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Photronics Reports Record Fourth Quarter and Fiscal Year Revenues
23% Year-over-Year Fourth Quarter Increase Driven by Demand for Advanced Reticle Technologies
JUPITER, Fla.--(BUSINESS WIRE)--Dec. 6, 2000--Photronics, Inc. (Nasdaq:PLAB - news), the world's leading photomask supplier, today reported sales and operating results for the fourth quarter and fiscal year ended October 31, 2000.
Fiscal 2000 results reflect the completion of the Company's merger with Align-Rite International, which has been accounted for as a pooling of interests. Accordingly, all historical financial information has been restated to include Align-Rite.
Sales for the quarter were $96.7 million, up 23%, compared to $78.6 million for the fourth quarter of 1999. Sequentially, sales increased 13% from the $85.6 million in the third quarter of fiscal 2000, as the Company expanded its ability to service Asian semiconductor manufacturers and improved its business mix by increasing revenues generated by high-end reticle technologies and services. During the quarter, high-end reticle solutions accounted for approximately 30% of total sales compared with 17% in the year ago period and 26% sequentially. Net income increased 54% to $8.8 million, or $0.30 per basic share and $0.29 per diluted share, compared with $5.7 million, or $0.20 per basic and diluted share in the fourth quarter of 1999.
Sales for fiscal year 2000 were $331.2 million, up 19%, compared to $277.4 million for fiscal 1999. Net income increased 73% to $25.0 million, or $0.86 per diluted share, as compared to the prior year's $14.4 million, or $0.51 per diluted share in fiscal 1999, before non-operating merger-related costs recorded in the third quarter, together with the costs of the Company's restructuring implemented during the first half of the fiscal year. After giving effect to the non-operating charges, which aggregated $14.8 million after tax, or $0.52 per diluted share, net income for fiscal year 2000 amounted to $10.2 million, or $0.35 per basic share and $0.34 per diluted share.
In commenting on Photronics' record performance, Constantine S. Macricostas, Chairman and CEO stated, ``Photronics has just begun to leverage the benefits from a number of dramatic changes that occurred during this past fiscal year, each of which have strengthened the Company's competitive position in Asia, Europe and North America. Those with the greatest positive impact included the merger with Align-Rite International, restructuring of our North American and European operations to facilitate a smooth integration with Align-Rite, and the acquisition of Precision Semiconductor Mask Corporation (PSMC) in Taiwan.'' Mr. Macricostas added, ``We also broadened our technological capabilities by opening the Advanced Reticle Characterization Center (ARCC) in Austin and by becoming a charter member in the Advanced Reticle Center (ARC) in Europe. Both the ARCC and ARC are open industry platforms that compliment our strong R&D organization and increase Photronics' visibility with the industry's leading device and equipment manufacturers. Their ground breaking work is focused on supporting semiconductor manufacturers pushing their lithography infrastructure through the 0.07 micron technology node.''
James L. Mac Donald, President noted, ``The growing demand for value added reticle solutions is driven by the semiconductor industry's advances to produce more devices utilizing sub-0.25 micron process technologies. We believe that this is positioning the photomask industry in a period of sustained growth for our sub-wavelength reticle solutions. Now, through our unique family of Sub-Wavelength Reticle Solutions(TM) processes and global network of state-of-the-art manufacturing facilities, Photronics is clearly the semiconductor industry's most efficient reticle technology and services provider. The technology and services we provide to our more than 500 customers, is enabling them to fully leverage the performance that advanced lithography strategies bring the world's leading wafer fabs and foundry suppliers.'' Mr. Mac Donald added, ``Our vision is to expand upon Photronics' Sub-Wavelength Reticle Solutions(TM) and full service technology leadership through strategic alignment with a broad cross section of the global semiconductor industry and technology development consortia, both of which recognize the high value added content of our unique reticle solutions. As a result, we believe the Company can sustain its long term growth goals of 25% or more.''
A conference call with investors and the media can be accessed by logging onto Photronics' web site at www.photronics.com/internet/investor/investor.htm, then clicking on the ``Conference Calls'' button. The call is scheduled for 8:30 a.m. Eastern Standard Time on Thursday, December 7th and will be archived for instant replay access until 5:00 p.m. Eastern Standard Time on Friday, December 22, 2000.
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 www.photronics.com.
``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the matters discussed in this news release that may be considered forward-looking statements may be subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including uncertainties in the market, pricing competition, procurement and manufacturing efficiencies, and other risks detailed from time to time in the Company's SEC reports. The Company assumes no obligation to update the information in this release. |
