Photronics Acquires $5.0 Million Aggregate Principal Amount of Its Outstanding 5.5% Convertible Notes
June 16 2011 - 4:30PM
Business Wire
Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in supplying
innovative imaging technology solutions for the global electronics
industry, today announced that it acquired an additional $5.0
million aggregate principal amount of its 5.5% convertible senior
notes due in October 2014.
The convertible notes were acquired for approximately $3.2
million in cash and approximately 0.7 million shares of its common
stock with an approximate value of $6.5 million. As a result, the
Company expects to record an after-tax charge of approximately $5.0
million, of which approximately 80% is expected to be noncash. As a
result of the after-tax charge and the issuance of common stock,
the Company's equity will increase by approximately $1.5
million.
The Company previously acquired $30.4 million principal amount
of its 5.5% convertible senior notes. The remaining outstanding
balance of the 5.5% convertible senior notes due October 2014 is
now $22.1 million.
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.
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