Photronics Expects to Exceed Guidance for First Quarter of Fiscal 2011
February 09 2011 - 6:30AM
Business Wire
Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in supplying
innovative imaging technology solutions for the global electronics
industry today announced preliminary financial results for the
first quarter of fiscal 2011 ahead of its participation at the
Stifel Nicolaus Technology & Telecom Conference. The Company
expects sales for the first quarter to be in a range of $119 to
$120 million compared with the previously guided range of $107 to
$111 million, and earnings per diluted share to be in a range of
$0.17 to $0.19 compared with previous guidance of between $0.10 and
$0.14.
Constantine (“Deno”) Macricostas, Photronics’ chairman and chief
executive officer commented, “We expect to exceed our guidance
ranges for revenue and earnings as a result of strong demand for
both IC and FPD photomasks, particularly at the high-end. IC sales
were up even though the first quarter is typically seasonally slow
due to holiday shutdowns. FPD revenues increased significantly on a
sequential basis, especially at the high-end, which have high
average selling prices. In addition to strength in demand, we
experienced some pull-in of sales into the first quarter in Asia as
a result of the Lunar New Year. We expect continued steady demand
for high-end IC photomasks throughout 2011.”
The Company will provide guidance for the second-quarter of
fiscal 2011 during its conference call to discuss these results.
The Company expects to announce its full financial results after
the close of the market on Tuesday, February 15, and hold a
conference call to discuss those results at 8:30 a.m. ET on
Wednesday, February 16, 2011. The live dial-in number is (408)
774-4601. A live webcast of the call also can be accessed by
logging onto Photronics’ web site at www.photronics.com.
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 and flat panel displays, photomasks
are used to transfer circuit patterns onto semiconductor wafers and
flat panel substrates during the fabrication of integrated
circuits, a variety of flat panel displays and, to a lesser extent,
other types of electrical and optical components. They are produced
in accordance with product 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.
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for forward-looking statements made by or on behalf
of Photronics, Inc. and its subsidiaries (the Company). The
forward-looking statements contained in this press release and
other parts of Photronics’ web site involve risks and uncertainties
that may affect the Company’s operations, markets, products,
services, prices, and other factors. These risks and uncertainties
include, but are not limited to, economic, competitive, legal,
governmental, and technological factors. Accordingly, there is no
assurance that the Company’s expectations will be realized. For a
fuller discussion of the factors that may affect the Company's
operations, see "Forward Looking Statements" in the Company's
Quarterly and Annual Reports to the Securities and Exchange
Commission on Forms 10-Q and 10-K. The Company assumes no
obligation to provide revisions to any forward-looking
statements.
03-2011
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