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Company anticipates revenue in a range of $119 to $120 million with
EPS between $0.17 and $0.19 per diluted share
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FPD and IC high-end sales projected to increase sequentially
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Photronics participation at Stifel Nicolaus Technology & Telecom
Conference to be webcast at 5:05 ET today at www.photronics.com
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Company to announce full financial results after close of market on
February 15
BROOKFIELD, Conn.--(BUSINESS WIRE)--
Photronics,
Inc. (NASDAQ:PLAB), a worldwide leader in supplying innovative
imaging technology solutions for the global electronics industry today
announced preliminary financial results for the first quarter of fiscal
2011 ahead of its participation at the Stifel Nicolaus Technology &
Telecom Conference. The Company expects sales for the first quarter to
be in a range of $119 to $120 million compared with the previously
guided range of $107 to $111 million, and earnings per diluted share to
be in a range of $0.17 to $0.19 compared with previous guidance of
between $0.10 and $0.14.
Constantine ("Deno") Macricostas, Photronics' chairman and chief
executive officer commented, "We expect to exceed our guidance ranges
for revenue and earnings as a result of strong demand for both IC and
FPD photomasks, particularly at the high-end. IC sales were up even
though the first quarter is typically seasonally slow due to holiday
shutdowns. FPD revenues increased significantly on a sequential basis,
especially at the high-end, which have high average selling prices. In
addition to strength in demand, we experienced some pull-in of sales
into the first quarter in Asia as a result of the Lunar New Year. We
expect continued steady demand for high-end IC photomasks throughout
2011."
The Company will provide guidance for the second-quarter of fiscal 2011
during its conference call to discuss these results. The Company expects
to announce its full financial results after the close of the market on
Tuesday, February 15, and hold a conference call to discuss those
results at 8:30 a.m. ET on Wednesday, February 16, 2011. The live
dial-in number is (408) 774-4601. A live webcast of the call also can be
accessed by logging onto Photronics' web site at www.photronics.com.
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.
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.
03-2011
Photronics, Inc.
Sean T. Smith, 203-775-9000
Senior Vice
President
Chief Financial Officer
ssmith@photronics.com
Source: Photronics, Inc.
News Provided by Acquire Media
