PLAB ($21-?) P/E 160 Reports Third Quarter Results; Year-to-Date Revenues Increase 21% 6c vs 3c
JUPITER, Fla., Aug. 15 /PRNewswire/ -- Photronics, Inc. (Nasdaq: PLAB - news), the world's leading sub-wavelength reticle solutions supplier, today reported sales and operating results for the third quarter and nine month period ended July 31, 2001.
Sales for the quarter were $85.0 million compared with $85.6 million for the third quarter of 2000. Sequentially, sales decreased 15% from the record $100.6 million in the second quarter of fiscal 2001, as the cyclical downturn in the global semiconductor industry continued to pressure the Company's customers worldwide. Revenues from 0.18 micron and below photomasks represented approximately 12% of total sales. Net income was $1.8 million, or $0.06 per diluted share, compared with $6.9 million, or $0.24 per diluted share for the same period last year before the charges associated with the Company's merger with Align-Rite International. After giving effect to the merger charges of $3.7 million after tax, or $0.13 per diluted share, net income for the third quarter of fiscal 2000 amounted to $3.2 million, or $0.11 per diluted share.
Sales for the first nine months of fiscal 2001 were $284.1 million, up 21%, compared to $234.5 million for the first nine months of fiscal 2000. Net income from operations, excluding consolidation, restructuring and related charges, increased 24% to $20.1 million, or $0.67 per diluted share compared to $16.2 million, or $0.57 per diluted share in the prior period. The Company recorded a charge in the second quarter of fiscal 2001 in connection with its consolidation of facilities in California, Florida, and Germany. After giving effect to the consolidation, restructuring and related charges, a net loss for the first nine months of fiscal 2001 amounted to $6.0 million, or $0.20 per diluted share compared with net income of $1.4 million, or $0.05 per diluted share in the nine months of fiscal 2000.
In commenting on the Company's fiscal 2001 third quarter operating results, Constantine S. Macricostas, Chairman and CEO stated, ``While the rapid deterioration within the semiconductor industry seems to have begun to slow, there are still many challenges that lay ahead. They include the short-term dislocations in design activity as a result of temporary wafer fab shutdowns and employee furloughs.'' He added, ``I believe such adversity represents opportunities for companies that are well prepared. We remain focused on technology and regional investment programs that position Photronics for a resumption in growth as the semiconductor industry aggressively moves toward fabricating devices using 0.13 and 0.1 micron technologies. At the same time, everyone of our employees is seeking out new efficiencies in our global manufacturing network and finding new ways to further reduce costs, which will expand upon Photronics' position as the most efficient and competitive supplier of photomasks in the world.''
James L. Mac Donald, President added, ``Photronics' relatively strong performance during the quarter was the result of the Company's concentration on increasing market share, improving customer service and shortening delivery cycle times for advanced reticle technologies fabricated using our Sub-Wavelength Reticle Solutions(TM) (SRS(TM)) processes. Despite the sequential decline in revenues, we have been able to gain market share and continue to differentiate ourselves as a strategic partner committed to the ongoing success of the hundreds of customers we serve worldwide.'' He added, ``We are particularly pleased with our organization's ability to satisfy an increasing demand for phase shift reticle technologies. Our SRS? processes have significantly decreased phase shift reticle cycle times and increased yields since being introduced into production in our high-end manufacturing facilities worldwide. As the applications for high numerical aperture 248 nanometer wafer lithography systems are being extended to 0.13 micron device production, Photronics' ability to quickly supply reliable, high quality phase shift technology is enabling us to capture an increasing share of this growing market.''
In commenting on the Company's consolidation plan, Mr. Mac Donald noted, ``Photronics has met each and every milestone, in terms of consolidating our global network, transferring personnel, moving tools, and qualifying both new and existing customers. Our focus is clear and our drive is unrelenting. Our activities are continually strengthening Photronics' position as the world's most efficient photomask supplier and as the premier provider of value-added, technology enabling products and services.''
A conference call with investors and the media can be accessed by logging onto Photronics' web site at photronics.com, then clicking on the Conference Calls button. The call is scheduled for 8:30 a.m. Eastern Daylight Time on Thursday, August 16th and will be archived on the web site for instant replay access until the Company reports its fiscal fourth quarter results in December 2001.
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, photomasks are used to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated circuits. They are produced in accordance with circuit designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the Company can be accessed at photronics.com. |
