Photronics Announces $100 Million Share Repurchase Program
August 28 2019 - 8:22AM
Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask
technologies and solutions, announced that its Board of Directors
has authorized the repurchase of up to $100 million of its common
stock. The purchases will occur pursuant to a repurchase plan under
SEC Rule 10b5-1.
“With the majority of our China investment
completed and both of our new facilities ramping production, we are
ready to resume the share repurchase activity that was paused
earlier this year,” said Peter Kirlin, chief executive officer. “We
are confident in completing the production ramp, see compelling
value in our equity, and believe now is the right time to initiate
this action.”
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 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 50 years. As of October 31, 2018,
the company had 1,575 employees across 11 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 the company and its subsidiaries. The
forward-looking statements contained in this press release 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, political, 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”,
and similar expressions. There is no assurance that the
company’s expectations will be realized. For additional information
please see the company’s quarterly and annual reports filed with
the Securities and Exchange Commission. The company assumes no
obligation to provide revisions to any forward-looking
statements.
For Further Information:R. Troy
Dewar, CFAVice President, Investor Relations(203)
740-5610tdewar@photronics.com
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