• Photronics Reports First Quarter Fiscal 2022 Results and Updates Long-Term Target Model

    ソース: Nasdaq GlobeNewswire / 23 2 2022 06:00:00   America/New_York

    BROOKFIELD, Conn., Feb. 23, 2022 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its fiscal 2022 first quarter ended January 30, 2022.

    “Strong end-market demand trends have continued into 2022, helping us achieve our fourth consecutive quarter of record revenue,” said Peter Kirlin, chief executive officer. “Our investment strategy is producing the intended results as demonstrated by growth in excess of market rates. We’ve aligned our operations and technology to serve the strongest sectors of the market, such as AMOLED for mobile displays, high-end logic devices for advanced electronics and mainstream IC to support the proliferation of chips needed for the enablement of the internet of things.”

    First Quarter 2022 Results

    • Revenue was $189.8 million, up 5% sequentially and 25% year-over-year
    • Net income attributable to Photronics, Inc. shareholders was $23.1 million ($0.38 per diluted share), compared with fourth quarter 2021 net income of $19.8 million ($0.33 per diluted share) – a 15% sequential increase in EPS, and first quarter 2021 net income of $8.0 million ($0.13 per diluted share) – nearly 300% year-over-year increase
    • Integrated circuit (IC) revenue in the first quarter was $129.8 million, up 3% sequentially and 24% compared with the first quarter of last year
    • Flat panel display (FPD) revenue was $60.1 million, up 8% over last quarter and 27% over the same period last year

    “Market dynamics and Photronics’ execution have driven profitability levels that propelled the Company well beyond the projections in the target model we provided in December 2020,” concluded Kirlin. “Significant indicators from the market and other market participants are that these conditions will continue well into the future. We have therefore included an updated target model in the supplemental information issued in connection with our conference call later today.”

    Second Quarter 2022 Guidance

    For the second quarter of 2022, Photronics expects revenue to be between $188 million and $196 million, and net income attributable to Photronics, Inc. shareholders to be between $0.32 and $0.38 per diluted share.

    Conference Call

    A conference call to discuss these results is scheduled for 8:30 a.m. Eastern time on Wednesday, February 23, 2022. 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, 2021, 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” regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially. Please refer to the documents we file with the Securities and Exchange Commission. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.photronics.com/riskfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

    For Further Information:
    John P. Jordan
    Executive Vice President & CFO
    203.740.5671
    jjordan@photronics.com

    PHOTRONICS, INC.
    Condensed Consolidated Statements of Income
    (in thousands, except per share amounts)
    (Unaudited)
      
      
        Three Months Ended 
        January 30, October 31, January 31, 
        2022 2021 2021 
              
    Revenue   $189,827 $181,288 $152,067 
              
    Cost of goods sold   129,964  129,347  121,538 
              
    Gross Profit    59,863  51,941  30,529 
              
    Operating Expenses:        
              
    Selling, general and administrative 15,727  14,322  14,053 
              
    Research and development  5,939  4,100  4,710 
              
    Total Operating Expenses  21,666  18,422  18,763 
              
    Operating Income   38,197  33,519  11,766 
              
    Non-operating income, net  4,707  3,809  680 
              
    Income Before Income Tax Provision 42,904  37,328  12,446 
              
    Income tax provision   11,178  8,697  2,937 
              
    Net Income    31,726  28,631  9,509 
              
    Net income attributable to noncontrolling interests 8,662  8,820  1,473 
              
    Net income attributable to Photronics, Inc. shareholders$23,064 $19,811 $8,036 
              
    Earnings per share:        
              
    Basic   $ 0.38 $ 0.33 $ 0.13 
              
    Diluted   $ 0.38 $ 0.33 $ 0.13 
              
    Weighted-average number of common shares outstanding:      
              
    Basic    60,158  60,216  62,475 
              
    Diluted    60,936  60,908  63,005 
              


    PHOTRONICS, INC.
    Condensed Consolidated Balance Sheets
    (in thousands)
    (Unaudited)
     
            
        January 30, October 31, 
        2022 2021 
            
    Assets       
            
    Current assets:      
    Cash and cash equivalents $314,195 $276,670 
    Accounts receivable  170,673  174,447 
    Inventories   61,971  55,249 
    Other current assets  50,940  44,250 
            
    Total current assets  597,779  550,616 
            
    Property, plant and equipment, net 692,289  696,553 
    Other assets   45,180  47,033 
            
    Total assets  $1,335,248 $1,294,202 
            
            
            
    Liabilities and Equity     
            
    Current liabilities:      
    Current portion of long-term debt$18,307 $22,248 
    Accounts payable and accrued liabilities 172,787  153,900 
            
    Total current liabilities  191,094  176,148 
            
    Long-term debt   78,540  89,446 
    Other liabilities   26,448  28,046 
            
    Photronics, Inc. shareholders' equity 838,425  823,692 
    Noncontrolling interests  200,741  176,870 
    Total equity   1,039,166  1,000,562 
            
    Total liabilities and equity $1,335,248 $1,294,202 
            


    PHOTRONICS, INC. 
    Condensed Consolidated Statements of Cash Flows 
    (in thousands) 
    (Unaudited) 
             
             
         Three Months Ended 
         January 30, January 31, 
          2022   2021  
             
    Cash flows from operating activities:     
    Net income   $31,726  $9,509  
    Adjustments to reconcile net income to net cash    
    provided by operating activities:     
    Depreciation and amortization  20,810   23,724  
    Share-based compensation  1,457   1,301  
    Changes in operating assets, liabilities and other 5,137   (8,247) 
             
    Net cash provided by operating activities  59,130   26,287  
             
    Cash flows from investing activities:     
    Purchases of property, plant and equipment (19,175)  (17,532) 
    Government incentives   -   397  
    Other     (43)  (61) 
             
    Net cash used in investing activities  (19,218)  (17,196) 
             
    Cash flows from financing activities:     
    Repayments of debt   (15,192)  (7,796) 
    Purchases of treasury stock  (2,522)  (13,209) 
    Contribution from noncontrolling interest 14,997   -  
    Proceeds from long-term debt  -   6,205  
    Proceeds from share-based arrangements 3,840   765  
    Net settlements of restricted stock awards (1,458)  (315) 
             
    Net cash used in financing activities  (335)  (14,350) 
             
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2,057)  5,195  
             
    Net increase (decrease) in cash, cash equivalents, and restricted cash 37,520   (64) 
    Cash, cash equivalents, and restricted cash, beginning of period 279,680   281,602  
             
    Cash, cash equivalents, and restricted cash, end of period$317,200  $281,538  
             


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