UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

graphic

 Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934

Date of report (Date of earliest event reported) 
 February 21, 2024
  

PHOTRONICS, INC.
(Exact name of registrant as specified in its charter)
 
Connecticut
 0-15451
06-0854886
(State or Other Jurisdiction of Incorporation)
(Commission File Number)   
(IRS Employer Identification No.)

15 Secor Road, Brookfield, CT
06804
(Address of principal executive offices)
(Zip Code)

Registrant's Telephone Number, including area code
(203) 775-9000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

 
Title of each class
  
Trading Symbol(s)
  
Name of each exchange on which registered
  COMMON STOCK, $0.01 par value per share
   PLAB
   NASDAQ Global Select Market

Item 2.02.
Results of Operations and Financial Condition.
 
On February 21, 2024, Photronics, Inc. (the “Company”) issued a press release reporting first quarter fiscal 2024 results.

A copy of the press release is furnished as Exhibit 99.1 to this report.  The information contained in this Item 2.02 and the attached Exhibits 99.1, 99.2, 99.3, 99.4, 99.5, 99.6 and 99.7, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth by specific reference in such filing.

On February 21, 2024, the Company will conduct a conference call during which certain unaudited, non-GAAP financial information related to the Company’s operations for the three months ended January 28, 2024 may be disclosed. This information is set forth in Exhibit 99.7.

Item 9.01.
Financial Statements and Exhibits.
 
(d)
Exhibits
     

Press Release February 21, 2024.

Condensed Consolidated Statements of Income.

Condensed Consolidated Balance Sheets.

Condensed Consolidated Statements of Cash Flows.

Reconciliation of GAAP to Non-GAAP Financial Information.

Reconciliation of GAAP to Non-GAAP Financial Information (cont.).

Photronics Q1 2024 Financial Results Conference Call February 21, 2024 slides.

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PHOTRONICS, INC.

(Registrant)



By:
/s/ Richelle E. Burr

Name:
Richelle E. Burr

Title:
Executive Vice President,

 
Chief Administrative Officer,

 
General Counsel and Secretary


 
Date:  February 21, 2024
    


Exhibit 99.1
For Further Information:
John P. Jordan
Executive Vice President & CFO
203.740.5671
jjordan@photronics.com


Photronics Reports First Quarter Fiscal 2024 Results

BROOKFIELD, Conn. February 21, 2024 (GLOBE NEWSWIRE) — Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its first quarter of fiscal year 2024 ended January 28, 2024.
 
“First quarter revenue increased year-over-year even though typically lower seasonal demand was weaker than anticipated, especially in the beginning of the quarter. Order rates improved through the quarter, continuing into second quarter.” said Frank Lee, chief executive officer. “High-end IC revenue increased both sequentially and year-over-year, primarily in 22nm and 28nm nodes, as customers continue migration to these nodes for improved performance and optimal cost. High-end FPD also increased over last year’s first quarter, but decreased from the fourth quarter due to typically lower seasonal demand for premium smartphone displays that use AMOLED technology. Operating margin increased year-over-year, but contracted sequentially, resulting from operating leverage in the year-over-year result and the impact of higher operating expenses in the sequential comparison. Cash generation remains strong, further strengthening our balance sheet with ample liquidity for our profitable growth investments. The Photronics team continues their outstanding performance, and with expectations for growth in the second quarter, we are building momentum for another record year in 2024.”
 
First Quarter Fiscal 2024 Results


 •
Revenue was $216.3 million, up 2% year-over-year and down 5% sequentially

•
GAAP net income attributable to Photronics, Inc. shareholders was $26.2 million, or $0.42 per diluted share, compared with $14.0 million, or $0.23 per diluted share in the first quarter 2023 and $44.6 million, or $0.72 per diluted share in the fourth quarter of 2023

•
Non-GAAP net income attributable to Photronics, Inc. shareholders was $29.9 million, or $0.48 per diluted share, compared with $24.4 million, or $0.40 per diluted share in the first quarter 2023 and $37.2 million, or $0.60 per diluted share in the fourth quarter of 2023

•
IC revenue was $157.6 million, up 1% year-over-year and down 4% sequentially

•
FPD revenue was $58.7 million, up 8% from the same quarter last year and down 7% sequentially

•
Cash generated from operating activities was $41.5 million, and cash invested in organic growth through capital expenditures was $43.3 million; we received $1.1 million in government incentives for investments made

•
Cash balance at the end of the quarter was $508.5 million, with $13.0 million in short-term investments and $23.4 million in debt

Second Quarter Fiscal 2024 Guidance
 
For the second quarter of fiscal 2024, Photronics expects revenue to be between $226 million and $236 million and non-GAAP net income attributable to Photronics, Inc. shareholders to be between $0.50 and $0.58 per diluted share.
 
Webcast
 
A webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on Wednesday, February 21, 2024. The call will be broadcast live and on-demand on the Events and Presentations link on the Photronics website. Analysts and investors who wish to participate in the Q&A portion of the call should click here. It is suggested that participants register fifteen minutes prior to the call's scheduled start 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 over 50 years. As of October 31, 2023, the company had approximately 1,885 employees. The company operates 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
 
Certain statements in this press release constitute “forward-looking statements” regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially. Please refer to the documents we file with the Securities and Exchange Commission. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.photronics.com/riskfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
 
Non-GAAP Financial Measures
 
Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP earnings per share, Free Cash Flow, and Net Cash are "non-GAAP financial measures" as such term is defined by the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our future on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not intended to represent funds available for our discretionary use and are not intended to represent, or be used as a substitute for, gross profit, operating income, net income, cash and cash equivalents, or cash flows from operations, as measured under GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated balance sheets and statement of cash flows and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations on the following pages.


Exhibit 99.2

PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)

   
Three Months Ended
  
     
January 28,
2024
      
October 31,
2023
      
January 29,
2023
  
 
                   
Revenue
  
$
216,334
    
$
227,473
    
$
211,090
  
 
                        
Cost of goods sold
    
137,079
      
142,591
      
135,013
  
 
                        
Gross Profit
    
79,255
      
84,882
      
76,077
  
 
                        
Operating Expenses:
                        
 
                        
Selling, general and administrative
    
18,321
      
16,731
      
16,818
  
 
                        
Research and development
    
3,445
      
3,367
      
3,302
  
 
                        
Total Operating Expenses
    
21,766
      
20,098
      
20,120
  
 
                        
Operating Income
    
57,489
      
64,784
      
55,957
  
 
                        
Non-operating (loss) income, net
    
(3,747
)
    
18,660
      
(14,425
)
 
                        
Income Before Income Tax Provision
    
53,742
      
83,444
      
41,532
  
 
                        
Income tax provision
    
14,660
      
20,288
      
12,582
  
 
                        
Net Income
    
39,082
      
63,156
      
28,950
  
 
                        
Net income attributable to noncontrolling interests
    
12,902
      
18,545
      
14,964
  
 
                        
Net income attributable to Photronics, Inc. shareholders
  
$
26,180
    
$
44,611
    
$
13,986
  
 
                        
Earnings per share:
                        
 
                        
Basic
  
$
0.43
    
$
0.73
    
$
0.23
  
 
                        
Diluted
  
$
0.42
    
$
0.72
    
$
0.23
  
 
                        
Weighted-average number of common shares outstanding:
                        
 
                        
Basic
    
61,455
      
61,290
      
60,894
  
 
                        
Diluted
    
62,283
      
62,067
      
61,470
  


Exhibit 99.3

PHOTRONICS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)



   
January 28,
2024
      
October 31,
2023
  
 

           
Assets
            

           
Current assets:
            
Cash and cash equivalents
  
$
508,518
    
$
499,292
  
Short-term investments
    
12,996
      
12,915
  
Accounts receivable
    
203,607
      
194,927
  
Inventories
    
50,680
      
49,963
  
Other current assets
    
31,876
      
28,353
  
                 
Total current assets
    
807,677
      
785,450
  
                 
Property, plant and equipment, net
    
742,671
      
709,244
  
Other assets
    
32,488
      
31,527
  
                 
Total assets
  
$
1,582,836
    
$
1,526,221
  
                 
Liabilities and Equity
                
                 
Current liabilities:
                
Current portion of long-term debt
  
$
20,771
    
$
6,621
  
Accounts payable and accrued liabilities
    
164,518
      
178,602
  
                 
Total current liabilities
    
185,289
      
185,223
  
                 
Long-term debt
    
2,655
      
17,998
  
Other liabilities
    
47,838
      
47,391
  

               
Photronics, Inc. shareholders' equity
    
1,022,956
      
975,008
  
Noncontrolling interests
    
324,098
      
300,601
  
Total equity
    
1,347,054
      
1,275,609
  

               
Total liabilities and equity
  
$
1,582,836
    
$
1,526,221
  


Exhibit 99.4

PHOTRONICS,  INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

   
Three Months Ended
  
     
January 28,
2024
      
January 29,
2023
   
             
Cash flows from operating activities:
            
Net income
  
$
39,082
    
$
28,950
  
Adjustments to reconcile net income to net cash
                
provided by operating activities:
                
Depreciation and amortization
    
20,702
      
19,105
  
Share-based compensation
    
2,573
      
1,821
  
Changes in operating assets, liabilities and other
    
(20,849
)
    
(22,196
)
                 
Net cash provided by operating activities
    
41,508
      
27,680
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(43,314
)
    
(31,097
)
Purchases of available-for-sale debt securities
    
(2,436
)
    
-
  
Proceeds from maturities of available-for-sale debt securities
    
2,500
      
-
  
Government incentives
    
1,091
      
1,014
  
Other
    
(56
)
    
(87
)
                 
Net cash used in investing activities
    
(42,215
)
    
(30,170
)
                 
Cash flows from financing activities:
                
Repayments of debt
    
(1,194
)
    
(9,218
)
Proceeds from share-based arrangements
    
936
      
672
  
Net settlements of restricted stock awards
    
(2,613
)
    
(1,168
)
                 
Net cash used in financing activities
    
(2,871
)
    
(9,714
)
                 
Effects of exchange rate changes on cash, cash equivalents, and restricted cash
    
13,026
      
27,499
  
                 
Net increase in cash, cash equivalents, and restricted cash
    
9,448
      
15,295
  
Cash, cash equivalents, and restricted cash, beginning of period
    
501,867
      
322,409
  
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
511,315
    
$
337,704
  


Exhibit 99.5

PHOTRONICS, INC.
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands)
(Unaudited)

   
Three Months ended
  
   
January 28,
2024
    
October 31,
2023
    
January 29,
2023
  
 
Reconciliation of GAAP to Non-GAAP Non-operating (loss) Income:
                  
                   
GAAP Non-operating (loss) income, net
  
$
(3,747
)
  
$
18,660
    
$
(14,425
)
FX (gain) loss
    
8,909
      
(13,234
)
    
16,944
  
Non-GAAP Non-operating (loss) income, net
  
$
5,162
    
$
5,426
    
$
2,519
  
                         
Reconciliation of GAAP to Non-GAAP Income tax provision:
                        
                         
GAAP Income tax provision
  
$
14,660
    
$
20,288
    
$
12,582
  
Estimated tax effects of FX (gain) loss
    
(2,244
)
    
3,437
      
(4,506
)
Non-GAAP Income tax provision
  
$
16,904
    
$
16,851
    
$
17,088
  
                         
Reconciliation of GAAP to Non-GAAP Noncontrolling interests:
                        
                         
GAAP Noncontrolling interests
  
$
12,902
    
$
18,545
    
$
14,964
  
Estimated noncontrolling interest effects of above
    
(2,939
)
    
2,431
      
(2,060
)
Non-GAAP Noncontrolling interests
  
$
15,841
    
$
16,114
    
$
17,024
  
                         
Reconciliation of GAAP to Non-GAAP Net Income:
                        
                         
GAAP Net Income
  
$
26,180
    
$
44,611
    
$
13,986
  
FX (gain) loss
    
8,909
      
(13,234
)
    
16,944
  
Estimated tax effects of above
    
(2,244
)
    
3,437
      
(4,506
)
Estimated noncontrolling interest effects of above
    
(2,939
)
    
2,431
      
(2,060
)
Non-GAAP Net Income
  
$
29,906
    
$
37,245
    
$
24,364
  
                         
Weighted-average number of common shares outstanding - Diluted
    
62,283
      
62,067
      
61,470
  
                         
Reconciliation of GAAP to Non-GAAP EPS:
                        
                         
GAAP diluted earnings per share
  
$
0.42
    
$
0.72
    
$
0.23
  
Effects of the above adjustments
  
$
0.06
    
$
(0.12
)
  
$
0.17
  
Non-GAAP diluted earnings per share
  
$
0.48
    
$
0.60
    
$
0.40
  


Exhibit 99.6

PHOTRONICS, INC.
Reconciliation of GAAP to Non-GAAP Financial Information (cont.)
(in thousands)
(Unaudited)

Reconciliation of Net cash provided by operating activities to Free Cash Flow


  
Three Months Ended
  

 
January 28,
2024
  

     
GAAP Net cash provided by operating activities
  
$
41,508
  
         
Purchases of property, plant and equipment
    
(43,314
)
         
Free Cash Flow
  
$
(1,806
)

Reconciliation of  Cash and cash equivalents  to Net Cash:


  
As of
  
    
January 28,
2024
      
October 31,
2023
      
January 29,
2023
   
                   
Cash and  cash equivalents
  
$
508,518
    
$
499,292
    
$
334,792
  
                         
Current portion of Long-term debt
    
(20,771
)
    
(6,621
)
    
(6,541
)
                         
Long-term Debt
    
(2,655
)
    
(17,998
)
    
(27,323
)
                         
Net Cash
  
$
485,092
    
$
474,673
    
$
300,928
  


Exhibit 99.7

 February 21, 2024  Q1 2024 Financial Results Conference Call 
 
 Safe Harbor Statement  This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain risks and uncertainties. We refer you to the documents the Company files from time to time with the Securities and Exchange Commission. These documents contain and identify important factors that could cause the actual results for the Company to differ materially from those contained in our projections or forward-looking statements. These certain factors can be found at www.photronics.com/riskfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee the accuracy of any forecasts or estimates, and we are not obligated to update any forward-looking statements if our expectations change. 
 
 Q1 2024 Summary  Year-over-year Growth in Earnings and Cash Flow as we Effectively Manage Costs and Working Capital  1Net income attributable to Photronics, Inc. shareholders. 2Adjusted EPS is a non-GAAP measure; see reconciliation included in this presentation.  $216.3M  Revenue  26.6%  Operating Margin  $0.42  EPS1  $0.48  Adjusted2 EPS1  $41.5M  OCF  $508.5M  Cash  +2% Y/Y  (5%) Q/Q  +10 bps Y/Y  (190) bps Q/Q  +83% Y/Y  (42%) Q/Q  +20% Y/Y  (20%) Q/Q  +50% Y/Y  (61%) Q/Q  +52% Y/Y  +2% Q/Q  Revenue improved Y/Y and down Q/Q; slow start to quarter for IC; demand strengthened during the quarter, positioning for stronger Q2  Adjusted EPS improved Y/Y on operating leverage; lower Q/Q on decreased volume and higher operating expense  Balance sheet fortified due to strong free cash flow generation, debt reduction, and effective management of working capital  Investing in IC capacity to capitalize on market growth trends 
 
 Income Statement Summary  GAAP  Non-GAAP1  $M (except EPS)  Q124  Q/Q  Y/Y  Q124  Q/Q  Y/Y  Revenue  216.3   (5%)  2%  Gross Profit  79.3  (7%)  4%  Gross Margin  36.6%  (70) bps  60 bps  Operating Income   57.5  (11%)  3%  Operating Margin  26.6%  (190) bps  10 bps  Non-operating (loss) income  (3.7)  (22.4)  10.7  5.2  (0.3)  2.6  Income tax provision  14.7  (28%)  17%  16.9  0%  (1%)  Minority interest  12.9  (30%)  (14%)  15,8  (2%)  (7%)  Net income2  26.2  (41%)  87%  29.9  (20%)  23%  Diluted EPS2   0.42  (0.30)  0.19  0.48  (0.12)  0.08  Days in quarter  89  (4)  (1)  1See reconciliation included in this presentation. 2Net income attributable to Photronics, Inc. shareholders.  Gross margins down Q/Q and up Y/Y on operating leverage and change in revenue  Opex increased due to higher SG&A driven by higher compensation expense  GAAP Non-operating income primarily consists of unrealized FX gain/loss;  Non-GAAP removes effect of FX gain/loss  Minority interest reflects net income of IC JVs in Taiwan and China 
 
 Revenue by Product Line  $M  Q124  Q/Q  Y/Y  High-End*  60.9  6%  27%  Mainstream  96.7  (9%)  (11%)  Total  157.6  (4%)  1%  High-end increased on strong demand from Asia foundries; Y/Y also saw contribution from US  Mainstream softness primarily in Asia  Growth drivers:  New designs by customers to gain market share and support technology roadmap  Regionalization driving investments for global chip capacity  Able to maintain pricing in favorable supply / demand dynamic  *IC: 28nm and smaller; FPD: ≥G10.5, AMOLED and LTPS. Totals may differ due to rounding.  High-end grew Y/Y on strong AMOLED demand; Q/Q softer due to premium smartphone seasonality  Mainstream lower due to soft demand at beginning of Q1  Growth drivers:  Technology development drives demand for higher-value masks  Mobile demand is expected to remain strong with rollout of new designs and emerging panel makers winning market share  $M  Q124  Q/Q  Y/Y  High-End*  50.6  (5%)  11%  Mainstream  8.1  (16%)  (8%)  Total  58.7  (7%)  8%  IC  FPD 
 
 Balance Sheet and Cash Flow Metrics  *Net cash is a non-GAAP term; see reconciliation included in this presentation.  Balance Sheet Provides Resilience, Enables Growth Strategy and Shareholder Value Creation  $M  Q124  Y/Y  Q/Q  Cash  508.5  52%  2%  Short-term Investments  13.0  (67%)  1%  Debt  23.4  (31%)  (5%)  Net Cash*  485.1  61%  2%  Operating Cash Flow  41.5  50%  (61%)  Capital Expenditures  43.3  39%  (17%)  Continued strong operating cash flow from income generation and working capital management  Debt comprised of US equipment leases  Capex targets growth in IC capacity & facility expansion  Strong balance sheet able to fund investments, share repurchases, and strategic opportunities and remain resilient to effects of industry downturns 
 
 Q2 2024 Guidance   Revenue ($M)  226 – 236  Operating Margin  27% - 29%  Taxes ($M)  17 – 19  Diluted non-GAAP EPS  $0.50 - $0.58  Diluted Shares (M)  ~62  Full-year Capex ($M)  ~140  Incorporation of chips in IoT, 5G, Crypto and consumer products   New designs to capture market share  Advanced display technologies  Outlook clouded by geopolitical uncertainty and macro-economic headwinds  Driving margin expansion and cash flows to deliver long-term shareholder value 
 
 Appendix 
 
 Revenue by Product Group ($M)  Total may differ due to rounding.  IC  FPD  Mainstream  High-End  Mainstream  High-End  Total Revenue  IC Revenue  FPD Revenue  High-End: 28nm and smaller  High-End: ≥G10.5, AMOLED and LTPS 
 
 Non-GAAP Financial Measures  Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP earnings per share, Free Cash Flow, and Net Cash are "non-GAAP financial measures" as such term is defined by the Securities and Exchange Commission and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our future on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not intended to represent funds available for our discretionary use and are not intended to represent, or be used as a substitute for, gross profit, operating income, net income, cash and cash equivalents, or cash flows from operations, as measured under GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated balance sheets and statement of cash flows and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations on the following pages.  
 
 Non-GAAP Financial Measures 
 
 Non-GAAP Financial Measures 
 

v3.24.0.1
Document and Entity Information
Feb. 21, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 21, 2024
Entity File Number 0-15451
Entity Registrant Name PHOTRONICS, INC.
Entity Central Index Key 0000810136
Entity Incorporation, State or Country Code CT
Entity Tax Identification Number 06-0854886
Entity Address, Address Line One 15 Secor Road
Entity Address, City or Town Brookfield
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06804
City Area Code 203
Local Phone Number 775-9000
Title of 12(b) Security COMMON STOCK, $0.01 par value per share
Trading Symbol PLAB
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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