Photronics Reports First Quarter Fiscal 2025 Results

BROOKFIELD, Conn., Feb. 26, 2025 (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 2025 ended February 2, 2025.

"We achieved top-line results in line with our expectations and reflective of seasonal demand patterns,” said Frank Lee, chief executive officer. "Within Integrated Circuits (IC) and Flat Panel Display (FPD) end markets, we observed favorable demand for high-end products while the most mature mainstream masks were impacted by general market softness. In IC, photomasks supporting node migration and memory were particularly strong. In FPD, we continue to strategically leverage our IC technical expertise to drive our market leading position and market share gains. We remain cautious about 2025, while we continue to manage costs and optimize product mix to deliver margins.”

First Quarter Fiscal 2025 Results

• Revenue was $212.1 million, down 2% year-over-year and 5% sequentially.
• GAAP Net income attributable to Photronics, Inc. shareholders was $42.9 million, or $0.68 per diluted share, compared with $26.2 million, or $0.42 per diluted share, in the first quarter of 2024 and $33.9 million, or $0.54 per diluted share, in the fourth quarter of 2024.
• Non-GAAP Net income attributable to Photronics, Inc. shareholders was $32.4 million, or $0.52 per diluted share, compared with $29.9 million, or $0.48 per diluted share in the first quarter of 2024 and $37.1 million, or $0.59 per diluted share, in the fourth quarter of 2024.
• IC revenue was $154.0 million, down 2% year-over-year and 6% sequentially.
• FPD revenue was $58.1 million, down 1% from the same quarter last year and 1% sequentially.
• Cash generated from operating activities was $78.5 million, cash invested in organic growth through capital expenditures was $35.2 million, and cash returned to shareholders through share repurchases was $4.6 million.
• Cash at the end of the quarter was $642.2 million, and Debt was $2.7 million.

Second Quarter Fiscal 2025 Guidance

For the second quarter of fiscal 2025, Photronics expects Revenue to be between $208 million and $216 million and non-GAAP Net income attributable to Photronics, Inc. shareholders to be between $0.44 and $0.50 per diluted share.

Webcast

A webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on February 26, 2025. 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 55 years. 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 our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subsequent filings 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. 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 diluted earnings per share are "non-GAAP financial measures" as such term is defined by Regulation G of 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 on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss), Net income (loss) per share, or any other measure of consolidated results under U.S. 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 statement of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations below.