-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MaLRwt+lJR9to+stJh2N1oq/Y215A7nD6PfWjUApfbAq6fWvigudUACXpSkDG/6T ibHfLCx6Fk0wKYQQUrEHqQ== 0000810136-00-000004.txt : 20000223 0000810136-00-000004.hdr.sgml : 20000223 ACCESSION NUMBER: 0000810136-00-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000222 ITEM INFORMATION: FILED AS OF DATE: 20000222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PHOTRONICS INC CENTRAL INDEX KEY: 0000810136 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 060854886 STATE OF INCORPORATION: CT FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-15451 FILM NUMBER: 550110 BUSINESS ADDRESS: STREET 1: 1061 INDIANTOWN RD STREET 2: SUITE 318 CITY: JUPITER STATE: FL ZIP: 33477 BUSINESS PHONE: 5617451222 MAIL ADDRESS: STREET 1: 15 SECOR ROAD STREET 2: P O BOX 5226 CITY: BROOKFIELD STATE: CT ZIP: 06804 FORMER COMPANY: FORMER CONFORMED NAME: PHOTRONIC LABS INC DATE OF NAME CHANGE: 19900514 8-K 1 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.) 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 EXHIBITS INDEX Exhibit No. Description 99.1 Press release dated February 16, 2000. EX-99.1 2 For Further Information: At The Company Michael W. McCarthy Director - Investor Relations & Corporate Communications (203)775-9000 mmccarthy@brk.photronics.com 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 - 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. 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 ......... ......... 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 ...... ...... -----END PRIVACY-ENHANCED MESSAGE-----