Business
Photronics Reports Second Quarter Fiscal 2023 Results
BROOKFIELD, Conn., May 24, 2023 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported
About this update from Photronics, Inc.
[{"type":"text","content":"BROOKFIELD, Conn., May 24, 2023 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its second quarter of fiscal year 2023 ended April 30, 2023. “We achieved record revenue in the second quarter with growth across IC and FPD as demand for our design-driven product remained high,” said Frank Lee, chief executive officer. “Mainstream IC demand remained robust across all regions, especially Asia and the US. FPD demand was driven primarily by AMOLED for advanced mobile displays as that technology continues to be adopted across new devices. Profit margins expanded on positive volume leverage, pricing, favorable mix, and tight control of cost. Cash generated from operating activities was very strong, enabling us to strengthen our balance sheet while also investing in organic growth. We are on pace for another great year in 2023 and to deliver on our long-term financial goals. I am confident that our team will continue to perform well to create value for our shareholders.” Second Quarter Fiscal 2023 Results Revenue was $229.3 million up 9% sequentially and 12% year-over-yearGAAP net income attributable to Photronics, Inc. shareholders was $39.9 million ($0.65 per diluted share), compared with $14.0 million ($0.23 per diluted share) in the first quarter of 2023 and $27.4 million ($0.45 per diluted share) in the second quarter 2022Non-GAAP net income attributable to Photronics, Inc. shareholders was $32.9 million ($0.54 per diluted share), compared with $24.4 million ($0.40 per diluted share) in the first quarter of 2023 and $23.1 million ($0.38 per diluted share) in the second quarter 2022IC revenue was $167.1 million, up 7% sequentially and 15% year-over-yearFPD revenue was $62.3 million, up 14% sequentially and 6% more than same quarter last yearCash generated from operating activities was $82 million, and cash invested in growth through capital expenditures was $27 millionCash balance at the end of the quarter was $367.5 million with debt of $28 million, providing funds and available liquidity to support our growth investments Third Quarter Fiscal 2023 Guidance For the third quarter of fiscal 2023, Photronics expects revenue to be between $224 million and $234 million and non-GAAP net income attributable to Photronics, Inc. shareholders t...