Photronics Announces $25 Million Share Repurchase Program
October 12 2018 - 4:05PM
Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in supplying
innovative imaging technology solutions for the global electronics
industry, announced that its Board of Directors has authorized the
repurchase of up to $25 million of its common stock. This is in
addition to the $20 million share repurchase program that was
authorized in July of this year and is now substantially complete.
The purchases will occur in open market transactions from time to
time depending on market conditions or in accordance with a
repurchase plan under SEC Rule 10b5-1.
“We have growing confidence in our ability to
generate strong cash flows and maintain a solid balance sheet as we
complete our plant construction in China and begin to ramp
production during the first half of fiscal 2019,” said Peter
Kirlin, chief executive officer. “Our new buildings in both Xiamen
and Hefei will be largely complete by the end of this month,
followed by installation and commissioning of production tools. In
addition, our near-term business outlook remains in line with
previous expectations, and we are well positioned to continue
taking advantage of what we believe is a compelling value in our
equity.”
This authorization does not obligate the Company
to repurchase any dollar amount or number of shares of common
stock. The repurchase program may be suspended or discontinued at
any time.
About Photronics
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 display 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. These forward-looking
statements generally can be identified by phrases such as
“believes”, “expects”, “anticipates”, “plans”, “projects”,
“should”, and similar expressions. 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.
For Further Information:R. Troy
Dewar, CFADirector, Investor Relations(203)
740-5610tdewar@photronics.com
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