Photronics Reports Third Quarter Fiscal 2022 Results

BROOKFIELD, Conn. August 30, 2022 (GLOBE NEWSWIRE) — Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its fiscal 2022 third quarter ended July 31, 2022.

 

“We achieved our sixth consecutive quarter of record revenue due to strong end market demand, favorable pricing dynamics, and outstanding performance by the entire organization,” said Frank Lee, chief executive officer. “Customers continue to place their trust in Photronics to support their technology roadmap by supplying the high-quality photomasks required for innovative designs that meet consumer demand. We are expanding capacity and growing volumes while controlling costs and capitalizing on operating leverage to deliver higher margins. We are also taking pricing action where appropriate to capture the full value that we are delivering to our customers. Our cash balance grew as we generated strong cash flow from operations, positioning us for continued investments in growth to expand our market-leading presence. I am proud of how the global Photronics team has responded as we look to close out another record year.”

 

Third Quarter 2022 Results

 

Fourth Quarter 2022 Guidance

 

For the fourth quarter of 2022, Photronics expects revenue to be between $205 million and $215 million and net income attributable to Photronics, Inc. shareholders to be between $0.44 and $0.52 per diluted share.

 

Webcast

 

A webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on Tuesday, August 30, 2022.  The event can be accessed through the Investors page of Photronics' website (www.photronics.com) or directly at https://register.vevent.com/register/BI5f5ea35d921040438cfa995c228f1b08. The webcast will be archived on Photronics’ website.

 

About Photronics

 

 

Forward-Looking Statements

 

Certain statements in this press release constitute “forward-looking statements” regarding our industry, our strategic position, and our financial and operating results.  These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially.  Please refer to the documents we file with the Securities and Exchange Commission. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.photronics.com/riskfactors.  Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

 

09.22

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(in thousands, except per share amounts)

(Unaudited)

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Exhibit 99.3

		July 31, 2022				October 31, 2021
Assets
Current assets:
Cash and cash equivalents		$	380,833			$	276,670
Accounts receivable			206,495				174,447
Inventories			50,313				55,249
Other current assets			40,414				44,250
Total current assets			678,055				550,616
Property, plant and equipment, net			640,805				696,553
Other assets			30,737				47,033
Total assets		$	1,349,597			$	1,294,202
Liabilities and Equity
Current liabilities:
Current portion of long-term debt		$	10,727			$	22,248
Accounts payable and accrued liabilities			186,387				153,900
Total current liabilities			197,114				176,148
Long-term debt			46,589				89,446
Other liabilities			25,936				28,046
Photronics, Inc. shareholders' equity			850,318				823,692
Noncontrolling interests			229,640				176,870
Total equity			1,079,958				1,000,562
Total liabilities and equity		$	1,349,597			$	1,294,202

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Exhibit 99.4

		Nine Months Ended
		July 31, 2022				August 1, 2021
Cash flows from operating activities:
Net income		$	123,978			$	50,185
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization			61,210				69,305
Share-based compensation			4,623				4,034
Changes in operating assets, liabilities and other			6,110				(10,428	)
Net cash provided by operating activities			195,921				113,096
Cash flows from investing activities:
Purchases of property, plant and equipment			(46,337	)			(92,301	)
Government incentives			1,394				5,775
Other			(179	)			(170	)
Net cash used in investing activities			(45,122	)			(86,696	)
Cash flows from financing activities:
Repayments of debt			(51,917	)			(13,311	)
Purchases of treasury stock			(2,522	)			(35,750	)
Contributions from noncontrolling interest			24,995				-
Proceeds from share-based arrangements			5,505				2,251
Proceeds from long-term debt			-				20,858
Net settlements of restricted stock awards			(1,463	)			(403	)
Net cash used in financing activities			(25,402	)			(26,355	)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash			(21,308	)			4,602
Net increase in cash, cash equivalents, and restricted cash			104,089				4,647
Cash, cash equivalents, and restricted cash, beginning of period			279,680				281,602
Cash, cash equivalents, and restricted cash, end of period		$	383,769			$	286,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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