BROOKFIELD, Conn.--(BUSINESS WIRE)--
Photronics,
Inc. (NASDAQ:PLAB), a worldwide leader in supplying innovative
imaging technology solutions for the global electronics industry,
announced preliminary financial results for the fourth quarter of fiscal
2011.
Photronics expects revenues for the fourth quarter ended October 30,
2011, will be in the range of $120 million to $122 million compared with
previous guidance of $125 million to $130 million. As a result of the
lower revenue, Photronics expects that earnings per share for the fourth
quarter ended October 30, 2011 will be in the range of $0.11 to $0.13
compared with previous guidance in the range of $0.14 to $0.18 per
share. Photronics plans to provide guidance for the first quarter of
fiscal 2012 during its regularly scheduled fourth-quarter financial
results conference call on December 7, 2011.
Fourth quarter revenue is expected to be lower than anticipated due to
customers scaling back purchases in response to increased softness in
both the integrated circuit and flat panel display markets. The company
had anticipated a modest slowdown of orders for mainstream IC and FPD
photomasks, but did not expect the weakness to continue throughout the
quarter. In addition, late in the quarter, Photronics experienced a
similar and unexpected slowdown in high-end IC orders. The company noted
that fourth quarter FPD sales declined more significantly than IC
orders. For the full fiscal year 2011, Photronics expects to report
record annual sales for both IC and FPD photomasks.
"Although we expect that sales in the fourth quarter will be lower than
anticipated in this soft demand environment, we believe Photronics is
maintaining market share," stated Constantine ("Deno") Macricostas,
Photronics' chairman and chief executive officer. "In addition, should
the market experience prolonged softness, we are well prepared to
implement cost-reduction initiatives to further streamline our operating
structure and minimize the effect on our operating results without
compromising our market share gains."
"Longer term, we believe the trend toward the proliferation of new
devices, including smart phones and tablets, are strongly in our favor.
Our investments in high-end photomask technology position us to
capitalize on these demand trends and deliver long-term growth and
profitability," concluded Macricostas.
Photronics will announce its fiscal fourth quarter and full year 2011
financial results and host a conference call with investors and the
media to discuss these results at 8:30 a.m. Eastern Time on Wednesday,
December 7, 2011. The live dial-in number is (408) 774-4601. The call
can also 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 filed with 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.
18-2011
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
