
operations.
|
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, August 19, 2015. 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 2015 fourth quarter
results.
# # #
About Photronics
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. These forward-looking statements
generally can be identified by phrases such as “believes”, “expects”, “anticipates”, “plans”, “projects”, and similar expressions.
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.
15-2015
