Photronics(PLAB) - 500 Beiträge pro Seite

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Profile:Photronics, Inc. and its subsidiaries manufacture photomasks, which are high precision photographic quartz plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of semiconductors, and are used as masters to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated circuits and, to a lesser extent, other types of electrical components. The Company operates principally from 11 facilities, five of which are located in the United States, three in Europe and one each in Korea, Singapore and Taiwan.
http://www.photronics.com

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Reuters
Photronics lowers 4th-qtr financial guidance
Monday November 11, 3:07 pm ET


BROOKFIELD, Conn., Nov 11 (Reuters) - Photronics Inc., which makes glass plates used in the manufacturing of semiconductors, on Monday lowered guidance for its fiscal fourth quarter, citing weak demand in the chip industry.
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Photronics (NasdaqNM:PLAB - News)said it expects revenue for the quarter ended November 3 to be about $90 million, or about 8 percent lower than the $98.1 million posted in the third quarter.

Due to the lower-than-expected revenue, Photronics said it expects a net loss of $10.9 million to $11.7 million, or 34 cents a share to 37 cents a share. Excluding certain items, Photronics said it expects a loss of $2.6 million to $3.2 million, or 8 cents to 11 cents.

Analysts had forecast Photronics to post a loss a loss of 3 cents on average, within a range of a profit of 1 cent to a loss of 7 cents, on revenue of $92.9 million, according to Thomson First Call.

Shares of Photronics fell $1.44, or 12 percent, to $10.27 on Nasdaq after the announcement. The stock has declined 63 percent this year.

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Photronics Reports Fiscal 2002 Fourth Quarter Results; Revenues For Fiscal Year Are A Record $387 Million
Tuesday December 10, 4:30 pm ET


BROOKFIELD, Conn., Dec. 10 /PRNewswire-FirstCall/ -- Photronics, Inc. (Nasdaq: PLAB - News), the leading worldwide sub-wavelength reticle solutions supplier, today reported sales and operating results for the fourth quarter and fiscal year ended November 3, 2002.
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Sales for the quarter were $90.1 million, down approximately 4%, compared to $93.8 million for the fourth quarter of fiscal 2001. Sequentially, sales decreased approximately 8% from the $98.1 million reported in the third quarter of fiscal 2002, primarily as a result of softening demand for reticle technology among the Company`s global customer base. During the quarter, revenues from 0.18 micron and below photomask technologies accounted for approximately 23% of total sales. The Company reported a net loss of $10.3 million, or $0.32 per share, for the fourth quarter of fiscal 2002, which included the after tax effect of two previously announced items: a consolidation charge of $10.0 million, or $0.31 per share, resulting from the closure of certain manufacturing operations and workforce reduction; and a net gain of $1.7 million, or $0.05 per share, from the repurchase of a portion of the Company`s 6% convertible subordinated notes. This compares with net income of $2.0 million, or $0.07 per diluted share for the fourth quarter of fiscal 2001. Excluding the after tax effect of the consolidation charges and the net gain from the repurchase of notes, the net loss for the fourth quarter of fiscal 2002 was $2.0 million, or $0.06 per share.

Sales for fiscal 2002 were $386.9 million, an increase of 2.3% compared with the $378.0 million for fiscal 2001. The Company reported a net loss of $4.9 million, or $0.16 per share in fiscal 2002 compared to a net loss of $4.0 million, or $0.13 per share in fiscal 2001. Net income for fiscal 2002, excluding the after tax effect of the two previously announced items, decreased to $3.4 million, or $0.11 per share, compared to net income in fiscal 2001, before consolidation and related charges of $22.1 million, or $0.74 per share. During fiscal 2001, the Company recorded an after tax consolidation charge of $26.1 million, or $0.87 per share.

Dan Del Rosario, Chief Executive Officer stated, "Photronics will continue to move decisively in an effort to maximize its competitive position, profitability and capital efficiency. While semiconductor manufacturers and designers have struggled with their transition to 130 nanometer and below technologies, we have substantially completed an aggressive technology build out necessary to service their advanced photomask technology needs in Asia, Europe and North America. In addition to servicing our existing customers, we have been able to qualify new customers where our advanced photomask technology is proving critical to their hard fought success." He added, "We believe that by any meaningful manufacturing and service metric, our team performed extraordinarily. Photronics chose a path of action designed to match its infrastructure with the demands of its customers. We believe this strategy will afford the Company significant operating leverage when demand begins trending up and product pricing improves from the bottom we believed has formed during the second half of the past year. In such an environment, we believe that we will be able to generate improved financial results and increases in shareholder value."

A conference call with investors and the media can be accessed by logging onto Photronics` web site at http://www.photronics.com , then clicking on the Conference Calls button, or by dialing in at [phone]. The call is scheduled for 8:30 a.m. Eastern Time on Wednesday, December 11th and will be archived on the web site for instant replay access until the Company reports its fiscal 2003 first quarter results in February 2003.

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 http://www.photronics.com .

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this release are considered "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties. In particular, any statement contained in this release regarding the consummation and benefits of future acquisitions, expectations with respect to future sales, financial performance, operating efficiencies and product expansion, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company. These factors may cause actual results, performance or achievements to differ materially from anticipated results, performances or achievements. Factors that might affect such forward looking statements include, but are not limited to, overall economic and business conditions; the demand and receipt of orders for the Company`s products; competitive factors in the industries and geographic markets in which the Company competes; changes in federal, state and foreign tax requirements (including tax rate changes, new tax laws and revised tax law interpretations); the Company`s ability to place new equipment in service on a timely basis; interest rate fluctuations and other capital market conditions, including foreign currency rate fluctuations; economic and political conditions in international markets; the ability to obtain a new bank facility or other financings; the ability to achieve anticipated synergies and other cost savings in connection with acquisitions and productivity programs; the timing, impact and other uncertainties of future acquisitions and investments; the seasonal and cyclical nature of the semiconductor industry; the availability of capital; management changes; damage or destruction to our facilities by natural disasters, labor strikes, political unrest or terrorist activity; the ability to fully utilize its tools; the ability of the Company to receive desired yields, pricing, product mix, and market acceptance of its products; changes in technology; and other risks and uncertainties set forth in the Company`s SEC filings from time to time. Any forward-looking statements should be considered in light of these factors. The Company assumes no obligation to update the information in this release.

PHOTRONICS, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)

Three Months Ended Year Ended
Nov. 3 Oct. 31 Nov. 3 Oct. 31
2002 2001 2002 2001

Net sales $90,058 $93,824 $386,871 $377,969

Costs and expenses:

Cost of sales 67,386 66,239 276,451 254,272

Selling, general and
administrative 14,398 14,168 57,973 53,758

Research and
development 7,878 6,622 30,154 24,858

Consolidation,
restructuring and
related charges 14,500 (a) -- 14,500 (a) 38,100 (c)


Operating income
(loss) (14,104)(a) 6,795 7,793 (a) 6,981 (c)

Other expense, net (2,039)(b) (2,609) (13,291)(b) (9,302)

Income (loss) before
income taxes and
minority interest (16,143)(a) 4,186 (5,498)(a) (2,321)(c)

Income tax provision
(benefit) (7,419)(a) 1,000 (7,019)(a) (3,000)(c)

Income (loss) before
minority interest (8,724)(a) 3,186 1,521 (a) 679 (c)

Minority interest (1,584) (1,200) (6,378) (4,705)

Net income (loss) $(10,308)(a) $1,986 $(4,857)(a) $(4,026)(c)

Earnings (loss) per share:

Basic $(0.32)(a) $0.07 $(0.16)(a) $(0.13)(c)

Diluted $(0.32)(a) $0.07 $(0.16)(a) $(0.13)(c)

Weighted average number of
common shares
outstanding:
Basic 32,022 30,080 31,278 29,919

Diluted 32,022 30,506 31,278 29,919

(a) Includes consolidation charges incurred in the fourth quarter
of 2002 of $14.5 million ($10.0 million after tax, or $.31 per
share for the fourth quarter, $.32 per share for the year) in
connection with the Company`s closing its manufacturing
facility in Milpitas, California and the reduction of it`s
North American work force

(b) Includes a net gain in the fourth quarter of 2002 of
$2.6 million ($1.7 million after tax, or $.05 per share) from
the repurchase of a portion of the Company`s 6% convertible
subordinated notes

(c) Includes consolidation charges incurred in the second quarter
of 2001 of $38.1 million ($26.1 million after tax, or $.87 per
share) in connection with the Company`s merger with AlignRite
International, Inc. and subsequent consolidation of
facilities in California, Florida, and Germany


PHOTRONICS, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(in thousands)


November 3, October 31,
2002 2001

Assets

Current assets:
Cash, cash equivalents and
short-term investments of
$15,148 in 2002 $129,092 $34,684
Accounts receivable 62,545 70,704
Inventories 19,948 21,492
Other current assets 37,475 24,516

Total current assets 249,060 151,396

Property, plant and equipment, net 443,860 402,776
Intangible assets, net 121,217 93,199
Investments and other assets 18,305 13,327

$832,442 $660,698

Liabilities and Shareholders`
Equity

Current liabilities:
Current portion of long-term
debt $10,649 $33,918
Accounts payable 57,401 37,142
Other accrued liabilities 38,982 31,604

Total current liabilities 107,032 102,664

Long-term debt 296,785 188,021
Deferred income taxes and other
liabilities 44,539 37,842
Minority interest 44,971 45,010

Shareholders` equity 339,115 287,161

$832,442 $660,698


PHOTRONICS, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(in thousands)

Year Ended
November 3, October 31,
2002 2001

Cash flows from operating
activities:
Net loss $(4,857) $(4,026)

Adjustments to reconcile net
loss to net cash
provided by operating
activities:
Depreciation and
amortization 83,187 72,975
Deferred taxes and other 6,558 (6,662)
Consolidation,
restructuring and
related charges 14,500 38,100
Changes in assets and
liabilities 37,014 13,192

Net cash provided by operating
activities 136,402 113,579

Cash flows from investing
activities:

Investment in photomask
operations -- (48,864)
Deposits on and purchases of
property, plant
and equipment (126,462) (48,670)
Purchases of investments (15,148) --
Other 880 (1,026)

Net cash used in investing
activities (140,730) (98,560)

Cash flows from financing
activities:

Repayment of long-term debt,
net (115,467) (24,828)
Proceeds from issuance of
common stock 4,883 7,817
Issuance of convertible debt,
net 193,237 --

Net cash provided by (used in)
financing activities 82,653 (17,011)

Effect of exchange rate changes on
cash flows 935 (1,506)

Net increase (decrease) in cash and
cash equivalents 79,260 (3,498)
Cash and cash equivalents, beginning
of year 34,684 38,182

Cash and cash equivalents, end of
year $113,944 $34,684




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Source: Photronics, Inc.

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Photronics Reports First Quarter Results
Tuesday February 18, 4:30 pm ET


BROOKFIELD, Conn., Feb. 18 /PRNewswire-FirstCall/ -- Photronics, Inc. (Nasdaq: PLAB - News), the world`s largest sub-wavelength reticle solutions supplier, today reported fiscal first quarter 2003 sales and earnings results for the period ended February 2, 2003.
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Sales for the quarter were $81.4 million, down 14.9%, compared to $95.7 million for the first quarter in 2002. As anticipated, sales were 9.7% sequentially lower than the $90.1 million reported in the fourth quarter of fiscal 2002 largely the result of customers closing down their wafer fabrication facilities during the holiday periods. Revenues from 0.18 micron, or 180 nanometer and below photomask technologies represented 28% of quarterly revenues, a 10% sequential increase in high-end revenues from the fourth quarter of fiscal 2002. The net loss for the first quarter of fiscal 2002 amounted to $8.5 million compared to the prior year`s net income of $1.7 million. Diluted loss per share amounted to $0.26 in the current year`s quarter, compared with net income per diluted share of $0.06 in the first quarter of 2002.

In commenting on the Company`s financial performance Sean T. Smith, Chief Financial Officer noted, "Our immediate near-term focus is on positioning the Company for its return to operating profitability. Despite the difficult operating environment and softness from the holiday period during the quarter, our aggressive program of cost controls and asset management enabled us to mitigate a significant part of their impact. Additionally, our efforts to strengthen the balance sheet are producing positive results and have lead to an increase in working capital bringing it to just over $145 million. Further improvements to balance sheet quality in fiscal 2003 will be driven by Photronics` return to profitability. We are determined to maximize liquidity and reduce our debt levels as we progress toward achieving our longer-term financial goals."

Dan Del Rosario, Chief Executive Officer added his perspective and outlook for the future by stating, "Our strategy to move both early and aggressively in streamlining our global manufacturing and service infrastructure has been well received by our customers around the world. In doing so, Photronics has been able to properly position itself to effectively service those customers` 130 nanometer and 90 nanometer requirements, as well providing cost effective solutions for their mature technology needs above 180 nanometers." He added, "Yields for 130 nanometer semiconductor fabrication processes, not utilization will be the metric we monitor closely in 2003. As yields improve, we believe that semiconductor designers seeking to leverage the functionality and performance that it brings will become more aggressive in releasing their newest products to manufacturing, and thus enabling Photronics to leverage its strategic technology position into significant revenues as this market grows year-over-year."

A conference call with investors and the media to discuss these results 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 Wednesday, February 19th and will be archived for instant replay access until the Company reports its fiscal second quarter results during May 2003. The live call dial-in number is [phone].

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: Certain statements in this release are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties. In particular, any statement contained in this release regarding the consummation and benefits of future acquisitions, expectations with respect to future sales, financial performance, operating efficiencies and product expansion, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company. These factors may cause actual results, performance or achievements to differ materially from anticipated results, performances or achievements. Factors that might affect such forward looking statements include, but are not limited to, overall economic and business conditions; the demand and receipt of orders for the Company`s products; competitive factors in the industries and geographic markets in which the Company competes; changes in federal, state and foreign tax requirements (including tax rate changes, new tax laws and revised tax law interpretations); the Company`s ability to place new equipment in service on a timely basis; interest rate fluctuations and other capital market conditions, including foreign currency rate fluctuations; economic and political conditions in international markets; the ability to obtain a new bank facility or other financings; the ability to achieve anticipated synergies and other cost savings in connection with acquisitions and productivity programs; the timing, impact and other uncertainties of future acquisitions and investments; the seasonal and cyclical nature of the semiconductor industry; the availability of capital; management changes; damage or destruction to our facilities by natural disasters, labor strikes, political unrest or terrorist activity; the ability to fully utilize its tools; the ability of the Company to receive desired yields, pricing, product mix, and market acceptance of its products; changes in technology; and other risks and uncertainties set forth in the Company`s SEC filings from time to time. Any forward-looking statements should be considered in light of these factors. The Company assumes no obligation to update the information in this release.

CyberMask is a trademark of Photronics, Inc.


Photronics, Inc. and Subsidiaries
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)

Three Months Ended
February 2 January 31
2003 2002

Net sales $81,393 $95,686

Costs and expenses:

Cost of sales 63,758 67,754

Selling, general and administrative 14,373 13,845

Research and development 7,619 7,131


Operating income (loss) (4,357) 6,956

Other expense, net (3,030) (3,069)

Income (loss) before income
taxes and minority interest (7,387) 3,887

Income tax provision (benefit) (497) 500

Income (loss) before minority interest (6,890) 3,387

Minority interest (1,597) (1,640)

Net income (loss) $(8,487) $1,747

Earnings (loss) per share:
Basic $(0.26) $0.06

Diluted $(0.26) $0.06

Weighted average number of common
shares outstanding:
Basic 32,037 30,313

Diluted 32,112 31,202



Photronics, Inc. and Subsidiaries
Consolidated Condensed Balance Sheets
(in thousands)

February 2 November 3
2003 2002

Assets

Current assets:
Cash, cash equivalents and short-term
investments of $15,645 in
2003 and $15,148 in 2002 $107,285 $129,092
Accounts receivable 59,737 62,545
Inventories 18,962 19,948
Other current assets 41,017 37,475

Total current assets 227,001 249,060

Property, plant and equipment, net 440,494 443,860
Intangible assets, net 120,591 121,217
Other assets 16,938 18,305

$805,024 $832,442

Liabilities and Shareholders` Equity

Current liabilities:
Current portion of long-term debt $10,564 $10,649
Accounts payable 41,539 57,401
Other accrued liabilities 29,651 38,982

Total current liabilities 81,754 107,032

Long-term debt 290,740 296,785
Deferred income taxes and other liabilities 44,396 44,539
Minority interest 47,617 44,971

Shareholders` equity 340,517 339,115

$805,024 $832,442


Photronics, Inc. and Subsidiaries
Consolidated Condensed Statements of Cash Flows
(in thousands)


Three Months Ended
February 2 January 31
2003 2002


Cash flows from operating activities:
Net income (loss) $(8,487) $1,747
Adjustments to reconcile net
income (loss) to net cash
provided by operating activities:
Depreciation and amortization 22,570 20,115
Deferred taxes and other 125 29
Changes in assets and liabilities (20,990) 860

Net cash provided by (used in)
operating activities (6,782) 22,751

Cash flows from investing activities:

Deposits on and purchases of
property, plant and equipment (9,342) (32,616)
Other (60) (3,738)

Net cash used in investing activities (9,402) (36,354)

Cash flows from financing activities:

Repayment of long-term debt, net (7,533) (60,740)
Proceeds from issuance of common stock 77 1,344
Issuance of convertible debt, net - 193,431

Net cash provided by (used in)
financing activities (7,456) 134,035

Effect of exchange rate changes on
cash flows 1,332 (2,444)

Net increase (decrease) in cash and
cash equivalents (22,308) 117,988
Cash and cash equivalents, beginning
of period 113,948 34,684


Cash and cash equivalents, end of period $91,640 $152,672




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Source: Photronics, Inc.

[digex]

Photronics Focused on Returning to Profitability by July 2003
Tuesday March 25, 4:00 pm ET
Site Closure in Phoenix, Arizona Streamlines North American Operating Network Global Work Force Reduced by 10% to 12%


BROOKFIELD, Conn., March 25 /PRNewswire-FirstCall/ -- Photronics, Inc. (Nasdaq: PLAB - News), the leading worldwide sub-wavelength reticle solutions supplier, announced today its plans to further streamline its operating infrastructure in North America by ceasing the manufacture of photomasks at its Phoenix, Arizona facility. The Company`s global work force will be reduced by approximately 10% to 12%, with the majority of eliminated positions resulting from the Company`s decision to cease manufacturing photomasks in its Arizona facility and reducing its infrastructure in North America with current business levels.
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Photronics will record an after tax charge of between $36.0 million and $40.0 million, or an estimated $1.12 and $1.25 per diluted share, in the fiscal quarter ending May 4, 2003, in connection with these plans. Approximately 85% of the charge will be attributed to non-cash items. As implemented, the Company expects to recover all related charges in less than a two-year period through lower operating costs and increased manufacturing efficiencies.

Daniel Del Rosario, Photronics` Chief Executive Officer stated, "Photronics remains strongly committed to its North American customers, many of whom have played a vital role in the Company`s success over the course of its 15 year history as a public company. Our reputation for customer service and record of profitability has always been a great source of pride to our employees, management team and shareholders. It is our goal to return to profitability by the end of the July quarter this year and we believe that the cost reductions we are announcing today will enable us to achieve this objective." He added, "Technology, as it relates to semiconductor designs at and below 130 nanometers, and strategic investments in our Asian, European and North American manufacturing networks will be the key growth drivers for our Company over the next 18 to 24 months. Nearer-term economic and geo-political conditions continue to generate a cautious outlook on the part of all customers, as they aggressively manage their inventories and the roll out of new semiconductor designs. Until our market intelligence concludes that both corporate and consumer confidence have significantly improved, we are conditioning our global team to effectively operate in a business environment likely to remain challenging. By strengthening Photronics` commitment to its core values of flexibility, service, performance and efficiency, we believe that our Company will emerge from the current cyclical downturn as a stronger and more efficient supplier of reticle technologies."

Paul J. Fego, President and Chief Operating Officer commented, "Simultaneous to our restructuring, the management team is evaluating the best way to reengineer the global manufacturing and service organizations and the corporate support structures necessary to support them. Additionally, we have been closely evaluating and implementing ways with which we can automate our business processes. I expect that we will see the benefits from our innovative activities in this area that will help Photronics pass along new efficiencies to its customers throughout the year." Mr. Fego added, "Today`s announcement, which involves loyal and valued employees is never easy. While we believe that North America will be the center of high performance integrated circuit design activity, the fabrication of these devices will largely be done in Asia. This is a fundamental shift in our business model to which we must adapt if Photronics is to grow with its global customers, create new opportunities for our employees, and generate returns for its shareholders."

Photronics will be hosting its fifth annual analyst and media meeting tomorrow morning, Wednesday, March 26th at 8:30 a.m. Eastern Time at the Hotel Inter-Continental in New York. It will be web cast and can be accessed by logging onto Photronics` site at www.photronics.com/internet/investor/investor.htm, then clicking on the Analyst Meeting button. The session will be archived until Photronics reports fiscal 2003 second quarter results the week of May 19, 2003.

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: Certain statements in this release are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties. In particular, any statement contained in this release regarding the consummation and benefits of future acquisitions, expectations with respect to future sales, financial performance, operating efficiencies and product expansion, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company. These factors may cause actual results, performance or achievements to differ materially from anticipated results, performances or achievements. Factors that might affect such forward-looking statements include, but are not limited to, overall economic and business conditions; the demand and receipt of orders for the Company`s products; competitive factors in the industries and geographic markets in which the Company competes; changes in federal, state and foreign tax requirements (including tax rate changes, new tax laws and revised tax law interpretations); the Company`s ability to place new equipment in service on a timely basis; interest rate fluctuations and other capital market conditions, including foreign currency rate fluctuations; economic and political conditions in international markets; the ability to obtain a new bank facility or other financings; the ability to achieve anticipated synergies and other cost savings in connection with acquisitions and productivity programs; the timing, impact and other uncertainties of future acquisitions and investments; the seasonal and cyclical nature of the semiconductor industry; the availability of capital; management changes; damage or destruction to our facilities by natural disasters, labor strikes, political unrest or terrorist activity; the ability to fully utilize its tools; the ability of the Company to receive desired yields, pricing, product mix, and market acceptance of its products; changes in technology; and other risks and uncertainties set forth in the Company`s SEC filings from time to time. Any forward-looking statements should be considered in light of these factors. The Company assumes no obligation to update the information in this release.




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Source: Photronics, Inc.

[digex]

7:35AM Photronics upped to Buy from Neutral at Merrill Lynch (PLAB) 13.12: After the close, semi equipment maker reported a Q2 loss of $0.13, representing a $0.07 upside surprise. Strength of results leads Merrill to reduce FY03 loss est to ($0.38) from ($0.48). For 2004, firm raises profit outlook to $0.55 from $0.50. Price target $17.50.