Business
Photronics Reports Second Quarter Fiscal 2025 Results and Announces CEO Transition
BROOKFIELD, Conn., May 28, 2025 (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 28, 2025 (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 2025 ended May 4, 2025 and also announced that Dr. Frank Lee has informed Photronics of his plans to retire in the next year or two. In order to prepare for this transition, effective immediately, Dr. Lee has stepped down from his role as CEO of Photronics, but will continue to focus on the company’s Asia operations and will remain Chairman and President of Photronics’ PDMC subsidiary in Taiwan, while also remaining on the Photronics Board of Directors. Mr. George Macricostas will immediately assume the role of Chief Executive Officer of Photronics, Inc. while remaining Chairman of the Board. “I would like to thank Frank for leading Photronics over the past three years as CEO,” said Mr. Macricostas. “For nearly twenty years he led and grew Photronics business in Asia including years of strong execution driving significant, profitable revenue growth. I look forward to working with Frank as he continues to manage the Asia operations until his retirement.” Commenting on the second-quarter performance, Dr. Lee said, “Our business in Asia continued to perform at a strong level and I am extremely proud of what we continue to accomplish. Node migration remains a positive driver of our IC business at both the high end and the higher end of mainstream. Strategically, we took an aggressive approach to return cash to our shareholders during the quarter, repurchasing $72 million of our stock as an endorsement of our long-term business model.” Second Quarter Fiscal 2025 Results Revenue was $211.0 million, down 3% year-over-year and 1% sequentially.GAAP Net income attributable to Photronics, Inc. shareholders was $8.9 million, or $0.15 per diluted share, compared with $36.3 million, or $0.58 per diluted share, in the second quarter of 2024 and $42.9 million, or $0.68 per diluted share, in the first quarter of 2025.Non-GAAP Net income attributable to Photronics, Inc. shareholders was $24.3 million, or $0.40 per diluted share, compared with $28.7 million, or $0.46 per diluted share in the second quarter of 2024 and $32.4 million, or $0.52 per diluted share, in the first quarter of 2025.IC revenue was $155.9 million, down 3% year-over...