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Photronics, Inc.$11.32($.05)(.44%)

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 Photronics Reports Third Quarter Fiscal 2019 Results
   Tuesday, August 20, 2019 6:00:00 AM ET
  • Third quarter 2019 revenue was $138.1 million, up 5% sequentially and 1% year-over-year
  • Net income attributable to Photronics, Inc. shareholders was $6.3 million, or $0.10 per diluted share
  • Strong cash generation increased cash to $197 million, even as investments in China expansion continue
  • Fourth quarter 2019 guidance: revenue between $143 and $151 million with diluted EPS between $0.11 and $0.17

BROOKFIELD, Conn., Aug. 20, 2019 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its fiscal 2019 third quarter ended July 28, 2019.

Financial Results Summary
$ Millions, except per share dataQ319Q219Q318Q/QY/Y
Revenue138.1131.6136.45%1%
Integrated circuit (IC) revenue100.298.6107.22%(7%)
Flat panel display (FPD) revenue37.933.029.115%30%
Net income attributable to Photronics, Inc. shareholders6.38.513.0(25%)(51%)
Diluted earnings per share0.100.130.18(0.03)(0.08)

"We performed well during the third quarter of 2019, achieving record FPD revenue and delivering our eighth consecutive quarter of year-over-year revenue growth,” said Peter Kirlin, chief executive officer. “FPD revenue growth was driven by continued strength in AMOLED display for mobile applications and ramping shipments from our new China facility. IC revenue grew sequentially due to improved demand from Asian foundries for mainstream nodes. Gross and operating margins improved sequentially as we were able to control costs despite China startup activity. Our cash balance grew during the quarter, demonstrating our ability to generate cash as we continue to invest in China. We are on pace to have an outstanding year in 2019 and positioned to perform even better in 2020 and beyond.”

Fourth Quarter 2019 Guidance

For the fourth quarter of 2019, Photronics expects revenue to be between $143 million and $151 million, and net income attributable to Photronics, Inc. shareholders to be between $0.11 and $0.17 per diluted share.

Conference Call

A conference call to discuss these results is scheduled for 8:30 a.m. Eastern time on Tuesday, August 20, 2019. The call can be accessed by logging onto Photronics' website at www.photronics.com .  The live dial-in number is (877) 377-7095 or (408) 774-4601 outside of the United States and Canada. The call will be archived on Photronics’ website for instant replay access.

About Photronics

Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks . High precision quartz plates that contain microscopic images of electronic circuits, photomasks are a key element in the IC and FPD manufacturing process. Founded in 1969, Photronics has been a trusted photomask supplier for 50 years. As of October 31, 2018, the company had 1,575 employees across 11 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 the company and its subsidiaries. The forward-looking statements contained in this press release 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, political, and technological factors as well as decisions we may make in the future regarding our business, capital structure and other matters. These forward-looking statements generally can be identified by phrases such as “believes”, “expects”, “anticipates”, “plans”, “projects”, and similar expressions.  There is no assurance that the company’s expectations will be realized. For additional information please see the company’s quarterly and annual reports filed with the Securities and Exchange Commission. The company assumes no obligation to provide revisions to any forward-looking statements.

For Further Information:
R. Troy Dewar, CFA
Vice President, Investor Relations
(203) 740-5610
tdewar@photronics.com

 
PHOTRONICS, INC. 
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
     
     
 Three Months Ended Nine Months Ended
 July 28, April 28, July 29, July 28, July 29,
  2019   2019  2018  2019  2018
          
Revenue$  138,112  $  131,580 $  136,391 $  394,404 $  390,616
          
Cost of goods sold   107,542     105,570    100,794    311,721    294,538
          
  Gross profit   30,570     26,010    35,597    82,683    96,078
          
Operating Expenses:         
          
  Selling, general and administrative   13,124     13,269    12,504    40,186    37,891
          
  Research and development   4,046     3,542    2,653    11,852    10,574
          
Total Operating Expenses   17,170     16,811    15,157    52,038    48,465
          
  Operating income    13,400     9,199    20,440    30,645    47,613
          
Other income (expense), net   (348)    3,931    1,411    4,692    637
          
  Income before income taxes   13,052     13,130    21,851    35,337    48,250
          
Income tax provision   3,218     3,278    2,054    7,883    3,783
          
  Net income    9,834     9,852    19,797    27,454    44,467
          
Net income attributable to noncontrolling interests   3,487     1,373    6,792    7,361    14,899
          
Net income attributable to Photronics, Inc. shareholders$  6,347  $  8,479 $  13,005 $  20,093 $  29,568
          
Earnings per share:         
          
  Basic$  0.10   $  0.13  $  0.19  $  0.30  $  0.43
          
  Diluted$  0.10   $  0.13  $  0.18  $  0.30  $  0.41
          
Weighted-average number of common shares outstanding:         
          
  Basic 66,313   66,261  69,374  66,386  69,141
          
  Diluted 66,570   70,597  75,258  69,919  75,121
          

 

PHOTRONICS, INC. 
Condensed Consolidated Balance Sheets 
(in thousands) 
(Unaudited) 
  
     
 July 28, October 31, 
  2019  2018 
     
Assets    
     
Current assets:    
  Cash and cash equivalents$  197,243 $  329,277 
  Accounts receivable   134,369    120,515 
  Inventories   39,982    29,180 
  Other current assets   48,873    23,759 
     
     Total current assets   420,467    502,731 
     
Property, plant and equipment, net   636,743    571,781 
Intangible assets, net   9,013    12,368 
Other assets   47,972    23,129 
     
Total assets$  1,114,195 $  1,110,009 
     
     
     
Liabilities and Equity    
     
Current liabilities:    
  Debt$  6,100 $  57,453 
  Accounts payable and accrued liabilities   153,174    133,623 
     
     Total current liabilities   159,274    191,076 
     
Long-term debt   43,015    -  
Other liabilities   11,568    14,364 
     
Photronics, Inc. shareholders' equity    763,394    759,671 
Noncontrolling interests   136,944    144,898 
     Total equity   900,338    904,569 
     
Total liabilities and equity$  1,114,195 $  1,110,009 
     

 

PHOTRONICS,  INC. 
Condensed Consolidated Statements of Cash Flows 
(in thousands) 
(Unaudited) 
         
         
     Nine Months Ended 
     July 28, July 29, 
      2019   2018  
         
Cash flows from operating activities:     
  Net income    $  27,454  $  44,467  
  Adjustments to reconcile net income to net cash    
  provided by operating activities:     
     Depreciation and amortization     60,387     64,485  
     Changes in operating assets, liabilities and other   (64,337)    (21,995) 
         
Net cash provided by operating activities    23,504     86,957  
         
Cash flows from investing activities:     
  Purchases of property, plant and equipment   (160,149)    (64,372) 
  Government incentive     17,694     -   
  Other       (24)    313 *
         
Net cash used in investing activities    (142,479)    (64,059)*
         
Cash flows from financing activities:     
  Proceeds from debt     53,227     -   
  Contribution from noncontrolling interest   29,394     17,997  
  Repayments of debt     (61,319)    (4,170) 
  Dividends paid to noncontrolling interests   (26,102)    (8,166) 
  Purchase of treasury stock     (10,696)    (6,787) 
  Proceeds from share-based arrangements   1,314     4,028  
  Other       (92)    (274) 
         
Net cash (used in) provided by financing activities   (14,274)    2,628  
         
Effect of exchange rate changes on cash, cash equivalents, and restricted cash    1,206     (975)*
         
Net (decrease) increase in cash, cash equivalents, and restricted cash   (132,043)    24,551 *
Cash, cash equivalents, and restricted cash, beginning of period   331,989 *   310,936 *
         
Cash, cash equivalents, and restricted cash, end of period$  199,946  $  335,487 *
         
* Amount has been modified to reflect the adoption of ASU 2016-18    
         

 

Photronics.jpg

Source: Photronics, Inc.


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