Photronics Announces $100 Million Share Repurchase Program
September 14 2020 - 8:00AM
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 new repurchase plan
under SEC Rule 10b5-1.
“We paused our share repurchase activity in
March of this year by terminating our previous program in light of
the growing global macroeconomic uncertainty at that time,” said
Peter Kirlin, chief executive officer. “Since then, both the
semiconductor and display markets have been very dynamic and we
believe that on balance industry uncertainty has moderated.
Furthermore, our long-term business outlook remains positive and we
remain committed to our long-term growth initiatives and capital
deployment strategies. We have generated $78 million in cash from
operating activities and increased our cash position by $54 million
since the beginning of fiscal 2020. As a result, we believe now is
the right time to resume our share repurchase activity.”
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, 2019,
the company had 1,775 employees. The company has 11 strategically
located manufacturing facilities in Asia, Europe, and North
America. Additional information on the company can be accessed at
www.photronics.com.
Forward-Looking Statements
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.
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