Photronics Inc. Announces Joint Venture in Taiwan with Dai Nippon Printing Co. Ltd
Nov 20 13
Photronics Inc. announced an agreement with Dai Nippon Printing Co. Ltd. to merge Photronics Semiconductor Mask Corporation (PSMC), a subsidiary of Photronics, with DNP Photomask Technology Taiwan Co. Ltd. (DPTT), a subsidiary of DNP, to form a joint venture focused on serving semiconductor manufacturers in Taiwan. Photronics and DNP will own 50.01% and 49.99% of the joint venture, respectively, and its financial statements will be included in the consolidated financial statements of Photronics Inc. The joint venture is subject to regulatory approvals and customary closing conditions and the non-cash transaction is expected to be finalized during the first half of Photronics' Fiscal Year 2014. The joint venture will leverage DNP's leading technology processes in logic photomasks and PSMC's advanced technology processes in memory photomask manufacturing and operating scale.
Photronics Inc. Reports Preliminary Earnings Results for the Fourth Quarter Ended November 3, 2013
Nov 13 13
Photronics Inc. reported preliminary earnings results for the fourth quarter ended November 3, 2013. The company expects revenues for the fourth quarter ended November 3, 2013, will be in the range of $105 million to $106 million compared with previous guidance announced on August 14, 2013, of $110 million to $114 million. As a result of the lower revenue, Photronics expects that earnings per diluted share for the fourth fiscal quarter will be in the range of $0.06 to $0.07 compared with previous guidance in the range of $0.10 to $0.13.
Photronics Inc. Promotes Peter Kirlin to President
Sep 16 13
Photronics Inc. announced the appointment of Dr. Peter Kirlin as president of the company. Dr. Kirlin has served as the company's senior vice president, US and Europe, since August 2008. In his role as president of Photronics, Peter will continue to report to Constantine Deno Macricostas, Chairman and Chief Executive Officer, and will be responsible for global sales and global operations of the company. Prior to joining the company, Dr. Kirlin served as the Executive Chairman of Akrion Inc. from January 2007 to July 2008, the Vice President of Business Development at Entegris Inc. from May 2004 to September 2006 and was previously the Chairman and Chief Executive Officer of DuPont Photomasks Inc.
Photronics Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended July 28, 2013; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2013
Aug 13 13
Photronics Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended July 28, 2013. For the third quarter, the company’s net sales were $109,652,000 compared to $116,616,000 a year ago. Operating income was $10,025,000 compared to $15,292,000 a year ago. Income before income tax provision was $9,053,000 compared to $14,525,000 a year ago. Net income attributable to the company was $5,940,000 or $0.10 per diluted share compared to $10,950,000 or $0.16 per diluted share for the same period in 2011. Non-GAAP net income attributable to the company’s shareholders was $5,940,000 or $0.10 per diluted share compared to $10,957,000 or $0.16 per diluted share a year ago. EBITDA was $29.2 million. And at the end of third quarter, the $30 million of CapEx was accrued for. Total debt at quarter end was $194 million. Cash provided by operations for the third quarter of 2013 was approximately $32 million.
For the nine months, the company’s net sales were $316,171,000 compared to $346,220,000 a year ago. Operating income was $23,299,000 compared to $37,023,000 a year ago. Income before income tax provision was $20,820,000 compared to $34,880,000 a year ago. Net income attributable to the company was $13,126,000 or $0.21 per diluted share compared to $24,035,000 or $0.37 per basic and diluted share for the same period in 2011. Net cash provided by operating activities was $67,554,000 compared to $107,524,000 a year ago. Purchases of property, plant and equipment was $47,281,000 compared to $92,009,000 a year ago. Non-GAAP net income attributable to the company’s shareholders was $13,126,000 or $0.21 per diluted share compared to $25,123,000 or $0.39 per diluted share a year ago.
The company expects on a non-financed cash CapEx in 2013 to be in the range of $65 million to $75 million. The company expects to continue to generate free cash flow, once again, in 2013.
The company is projecting the revenue for the fourth quarter of 2013 to be in the range of $110 million to $114 million. As a result, based upon current operating model, the company estimates earnings per share for the fourth quarter to be in the range of $0.10 to $0.13.