SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 16, 2000
....Photronics, Inc....
(Exact name of registrant as specified in its charter)
Connecticut 0-15451 06-0854886
(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.)
of Incorporation)
1061 East Indiantown Road, Jupiter, FL 33477
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(561) 745-1222
--------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events
On February 16, 2000, Photronics, Inc. issued a press release
announcing the financial results for its first quarter ended
January 30, 2000. The press release is filed herewith as an
exhibit.
Item 7. Financial Statements and Exhibits
(a) Financial statements of business acquired
Not applicable
(b) Pro forma financial information
Not applicable
(c) See Exhibits Index
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.
JEFFREY P. MOONAN
___________________________
February 22, 2000 By: Jeffrey P. Moonan
Title: Executive VP Finance
& Administration
<PAGE>
EXHIBITS INDEX
Exhibit No. Description
99.1 Press release dated February 16, 2000.
For Further Information:
At The Company
Michael W. McCarthy
Director - Investor Relations & Corporate Communications
(203)775-9000
[email protected]
www.photronics.com
- -----------------------------------------------------------------
FOR IMMEDIATE RELEASE
February 16, 2000
Photronics Reports First Quarter Results
Revenues Increase 22% Year-over-Year
JUPITER, Florida February 16, 2000 -- Photronics, Inc.
(Nasdaq:PLAB), the world's leading photomask supplier, today
reported first quarter 2000 sales and earnings results for the
period ended January 30, 2000.
Sales for the quarter were $58.3 million, up 22%, compared to
$47.8 million for the first quarter in 1999. Sequentially, sales
were 7.5% lower than the $63.0 million reported in the fourth
quarter of fiscal 1999 as a result of lower order activity
typically experienced during the holiday season. Net income was
$3.0 million compared to the prior year's $0.6 million. Diluted
earnings per share amounted to $0.13 in the current year's quarter,
compared with $0.03 in the first quarter of 1999.
James R. Northup, President stated, "Overall, the tone of our
business continues to improve as integrated circuit designers
respond to the technology consumer's demand for more functionality
per square inch of silicon. The proliferation of these high
performance devices will continue to gain momentum as the
semiconductor industry begins to utilize its growing installed base
of deep ultra-violet lithography systems. As the photomask
industry is driven by new designs and applications for
semiconductor devices, we believe the demand for the most advanced
photomask technologies and services Photronics provides to its
global customer base will continue to rise as well." Mr. Northup also noted
- more -
<PAGE>
Photronics Reports First Quarter Results................Page Two
that, as expected, sequential results were affected by year-end holiday
interruptions in design activity, which are typically experienced
during the Company's first quarter. "Though broader based than in
prior years, we also began to see the typical rebound in the
release of new designs as the quarter came to a close."
In conclusion, Mr. Northup commented, "The mix of our business
continues its shift toward technologies below 0.25 micron, which we
view as the primary driver in the photomask industry's growth in
the year ahead. We believe Photronics is equipped to grow at a
rate faster than the overall industry because we have carefully
established a global leadership position by building a technology
and service driven organization and management team focused on
meeting the semiconductor industry's growing requirements in every
region of the world."
A conference call with the investment community and the media
can be accessed by logging onto Photronics' web site at
www.photronics.com and navigating to the Investor Relations page.
The call, scheduled for 8:30 a.m. Eastern Standard Time on
Thursday, February 17th will be archived for instant replay access
until 5:00 p.m. Eastern Standard Time on Friday, February 25, 2000.
# # #
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, photomasks are used to transfer
circuit patterns onto semiconductor wafers during the fabrication
of integrated circuits. They are produced in accordance with
circuit 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.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Except for historical information, the matters
discussed in this news release that may be considered forward-
looking statements may be subject to certain risks and
uncertainties that could cause the actual results to differ
materially from those projected, including uncertainties in the
market, pricing competition, procurement and manufacturing
efficiencies, and other risks detailed from time to time in the
Company's SEC reports. The Company assumes no obligation to update
the information in this release.
<PAGE>
PHOTRONICS, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
(in thousands)
January 30, October 31,
2000 1999
Assets
Current assets:
Cash, cash equivalents and short-term
investments $ 8,951 $ 16,269
Accounts receivable 42,497 41,293
Inventories 14,398 13,888
Other current assets 15,321 14,757
...... ......
Total current assets 81,167 86,207
Property, plant and equipment, net 276,191 282,157
Intangible assets, net 30,030 28,357
Investments and other assets 18,699 13,635
......... .........
$ 406,087 $ 410,356
......... .........
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of long-term debt $ 252 $ 261
Accounts payable and accrued
liabilities 42,631 56,755
......... ...........
Total current liabilities 42,883 57,016
Long-term debt 116,634 116,703
Deferred income taxes and other
liabilities 32,108 28,937
Shareholders' equity 214,462 207,700
......... .........
$ 406,087 $ 410,356
......... .........
<PAGE>
PHOTRONICS, INC. AND SUBSIDIARIES
Consolidated Condensed Statement of Earnings
(in thousands, except per share amounts)
First Quarter Ended
January 30, January 31,
2000 1999
.......... ..........
Net sales $ 58,316 $ 47,815
Costs and expenses:
Cost of Sales 39,928 35,287
Selling, general and
administrative 8,174 7,263
Research and development 4,493 3,519
.......... ..........
Operating income 5,721 1,746
Other income (expense), net (1,008) (729)
......... .........
Income before income taxes 4,713 1,017
Provision for income taxes 1,700 400
......... ..........
Net income $ 3,013 $ 617
......... .........
Earnings per share:
Basic $0.13 $0.03
..... .....
Diluted $0.13 $0.03
..... .....
Weighted average number of common shares
outstanding:
Basic 23,983 24,102
...... ......
Diluted 23,983 24,102
...... ......
