NEXT PREVIOUS REPORT: DPMI reports Sharply higher Sales Growth in the 10Q filed with the SEC for the previous quarterly period.. This report should be treated as:
A. Part of the previous 7 quarters of no sales growth
B. A fraud on the part of DPMI
C. Facts
DUPONT PHOTOMASKS INC
Filed on Nov 4 1996
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of the financial condition and results of operations should be read in conjunction with the
financial statements of the Company and the related notes thereto. Prior to the Company's initial public offering (the IPO) on
June 13, 1996, it was a wholly-owned subsidiary of E.I. duPont de Nemours and Company (DuPont). The Company's
historical results prior to the IPO are not necessarily indicative of the results that would have been achieved if the Company had
been independent and may not be an accurate indication of future results.
The pro forma income statement estimates the effects of certain events associated with the IPO as if such events had taken
place on July 1, 1995. The pro forma income statement does not purport to represent what the results of operations of the
Company would actually have been had certain events in fact occurred on July 1, 1995 or to project the results of operations of
the Company for any future period.
RESULTS OF OPERATIONS
SALES
Sales are comprised primarily of photomask sales to semiconductor manufacturers. Sales increased 39.5% from $46.0 million
in the quarter ended September 30, 1995 to $64.2 million in the quarter ended September 30, 1996. Sales in North America,
Europe and Asia increased from $26.5 million, $11.5 million, and $8.0 million in the quarter ended September 30, 1995 to
$35.4 million, $15.3 million, and $13.5 million in the quarter ended September 30, 1996. A continued increase in the demand
for advanced photomasks which have higher average selling prices was a primary contributor to the increase in sales during this
period. This shift in demand reflects what the Company believes to be a trend toward higher utilization of complex
semiconductor devices with finer line-widths. The increase in sales during this period also reflects the overall increase in demand
for photomasks.
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