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 first quarter of fiscal
2014.
Photronics expects revenues for the first quarter ended February 2, 2014
will be approximately $101.5 million compared with previous guidance
announced on December 11, 2013 of $103 million to $107 million. As a
result of the lower-than-expected revenue, Photronics expects that
earnings per diluted share, exclusive of any Taiwan JV transaction
costs, for the first fiscal quarter will be in the range of $0.03 to
$0.04 compared with previous guidance in the range of $0.06 to $0.10.
Photronics plans to provide guidance for the second quarter of fiscal
2014 during its regularly scheduled first quarter fiscal 2014 financial
results conference call scheduled for February 19, 2014.
"We expect that our first quarter revenue and EPS will be lower than
previously anticipated as a result of a number of factors, including a
slower than projected post-holiday recovery in our mainstream business
in the U.S. and Europe, a delayed ramp in our high-end memory, and the
absence of a pre-Lunar New Year pull-in in Taiwan. On the positive side,
our Korean IC business was stronger sequentially. We continue to expect
that the strength of our technology, our financial position and our deep
customer relationships will lead to solid growth for the year," stated
Constantine ("Deno") Macricostas, Photronics' chairman and chief
executive officer.
"Looking longer term, we are confident in our ability to capitalize on
our leadership position in high-end capability to deliver long-term
growth and profitability," concluded Macricostas.
Photronics plans to announce its fiscal first quarter 2014 financial
results at 4:30 p.m. Eastern Time on Tuesday, February 18, 2014 and host
a conference call with investors to discuss these results at 8:30 a.m.
Eastern Time on Wednesday, February 19, 2014. 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 as
well as decisions we may make in the future regarding our business,
capital structure and other matters. 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.
03-2014
Photronics
Pete Broadbent, 203-775-9000
Vice President,
Investor Relations & Marketing
pbroadbent@photronics.com
Source: Photronics, Inc.
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