Industry Demand Is Increasing On A Tear- 60% At DuPont Photomask
DuPont Photomasks Inc. Announces FY 1998
First Quarter Net Income of 58 Cents Per
Share
October 22, 1997
ROUND ROCK, Texas--(BUSINESS WIRE) via Individual Inc. -- DuPont Photomasks
Inc. (NASDAQ: DPMI), more commonly referred to as DPI, today announced results for
the quarter ended Sept. 30, 1997.
Revenues for the quarter totaled $68.8 million, seven percent greater than fiscal 1997's
first quarter. Operating margin for the current quarter was 20 percent, compared with 21
percent in the previous year's same period and 18 percent in the quarter ended June 30,
1997.
Net income for the first quarter of fiscal 1998 was $9.2 million (58 cents per share), up
two percent from the $9 million (58 cents per share) earned in fiscal 1997's first quarter,
and seven percent greater than the $8.6 million (55 cents) earned in the quarter ended
June 30, 1997.
J. Michael Hardinger, chairman and chief executive officer, said, "Our business and
financial performance remains strong. Although our revenue growth this quarter reflects
the impact of weaker than expected demand from European customers and the effects of
a strong dollar, demand in the United States is solid. In Korea, customer demand is
improving, and we are filling our recently added 0.25 micron capacity in Ichon, despite
some continuing uncertainty around the DRAM capacity situation."
Hardinger continued, "I am pleased that we are continuing to meet the challenges of our
customers' rapidly accelerating technology roadmap. In this quarter, some 40 percent of
our revenues came from 0.35 micron and below technology, a 60 percent increase over
the previous year."
Hardinger also noted that, "Our unique R&D venture, the DPI Reticle Technology
Center, is helping us and our customers meet this challenge by optimizing sub-0.35
micron binary and phase shift mask production processes. Process improvements have
been developed over the past quarter, and it is improvements like these that will
continue to position DPI at the leading edge of technology in the photomask industry.
"In Ichon, Korea," Hardinger continued, "we have added a phase shift manufacturing
line. We expect Ichon to provide global leadership to our worldwide DUV phase shift
mask development effort. We are already supplying production quantities of I-line
phase shift masks for current 64MB production.
"Our business is balanced worldwide," Hardinger explained. " About half of our
revenues come from the United States, and roughly a quarter each from Europe and
Asia. Our customers, who are the world's leading semiconductor manufacturers, use our
masks to produce a broad array of logic, memory, microprocessor, analog and ASIC
devices."
Hardinger also noted that, "Our success in large part is due to the commitment our
employees give to addressing the challenges of accelerating technology and demanding
cycle times, while maintaining high customer satisfaction."
DuPont Photomasks, Inc.
DPI is the world's largest photomask manufacturer, operating globally from nine
strategically located facilities in North America, Europe and Asia. The company
produces and supplies photomasks as well as photoblanks (photomask substrates) and
pellicles (protective covers for photomasks). DPI had worldwide sales in fiscal 1997 of
over $261 million.
Note: This release includes forward-looking statements based on management's current
plans and expectations. Such statements involve risks and uncertainties which may
cause future activities and results of operations to differ from those suggested,
including risks associated with industry trends and the need to manage growth. Results
for interim periods are not necessarily indicative of results for the year. For additional
information, please refer to DPI's filings with the Securities and Exchange Commission.
DuPont Photomasks, Inc.
Income Statement
(unaudited, $ in thousands, except per share amounts;
quarters ended Sept. 30, 1996 and 1997)
Q1 Q1
1997 1998
--------- ---------
Sales $64,244 $68,809
Cost of Goods Sold 39,756 44,172
Selling, General and
Administrative Expense 8,310 7,878
Research and Development
Expense 2,438 3,271
------- --------
Operating Profit 13,740 13,488
Interest Income (200) (377)
Exchange Loss 304 175
------- --------
Income Before Income
Taxes and Minority
Interest 13,636 13,690
Provision for Income Taxes 4,773 4,791
------ -------
Income Before Minority
Interest 8,863 8,899
Minority Interest in Loss
of Majority Owned Joint
Venture (152) (304)
-------- --------
Net Income $9,015 $9,203
-------- -------
Earnings Per Share $0.58 $0.58
-------- ------
Weighted Average Shares
Outstanding 15,445,651 15,785,769
-0-
DuPont Photomasks, Inc.
Balance Sheet
(unaudited, $ in thousands, June 30, 1997 and Sept. 30 1997)
June 30 Sept. 30
1997 1997
--------- ---------
Cash and Cash Equivalents $51,351 $40,079
Accounts Receivable 42,643 43,471
Inventories 15,651 15,227
Other Current Assets 12,062 10,762
--------- ---------
Total Current Assets 121,707 109,539
Property and Equipment 162,310 177,536
Other Assets 7,562 7,199
--------- ----------
Total Assets $291,579 $294,274
--------- ----------
Accounts Payable $32,096 $23,654
Other Current Liabilities 23,529 24,193
---------- ----------
Total Current Liabilities 55,625 47,847
Other Liabilities 20,057 19,614
Stockholder's Equity 215,897 226,813
---------- ----------
Total Liabilities and
Stockholder's Equity $291,579 $294,274
---------- ----------
CONTACT: DPI Investor Relations | Dianne Schedler, 512/310-6559 | or | Investor
Relations Partners | Shellie M. Roth, 973/535-8389
[Copyright 1997, Business Wire]
Good Luck To Each And All
Curly
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[6.6]
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