Photronics Announces Preliminary Financial Results for the First Quarter of Fiscal 2014
February 10 2014 - 4:30PM
Business Wire
Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying
innovative imaging technology solutions for the global electronics
industry, announced preliminary financial results for the first
quarter of fiscal 2014.
Photronics expects revenues for the first quarter ended February
2, 2014 will be approximately $101.5 million compared with previous
guidance announced on December 11, 2013 of $103 million to $107
million. As a result of the lower-than-expected revenue, Photronics
expects that earnings per diluted share, exclusive of any Taiwan JV
transaction costs, for the first fiscal quarter will be in the
range of $0.03 to $0.04 compared with previous guidance in the
range of $0.06 to $0.10. Photronics plans to provide guidance for
the second quarter of fiscal 2014 during its regularly scheduled
first quarter fiscal 2014 financial results conference call
scheduled for February 19, 2014.
"We expect that our first quarter revenue and EPS will be lower
than previously anticipated as a result of a number of factors,
including a slower than projected post-holiday recovery in our
mainstream business in the U.S. and Europe, a delayed ramp in our
high-end memory, and the absence of a pre-Lunar New Year pull-in in
Taiwan. On the positive side, our Korean IC business was stronger
sequentially. We continue to expect that the strength of our
technology, our financial position and our deep customer
relationships will lead to solid growth for the year," stated
Constantine ("Deno") Macricostas, Photronics' chairman and chief
executive officer.
"Looking longer term, we are confident in our ability to
capitalize on our leadership position in high-end capability to
deliver long-term growth and profitability," concluded
Macricostas.
Photronics plans to announce its fiscal first quarter 2014
financial results at 4:30 p.m. Eastern Time on Tuesday, February
18, 2014 and host a conference call with investors to discuss these
results at 8:30 a.m. Eastern Time on Wednesday, February 19, 2014.
The live dial-in number is (408) 774-4601. The call can also 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 as well as decisions we may
make in the future regarding our business, capital structure and
other matters. 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.
03-2014
PhotronicsPete Broadbent, 203-775-9000Vice President, Investor
Relations & Marketingpbroadbent@photronics.com
Photronics (NASDAQ:PLAB)
Historical Stock Chart
From Sep 2024 to Oct 2024
Photronics (NASDAQ:PLAB)
Historical Stock Chart
From Oct 2023 to Oct 2024