8-K

UNITED STATES

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) September 6, 2023

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 September 6, 2023, Photronics, Inc. (the “Company”) issued a press release reporting third quarter fiscal 2023 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 September 6, 2023, 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 July 30, 2023 may be disclosed. This information is set forth in Exhibit 99.7.

Item 9.01. Financial Statements and Exhibits.

(d)  Exhibits

99.1	Press Release September 6, 2023.
99.2	Condensed Consolidated Statements of Income.
99.3	Condensed Consolidated Balance Sheets.
99.4	Condensed Consolidated Statements of Cash Flows.
99.5	Reconciliation of GAAP to Non-GAAP Financial Information.
99.6	Reconciliation of GAAP to Non-GAAP Financial Information (cont.).
99.7	Photronics Q3 2023 Financial Results Conference Call September 6, 2023 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:  September 6, 2023

EX-99.1

Exhibit 99.1

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

Photronics Reports Third Quarter Fiscal 2023 Results

BROOKFIELD, Conn. September 6, 2023 (GLOBE NEWSWIRE) — Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its third quarter of fiscal year 2023 ended July 30, 2023.

“The Photronics team performed well in the third quarter, maintaining strong margins in an environment where we experienced a temporary demand slowdown in some of our end markets,” said Frank Lee, chief executive officer. “Revenues increased 2% over the prior year quarter and were slightly lower than the record levels in the second quarter of this year. IC declined sequentially as softer mainstream demand more than offset high-end growth in Asia. FPD high-end demand was lower as strong AMOLED sales were offset by lower LTPS and G10.5+.

“Despite lower revenue, we maintained good profit margins and once again drove strong cash flow generation, further strengthening the balance sheet to fund our strategic growth initiatives and navigate the industry downturn. The long-term photomask demand outlook remains positive, driven by several secular drivers that support robust design activity for new devices and ongoing trends to onshore semiconductor production in response to rising geopolitical risks. As the world’s largest merchant photomask manufacturer, we are well positioned to benefit from these ongoing trends.”

Third Quarter Fiscal 2023 Results

• Revenue was $224.2 million, up 2% year-over-year and down 2% sequentially

• GAAP net income attributable to Photronics, Inc. shareholders was $27.0 million, or $0.44 per diluted share, compared with $31.2 million, or $0.51 per diluted share in the third quarter 2022 and $39.9 million, or $0.65 per diluted share in the second quarter of 2023

• Non-GAAP net income attributable to Photronics, Inc. shareholders was $31.6 million, or $0.51 per diluted share, compared with $28.9 million, or $0.47 per diluted share in the third quarter 2022 and $32.9 million, or $0.54 per diluted share in the second quarter of 2023

• IC revenue was $163.1 million, up 1% year-over-year and down 2% sequentially

• FPD revenue was $61.1 million, up 4% from the same quarter last year and down 2% sequentially

• Cash generated from operating activities was $85.9 million, and cash invested in organic growth through capital expenditures was $21.1 million

• Cash balance at the end of the quarter was $448.5 million, with $27.3 million in short-term investments and $26.7 million in debt

Fourth Quarter Fiscal 2023 Guidance

For the fourth quarter of fiscal 2023, Photronics expects revenue to be between $222 million and $232 million and non-GAAP net income attributable to Photronics, Inc. shareholders to be between $0.51 and $0.59 per diluted share.

Webcast

A webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on Wednesday, September 6, 2023.  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, 2022, the company had 1,828 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.

06-23

EX-99.2

Exhibit 99.2

PHOTRONICS, INC.

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended								Nine Months Ended
	July 30,			April 30,		July 31,			July 30,			July 31,
	2023			2023		2022			2023			2022
Revenue	$	224,206		$	229,306	$	219,948		$	664,603		$	614,283
Cost of goods sold		137,405			140,904		136,085			413,323			400,338
Gross Profit		86,801			88,402		83,863			251,280			213,945
Operating Expenses:
Selling, general and administrative		18,032			17,878		15,960			52,728			48,306
Research and development		3,505			3,479		4,151			10,287			14,297
Total Operating Expenses		21,537			21,357		20,111			63,015			62,603
Other operating loss		-			-		(23	)		-			(17	)
Operating Income		65,264			67,045		63,729			188,265			151,325
Non-operating (loss) income, net		(911	)		13,571		3,641			(1,764	)		16,370
Income Before Income Tax Provision		64,353			80,616		67,370			186,501			167,695
Income tax provision		16,098			21,343		18,146			50,023			43,717
Net Income		48,255			59,273		49,224			136,478			123,978
Net income attributable to noncontrolling interests		21,296			19,344		17,994			55,604			42,252
Net income attributable to Photronics, Inc. shareholders	$	26,959		$	39,929	$	31,230		$	80,874		$	81,726
Earnings per share:
Basic	$	0.44		$	0.65	$	0.51		$	1.32		$	1.35
Diluted	$	0.44		$	0.65	$	0.51		$	1.31		$	1.34
Weighted-average number of common shares outstanding:
Basic		61,233			61,138		60,701			61,089			60,488
Diluted		61,974			61,507		61,299			61,650			61,127

EX-99.3

Exhibit 99.3

PHOTRONICS, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)

	July 30,		October 31,
	2023		2022
Assets
Current assets:
Cash and cash equivalents	$	448,479	$	319,680
Short-term investments		27,325		38,820
Accounts receivable		206,128		198,147
Inventories		55,379		50,753
Other current assets		34,900		37,252
Total current assets		772,211		644,652
Property, plant and equipment, net		701,459		643,873
Other assets		29,673		27,305
Total assets	$	1,503,343	$	1,315,830
Liabilities and Equity
Current liabilities:
Current portion of long-term debt	$	6,589	$	10,024
Accounts payable and accrued liabilities		184,063		183,773
Total current liabilities		190,652		193,797
Long-term debt		20,121		32,310
Other liabilities		40,694		27,634
Photronics, Inc. shareholders' equity		961,212		831,527
Noncontrolling interests		290,664		230,562
Total equity		1,251,876		1,062,089
Total liabilities and equity	$	1,503,343	$	1,315,830

EX-99.4

Exhibit 99.4

PHOTRONICS,  INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Nine Months Ended
	July 30,			July 31,
	2023			2022
Cash flows from operating activities:
Net income	$	136,478		$	123,978
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		59,523			61,210
Share-based compensation		5,874			4,623
Changes in operating assets, liabilities and other		(6,319	)		6,110
Net cash provided by operating activities		195,556			195,921
Cash flows from investing activities:
Purchases of property, plant and equipment		(78,813	)		(46,337	)
Purchases of available-for-sale debt securities		(9,837	)		-
Proceeds from maturity of available-for-sale debt securities		22,500			-
Government incentives		2,033			1,394
Other		(116	)		(179	)
Net cash used in investing activities		(64,233	)		(45,122	)
Cash flows from financing activities:
Repayments of debt		(16,351	)		(51,917	)
Purchases of treasury stock		-			(2,522	)
Contributions from noncontrolling interest		-			24,995
Proceeds from share-based arrangements		1,241			5,505
Net settlements of restricted stock awards		(1,292	)		(1,463	)
Net cash used in financing activities		(16,402	)		(25,402	)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash		13,813			(21,308	)
Net increase in cash, cash equivalents, and restricted cash		128,734			104,089
Cash, cash equivalents, and restricted cash, beginning of period		322,409			279,680
Cash, cash equivalents, and restricted cash, end of period	$	451,143		$	383,769

EX-99.5

Exhibit 99.5

PHOTRONICS, INC.

Reconciliation of GAAP to Non-GAAP Financial Information

(in thousands)

(Unaudited)

	Three Months ended
	July 30,			April 30,			July 31,
	2023			2023			2022
Reconciliation of GAAP to Non-GAAP Non-operating (loss) Income:
GAAP Non-operating (loss) income, net	$	(911	)	$	13,571		$	3,641
FX (gain) loss		4,543			(10,718	)		(3,862	)
Non-GAAP Non-operating (loss) income, net	$	3,632		$	2,853		$	(221	)
Reconciliation of GAAP to Non-GAAP Income tax provision:
GAAP Income tax provision	$	16,098		$	21,343		$	18,146
Estimated tax effects of FX (gain) loss		(1,193	)		2,823			955
Non-GAAP Income tax provision	$	17,291		$	18,520		$	17,191
Reconciliation of GAAP to Non-GAAP Noncontrolling interests:
GAAP Noncontrolling interests	$	21,296		$	19,344		$	17,994
Estimated noncontrolling interest effects of above		1,328			901			527
Non-GAAP Noncontrolling interests	$	19,968		$	18,443		$	17,467
Reconciliation of GAAP to Non-GAAP Net Income:
GAAP Net Income	$	26,959		$	39,929		$	31,230
FX (gain) loss		4,543			(10,718	)		(3,862	)
Estimated tax effects of above		(1,193	)		2,823			955
Estimated noncontrolling interest effects of above		1,328			901			527
Non-GAAP Net Income	$	31,637		$	32,935		$	28,850
Weighted-average number of common shares outstanding - Diluted		61,974			61,507			61,299
Reconciliation of GAAP to Non-GAAP EPS:
GAAP diluted earnings per share	$	0.44		$	0.65		$	0.51
Effects of the above adjustments	$	0.07		$	(0.11	)	$	(0.04	)
Non-GAAP diluted earnings per share	$	0.51		$	0.54		$	0.47

EX-99.6

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
	Nine Months ended
	July 30,
	2023
GAAP Net cash provided by operating activities	$	195,556
Purchases of property, plant and equipment		(78,813	)
Free Cash Flow	$	116,743

Reconciliation of  Cash and cash equivalents  to Net Cash:
				As of
	July 30,			October 31,			July 31,
		2023			2022			2022
Cash and  cash equivalents	$	448,479		$	319,680		$	380,833
Current portion of Long-term debt		(6,589	)		(10,024	)		(10,727	)
Long-term Debt		(20,121	)		(32,310	)		(46,589	)
Net Cash	$	421,769		$	277,346		$	323,517

EX-99.7

Exhibit 99.7

 Q3 2023 Financial Results Conference Call  September 6, 2023  Photronics, Inc. 

 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.  9/6/2023  2 

 Committed to driving long-term, profitable growth through strategic investments  9/6/2023  3  Q3 2023 Summary  Maintaining margins and strong cash flow as demand softens Q/Q; favorable long-term demand drivers remain  GAAP Net income* was $27.0M, or $0.44/share; non-GAAP was $31.6M, or $0.51/share  Investing in IC capacity to capitalize on market growth trends  IC: -2% Q/Q, +1% Y/Y  FPD: -2% Q/Q, +4% Y/Y  -2%Q/Q  +2%Y/Y  $85.9M generated from operating activity  $21.1M invested in capex  $26.7M total debt  Cash balance  $448.5M  $27.3M  Short-term investments  *Net income attributable to Photronics, Inc. shareholders  Revenue  $224.2M 

 Favorable Long-term Photomask Demand Drivers  On pace for record year in 2023 with continued growth in 2024  Drivers in place for continued growth in photomask demand  IC industry forecast to reach $1T by 2030  New IC designs across high-end and mainstream for secular forces such as AI, data centers, IoT, automotive, industrial, and ML  Display innovation in mobile applications with integrated technologies (e.g., biometric identification) and foldable screens  On-shoring trends support additional investments in global semiconductor manufacturing capacity  Ongoing resurgence in legacy IC demand and limited growth in reticle supply supports price and investment in point tools  As largest merchant photomask provider with expansive geographic footprint, Photronics uniquely positioned to benefit from these trends   Capital allocation strategy and prudent balance sheet management support growth initiatives while increasing ROIC and resilience  9/6/2023  4 

 Clear Strategy for Sustainable, Long-Term Profitable Growth  9/6/2023  5  Revenue Growth  Win lion’s share of the growth in TAM for IC and FPD  Continue targeted expansion of IC capacity, including mainstream point tool investments  Leverage global footprint to exploit expansion of IC foundry business  Capitalize on FPD technology leadership in AMOLED to continue improving mix  Margin Expansion  Improved pricing environment in high-end and mainstream IC   Optimize asset tool set to match end-market demand  Increasing benefit from operating leverage  Explore Strategic Partnerships  Long-term Purchase Agreements 

 Income Statement Summary  GAAP  Non-GAAP1  $M (except EPS)  Q323  Q223  Q322  Q323  Q223  Q322  Revenue  224.2    229.3  219.9  Gross Profit   86.8   88.4  83.9  Gross Margin  38.7%  38.6%  38.1%  Operating Income   65.3   67.0   63.7  Operating Margin  29.1%  29.2%  29.0%  Non-operating income (loss)  (0.9)   13.6   3.6  3.6  2.9  (0.2)  Income tax provision   16.1   21.3   18.1  17.3  18.5  17.2  Minority interest   21.3   19.3   18.0  20.0  18.4  17.5  Net income2   27.0   39.9   31.2  31.6  32.9  28.9  Diluted EPS2   0.44   0.65   0.51  0.51  0.54  0.47  Days in quarter  91  91  91  9/6/2023  6  1See reconciliation included in this presentation 2Net income attributable to Photronics, Inc. shareholders  Maintained margins Q/Q while demand softened across IC and FPD  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 

 $M  Q323  Q223  Q/Q  Q322  Y/Y  High-End*  45.3  43.9  3%  52.7  (14%)  Mainstream  117.8  123.1  (4%)  108.6  9%  Total  163.1  167.1  (2%)  161.3  1%  IC Photomask Revenue  9/6/2023  High-end increased Q/Q on stronger foundry/logic demand in Asia  Mainstream softness Q/Q more than offset better high-end demand  Outlook  New designs by customers to gain market share and support technology roadmap  Regionalization driving investments for global chip capacity  ASPs continue to expand, reflecting the demand/supply dynamic  *28nm and smaller  Note: Totals may differ due to rounding  7 

 FPD Photomask Revenue  9/6/2023  *≥G10.5, AMOLED and LTPS Note: Totals may differ due to rounding.  8  $M  Q323  Q223  Q/Q  Q322  Y/Y  High-End*  50.0  51.9  (4%)  50.7  (1%)  Mainstream  11.1  10.4  7%  8.0  39%  Total  61.1  62.3  (2%)  58.7  4%  High-end down Q/Q as strong AMOLED sales offset by lower G10.5+ and LTPS demand  Mainstream production expanded to maintain high utilization rate  Outlook  Technology development drives demand for higher-value masks  Mobile demand is expected to improve with rollout of new designs and emerging competitors winning market share 

 Select Financial Data  $M  Q323  Q223  Q322  Cash  448.4  367.5  380.8  Short-term Investments  27.3  45.4  -  Debt  26.7  28.3  57.3  Net Cash*  421.8  339.1  323.5  Operating Cash Flow  85.9  82.0  92.6  Capital Expenditures  21.1  26.6  11.5  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 resilient to effects of industry downturns  9/6/2023  9  *Net cash defined is a non-GAAP term; see reconciliation included in this presentation 

 Q4 2023 Guidance   Revenue ($M)  222 – 232  Operating Margin  29% - 31%  Taxes ($M)  15 – 17  Diluted non-GAAP EPS  $0.51 - $0.59  Diluted Shares (M)  ~62  Full-year Capex (M)  ~130  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 achieve long-term target model  9/6/2023  10 

 For Additional Information:  Please contact  John P. Jordan  Executive Vice President & CFO  203.740.5671  jjordan@photronics.com   Thank you for your interest! 

 Appendix 

 Total Revenue ($M)  9/6/2023  13  IC  FPD  Total may differ due to rounding 

 IC Photomask Revenue ($M)  9/6/2023  14  Mainstream  High-End  High-End: 28nm and smaller; Total may differ due to rounding 

 FPD Photomask Revenue ($M)  9/6/2023  15  Mainstream  High-End  High-End: ≥G10.5, AMOLED and LTPS; Total may differ due to rounding 

 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.   9/6/2023  16 

 Non-GAAP Financial Measures  9/6/2023  17 

 Non-GAAP Financial Measures  9/6/2023  18 

XML

Document and Entity Information	Sep. 06, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 06, 2023
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