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Photronics Reports First Quarter Fiscal 2021 Results

Nachrichtenquelle: globenewswire
24.02.2021, 12:00  |  101   |   |   

  • Revenue was $152.1 million, up 2% sequentially and down 5% year-over-year
  • Net income attributable to Photronics, Inc. shareholders was $8.0 million, or $0.13 per diluted share
  • Cash provided by operating activities was $26.3 million, capex was $17.5 million, share repurchases were $13.2 million, and ending cash balance was $278.5 million
  • Second quarter 2021 guidance: revenue between $153 and $162 million with diluted EPS between $0.14 and $0.20

BROOKFIELD, Conn., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its fiscal 2021 first quarter ended January 31, 2021.

First quarter revenue was $152.1 million, up 2% compared with the previous quarter and down 5% compared with the same quarter last year. Integrated circuit (IC) revenue was $105.0 million, down 1% sequentially and 2% compared with the first quarter of last year. Flat panel display (FPD) revenue was $47.1 million, up 9% compared with last quarter and down 11% compared with the same period last year.

Net income attributable to Photronics, Inc. shareholders was $8.0 million, or $0.13 per diluted share, compared with $6.5 million, or $0.10 per diluted share, for the fourth quarter of 2020 and $10.3 million, or $0.16 per diluted share, for the first quarter of 2020.

"We achieved sequential revenue growth in the first quarter, a period that is typically down seasonally, due to strong demand for mobile displays and a recovery in memory,” said Peter Kirlin, chief executive officer. “Our diverse and broad industry exposure enabled us to perform well even as mask demand was somewhat muted in certain sectors as foundries responded to semiconductor shortages, limiting new design activity. The outlook for mask demand in 2021 is positive as additional capacity is brought on line by our customers. Our financial position remains strong and we anticipate completing the next phase of our FPD investment in the second half of fiscal 2021. We expect to grow 2021 revenue by high single-digit percent with an increase in operating profit similar to the 23% increase achieved in 2020.”

Second Quarter 2021 Guidance

For the second quarter of 2021, Photronics expects revenue to be between $153 million and $162 million, and net income attributable to Photronics, Inc. shareholders to be between $0.14 and $0.20 per diluted share.

Conference Call

A conference call to discuss these results is scheduled for 8:30 a.m. Eastern time on Wednesday, February 24, 2021. The call can be accessed by logging onto Photronics' website at www.photronics.com. The live dial-in number is (877) 377-7095 or (408) 774-4601 outside of the United States and Canada. The call will be archived on Photronics’ website.

About Photronics

Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks. High precision quartz plates that contain microscopic images of electronic circuits, photomasks are a key element in the IC and FPD manufacturing process. Founded in 1969, Photronics has been a trusted photomask supplier for over 50 years. As of October 31, 2020, the company had 1,728 employees. The company operates 11 strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the company can be accessed at www.photronics.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements made by or on behalf of the company and its subsidiaries. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Photronics to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate,” “will,” “should,” “would,” “may” and “could” or similar words or expressions are generally forward-looking in nature and not historical facts. Any statements that refer to outlook, expectations or other characterizations of future events, circumstances or results are also forward-looking statements. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are specified in Photronics’ Annual and Quarterly filings with the Securities and Exchange Commission under headings such as “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in other filings and furnishings made by Photronics with the Securities and Exchange Commission from time to time. These risks and uncertainties include, but are not limited to, the current pandemic and future recurrences and other developments with respect thereto, governmental responses to the pandemic and related matters, changes in end markets resulting therefrom, changes in investment, tax, trade, exchange and other laws and regulations, compliance with local, State and Federal laws, rules and regulations including, but not limited to, import and export controls, tariffs and penalties, fines and violations related thereto, as well as economic, competitive, legal, governmental, political, monetary and fiscal policy, and technological factors and decisions we may make in the future regarding our business, capital structure and other matters. Photronics undertakes no obligation to release publicly any revisions to any forward-looking statements or, except as required to be disclosed in filings or furnishings with the Securities and Exchange Commission, to report events or to report the occurrence of unanticipated events. There is no assurance that Photronics’ expectations will be realized.

For Further Information:
R. Troy Dewar, CFA
Vice President, Investor Relations
(203) 740-5610
tdewar@photronics.com



PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
 
 
  Three Months Ended
  January 31,   October 31,   February 2,
  2021   2020   2020
           
Revenue $ 152,067     $ 149,286     $ 159,736  
           
Cost of goods sold   121,538       117,401       125,134  
           
Gross profit   30,529       31,885       34,602  
           
Operating Expenses:          
           
Selling, general and administrative   14,053       12,790       14,219  
           
Research and development   4,710       4,110       4,080  
           
Total Operating Expenses   18,763       16,900       18,299  
           
Operating income   11,766       14,985       16,303  
           
Other income (expense), net   680       (2,937 )     3,697  
           
Income before income tax provision   12,446       12,048       20,000  
           
Income tax provision   2,937       3,469       9,072  
           
Net income   9,509       8,579       10,928  
           
Net income attributable to noncontrolling interests   1,473       2,119       628  
           
Net income attributable to Photronics, Inc. shareholders $ 8,036     $ 6,460     $ 10,300  
           
Earnings per share:          
           
Basic $ 0.13     $ 0.10     $ 0.16  
           
Diluted $ 0.13     $ 0.10     $ 0.16  
           
Weighted-average number of common shares outstanding:          
           
Basic   62,475       64,193       65,554  
           
Diluted   63,005       64,768       66,449  




PHOTRONICS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
 
       
  January 31,   October 31,
  2021   2020
       
Assets      
       
Current assets:      
Cash and cash equivalents $ 278,539     $ 278,665  
Accounts receivable   139,708       134,470  
Inventories   56,407       57,269  
Other current assets   31,458       29,735  
       
Total current assets   506,112       500,139  
       
Property, plant and equipment, net   672,398       631,475  
Intangible assets, net   2,383       3,437  
Other assets   51,169       53,131  
       
Total assets $ 1,232,062     $ 1,188,182  




PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
       
       
  Three Months Ended
  January 31,   February 2,
    2021       2020  
       
Cash flows from operating activities:      
Net income $ 9,509     $ 10,928  
Adjustments to reconcile net income to net cash      
provided by operating activities:      
Depreciation and amortization   23,724       24,626  
Share-based compensation   1,301       1,356  
Changes in operating assets, liabilities and other   (8,247 )     (6,125 )
       
Net cash provided by operating activities   26,287       30,785  
       
Cash flows from investing activities:      
Purchases of property, plant and equipment   (17,532 )     (13,807 )
Government incentives   397       2,417  
Other   (61 )     (139 )
       
Net cash used in investing activities   (17,196 )     (11,529 )
       
Cash flows from financing activities:      
Proceeds from long-term debt   6,205       1,140  
Purchase of treasury stock   (13,209 )     (11,000 )
Repayments of debt   (7,796 )     (389 )
Proceeds from share-based arrangements   765       2,886  
Other   (315 )     (248 )
       
Net cash used in financing activities   (14,350 )     (7,611 )
       
Effect of exchange rate changes on cash, cash equivalents, and restricted cash   5,195       149  
       
Net (decrease) increase in cash, cash equivalents, and restricted cash   (64 )     11,794  
Cash, cash equivalents, and restricted cash, beginning of period   281,602       209,291  
       
Cash, cash equivalents, and restricted cash, end of period $ 281,538     $ 221,085  

 


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Disclaimer

Photronics Reports First Quarter Fiscal 2021 Results Revenue was $152.1 million, up 2% sequentially and down 5% year-over-year Net income attributable to Photronics, Inc. shareholders was $8.0 million, or $0.13 per diluted shareCash provided by operating activities was $26.3 million, capex was $17.5 …

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