Latest News by Industry
BROOKFIELD, Conn. December 8, 2021 (GLOBE NEWSWIRE) — Photronics, Inc.(NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its full year and fourth quarter fiscal 2021 ended October 31, 2021.
“Photronics achieved a fourth consecutive year of record revenue, as demand for our design-driven products accelerated and we fully ramped new flat panel display capacity,” said Peter Kirlin, chief executive officer. “We made strategic investments in 2021 that have positioned us to achieve organic growth as market trends such as the increase in demand from Asia foundries and the adoption of advanced display technologies in mobile applications have driven the market higher.”
Full Year 2021 Results
Revenue of $663.8 million was a record for the fourth consecutive year, up 9% compared with 2020
Net income attributable to Photronics, Inc. shareholders was $55.4 million, or $0.89 per diluted share
Cash provided by operating activities was $150.8 million, capex was $103.5 million, share repurchases were $48.3 million, and ending cash balance was $276.7 million
Fourth Quarter 2021 Results
Revenue was $181.3 million, the third consecutive quarterly record, up 6% sequentially and 21% year-over-year
Net income attributable to Photronics, Inc. shareholders was $19.8 million ($0.33 per diluted share), compared with $17.1 million ($0.28 per diluted share) for the third quarter of 2021 and $6.5 million ($0.10 per diluted share) for the fourth quarter of 2020
Full year integrated circuit (IC) revenue was $460.2 million, up 10% compared with last year; flat panel display (FPD) revenue was $203.6 million, 6% over the same quarter last year.
IC revenue in the fourth quarter was $125.4 million, up 7% sequentially and 18% compared with the fourth quarter of last year; FPD revenue was $55.8 million, up 6% over last quarter and 29% over the same period last year.
“Past investments in targeted technologies are paying off, as margin expansion is accompanying top-line growth,” added Kirlin. “We are generating gross and operating margins already at the high-end of the three-year target model we presented last year, and our strong cash flow enables us to invest in the business while we also return cash to shareholders as part of our disciplined capital allocation. With strong end market demand, solid balance sheet, broad geographic presence, and a team with a proven track record, we are excited about our future and optimistic we can deliver on our long-term target model objectives.”