Brookfield, CT, United States
Brookfield, CT, United States

Photronics, Inc is an American semiconductor photomask manufacturer. It was a third largest photomask supplier at 2009 Wikipedia.


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— Photomask is tool used for production of electronic components such as electronic devices, displays, PCBs, MEMS, and others. Growing consumer electronics market and implementation of IoT in market is driving photomask market in the coming year. Asia Pacific including Taiwan, Korea, and Japan together holds the largest share of photomask market in last five years and the trend is expected to remain same for the duration of the forecast. Complete research report is available at http://www.theinsightpartners.com/reports/photomask-market-research The report aims to provide an overview of global photomask market with detailed market segmentation by types, applications, end-user verticals, and geography. The global photomask market is expected to witness high growth during the forecast period. The photomask market is a concentrated market with less than 20 leading players only, comprising some of the major chipmakers such as Intel, IBM, NEC, TSMC, Global foundries, UMC, Samsung, and Micron Technology. These companies have their own large mask-making facilities or joint ventures with the photomask companies. The objective of this report is as follows: - To provide overview of the global photomask market - To analyze and forecast the global photomask market on the basis of type, application and end-user - To provide market size and forecast till 2025 for overall photomask market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SAM), which is later sub-segmented by respective countries - To evaluate market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends - To provide exhaustive PEST analysis for all five regions - To profiles key photomask players influencing the market along with their SWOT analysis and market strategies Purchase a copy of this research report at http://www.theinsightpartners.com/buy/TIPTE100000388 Some of the leading players in photomask market are Nippon Filcon Co., Ltd., Taiwan Mask Corp., Hoya Group, Photronics, Inc., Toppan Photomasks, Dai Nippon Printing Co., Ltd., Advance Reproductions, SK-Electronics, Compugraphics and LG Innotek. 8 Photomask Market Revenue and Forecasts to 2025 – End-user Verticals 8.1 Overview 8.2 Semiconductor Industry 8.3 Chemical Industry 8.4 Research & Education Industry 8.5 Medical Industry 8.6 Automotive Industry 8.7 Aerospace Industry 8.8 Others Industry 9 Photomask Market Revenue and Forecasts to 2025 – Geographical Analysis 9.1 North America 9.2 Europe 9.3 Asia Pacific (APAC) 9.4 Middle East and Africa (MEA) 9.5 South America (SAM) About Us The Insight Partners is a one-stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Technology, Media, and Telecommunication. For more information, please visit http://www.theinsightpartners.com


News Article | May 17, 2017
Site: www.marketwired.com

Photronics, Inc. ( : PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, today announced an agreement with Dai Nippon Printing Co., Ltd. (DNP) ( : 7912) to form a joint venture focused on serving semiconductor manufacturers in China. The agreement states that a subsidiary of DNP will acquire 49.99% of Photronics' wholly foreign owned entity in Xiamen, China, with Photronics maintaining an ownership of 50.01%. The joint venture's financial statements will be included in the consolidated financial statements of Photronics. The joint venture, which will be called Photronics DNP Mask Corporation Xiamen (PDMCX), is subject to regulatory approvals and customary closing conditions, and is expected to close by the end of Photronics' fiscal year 2017. PDMCX will be modeled after the successful joint venture formed by Photronics and DNP in 2014 to serve the Taiwan market, Photronics DNP Mask Corporation (PDMC). PDMCX will include the state-of-the-art photomask manufacturing facility currently under construction in Xiamen, China. The facility, which is scheduled to begin production by the end of 2018, will feature advanced process technology, experienced personnel, and high-end equipment; and should benefit through shared resources, investment and collaboration between PDMC, Photronics and DNP. Each party will contribute cash in proportion to their ownership to fund the previously announced $160 million investment over five years. "This combination is a testament to our great success in Taiwan and a strong desire by each party to extend this winning partnership into China for the benefit of local customers and the development of industry infrastructure," said Peter Kirlin, chief executive officer of Photronics. "The growing importance of the China semiconductor market requires that we bring superior global resources and a broad spectrum of cutting edge technologies and methods in order to best ensure our customers' success. The formation of this joint venture provides beneficial critical mass to accelerate meeting those objectives. China customers will benefit through local access to advanced manufacturing processes, industry leading technology, and world-class customer support to improve their time to market and yield ramp. The joint venture also provides an optimal solution for shareholders as we are able to improve capital efficiency while offering advanced process technology and a broad product portfolio." "We are extremely satisfied with our relationship with Photronics in Taiwan, and very excited to extend this relationship into the critical China market," said Mitsuru Tsuchiya, Corporate Officer of DNP. "In Taiwan, we have been able to accomplish much more together than we could have separately, and I'm confident that together we will enjoy similar success in China. Our partnership brings the commitment, technology and manufacturing strength of DNP and Photronics to jointly serve the expanding China market, through industry leading local capability backed up by the global technology and manufacturing resources of both parent companies." In a separate press release issued today, Photronics announced second quarter fiscal 2017 results for the period ended April 30, 2017. A conference call is scheduled for 8:30 a.m. Eastern time on Wednesday, May 17, 2017. The call can be accessed by logging onto Photronics' web site at www.photronics.com. The live dial-in number is (877) 377-7095 or (408) 774-4601 outside of the United States and Canada. The call will be archived on Photronics' web site for instant replay access. Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors and flat panel displays, photomasks are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits, a variety of flat panel displays and, to a lesser extent, other types of electrical and optical components. They are produced in accordance with product designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the Company can be accessed at www.photronics.com The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements made by or on behalf of Photronics, Inc. and its subsidiaries (the Company). The forward-looking statements contained in this press release and other parts of Photronics' web site involve risks and uncertainties that may affect the Company's operations, markets, products, services, prices, and other factors. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental, and technological factors as well as decisions we may make in the future regarding our business, capital structure and other matters. These forward-looking statements generally can be identified by phrases such as "believes", "expects", "anticipates", "plans", "projects", and similar expressions. Accordingly, there is no assurance that the Company's expectations will be realized. For a fuller discussion of the factors that may affect the Company's operations, see "Forward Looking Statements" in the Company's Quarterly and Annual Reports to the Securities and Exchange Commission on Forms 10-Q and 10-K. The Company assumes no obligation to provide revisions to any forward-looking statements.


News Article | May 17, 2017
Site: www.marketwired.com

Photronics, Inc. ( : PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, today reported financial results for fiscal 2017 second quarter ended April 30, 2017. Second quarter sales were $108.3 million, essentially flat sequentially and down 12% compared with last year. Sales of integrated circuits (IC) photomasks were $82.6 million, down 4% sequentially and down 9% compared with last year, while sales of flat panel display (FPD) photomasks were $25.7 million, up 10% sequentially and down 20% compared with last year. Net income attributable to Photronics, Inc. shareholders was $1.8 million ($0.03 per diluted share), compared with $1.9 million ($0.03 per diluted share), for the first quarter of 2017; and $11.9 million ($0.16 per diluted share) for the second quarter of 2016, which included a non-recurring tax benefit of $3.0 million ($0.03 per diluted share). "Second quarter revenues were essentially flat compared with the first quarter as improving display photomask sales were offset by a decline in our high-end logic business in Taiwan," said Peter Kirlin, chief executive officer. "FPD sales improved 10% driven by strengthening demand for mainstream masks. IC sales were down, primarily due to weak 28 nm demand in Taiwan. Operating margin decreased mainly due to a drop in gross margin as a result of an unfavorable product mix. We were able to generate cash, building upon our already strong balance sheet. Strategically, we achieved three important milestones since our first quarter report: the first of two new writing tools is being installed to add FPD capacity; construction began on our new China IC facility; and this morning we announced a new joint venture in China." In a separate press release issued today, Photronics announced it has entered into a second joint venture with Dai Nippon Printing Co., Ltd. ( : Kirlin continued, "Heading into the third quarter, we are cautiously optimistic that we will achieve sales growth and margin expansion. High-end FPD demand is now strengthening rapidly, and we were running at full capacity as we entered the third quarter; we expect to remain full, even as we add capacity. High-end memory is growing as customers release new designs. And while we expect high-end logic to improve, this may not occur during our third quarter and therefore may not impact our sales until later this year." For the third quarter of 2017, Photronics expects revenues to be between $110 million and $120 million and net income attributable to Photronics, Inc. shareholders to be between $0.05 and $0.12 per diluted share. A conference call to discuss these results is scheduled for 8:30 a.m. Eastern time on Wednesday, May 17, 2017. The call can be accessed by logging onto Photronics' web site at www.photronics.com. The live dial-in number is (877) 377-7095 or (408) 774-4601 outside of the United States and Canada. The call will be archived on Photronics' web site for instant replay access. Non-GAAP net income attributable to Photronics, Inc. shareholders, non-GAAP earnings per share, and non-GAAP EBITDA are "non-GAAP financial measures" as such term is defined by the Securities and Exchange Commission, and may differ from non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc.'s financial results under GAAP to non-GAAP financial information. Photronics, Inc. believes these non-GAAP financial measures that exclude certain non-cash or non-recurring income or expense items are useful for analysts and investors to evaluate Photronics, Inc.'s future on-going performance because they enable a more meaningful comparison of Photronics, Inc.'s projected earnings and performance with its historical results of prior periods. These non-GAAP metrics are not intended to represent funds available for Photronics, Inc.'s discretionary use and are not intended to represent, or be used as a substitute for, operating income, net income or cash flows from operations data 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 statements of income and must be considered in performing a comprehensive assessment of overall financial performance. Non-GAAP financial information is adjusted for the following items: Note: 1. Net cash defined as cash and cash equivalents less long-term borrowings (including current portion), as reported in accordance with GAAP. Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors and flat panel displays, photomasks are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits, a variety of flat panel displays and, to a lesser extent, other types of electrical and optical components. They are produced in accordance with product designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the Company can be accessed at www.photronics.com The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements made by or on behalf of Photronics, Inc. and its subsidiaries (the Company). The forward-looking statements contained in this press release and other parts of Photronics' web site involve risks and uncertainties that may affect the Company's operations, markets, products, services, prices, and other factors. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental, and technological factors as well as decisions we may make in the future regarding our business, capital structure and other matters. These forward-looking statements generally can be identified by phrases such as "believes", "expects", "anticipates", "plans", "projects", and similar expressions. Accordingly, there is no assurance that the Company's expectations will be realized. For a fuller discussion of the factors that may affect the Company's operations, see "Forward Looking Statements" in the Company's Quarterly and Annual Reports to the Securities and Exchange Commission on Forms 10-Q and 10-K. The Company assumes no obligation to provide revisions to any forward-looking statements.


— The Global Photomask market size will be XX million (USD) in 2022, from the XX million (USD) in 2016, with a CAGR (Compound Annual Growth Rate) XX% from 2016 to 2022. This report studies Photomask in Global market, especially in North America, Europe, Asia-Pacific, South America, Middle East and Africa, focuses on the top 5 Photomask Players in each region, with sales, price, revenue and market share for top 5 manufacturer, covering Hoya Dai Nippon SK-Electronics Co., Ltd. Toppan Photomasks Photronics LG Innotek Compugraphics Photomask Solutions Taiwan Mask Infinite Graphics Incorporated Nippon Filcon HTA Photomask Shenzhen Qingyi Photomask Plasma Therm Avail 10% Discount on Single User License. Valid for the period from 15th May 2017 to 15th June 2017 Get a Free PDF Sample of Market Report at: http://www.orbisresearch.com/contacts/request-sample/298083 Market Segment by Regions, this report splits Global into several key Regions, with sales, revenue, market share of top 5 players in these regions, from 2012 to 2017 (forecast), like North America (United States, Canada and Mexico) Asia-Pacific (China, Japan, Southeast Asia, India and Korea) Europe (Germany, UK, France, Italy and Russia etc. South America (Brazil, Chile, Peru and Argentina) Middle East and Africa (Egypt, South Africa, Saudi Arabia) Split by Product Types, with sales, revenue, price, market share of each type, can be divided into Quartz mask Soda mask Toppan Film Split by applications, this report focuses on sales, market share and growth rate of Photomask in each application, can be divided into Semiconductor Flat panel display Touch industry Circuit board Avail 15% Discount on Corporate Users License Valid for the period from 15th May 2017 to 15th June 2017 Buy the Report@ http://www.orbisresearch.com/contact/purchase/298083 Check Out some Points from table of Contents: 1 Photomask Market Overview 1.1 Product Overview and Scope of Photomask 1.2 Photomask Segment by Types 1.2.1 Global Sales Market Share of Photomask by Types in 2016 1.2.2 Quartz mask 1.2.3 Soda mask 1.2.4 Toppan 1.2.5 Film 1.3 Photomask Segment by Applications 1.3.1 Photomask Consumption Market Share by Applications in 2016 1.3.2 Semiconductor 1.3.3 Flat panel display 1.3.4 Touch industry 1.3.5 Circuit board 1.4 Photomask Market by Regions 1.4.1 North America Status and Prospect (2012-2022) 1.4.1.1 North America Photomask Revenue (Million USD) and Growth Rate (2012-2022) 1.4.2 Asia-Pacific Status and Prospect (2012-2022) 1.4.2.1 Asia-Pacific Photomask Revenue (Million USD) and Growth Rate (2012-2022) 1.4.3 Europe Status and Prospect (2012-2022) 1.4.3.1 Europe Photomask Revenue (Million USD) and Growth Rate (2012-2022) 1.4.4 South America Status and Prospect (2012-2022) 1.4.4.1 South America Photomask Revenue (Million USD) and Growth Rate (2012-2022) 1.4.5 Middle East and Africa Status and Prospect (2012-2022) 1.4.5.1 Middle East and Africa Photomask Revenue (Million USD) and Growth Rate (2012-2022) 1.5 Global Market Size (Value) of Photomask (2012-2022) 2 Global Photomask Sales, Revenue (Value) and Market Share by Players 2.1 Global Photomask Sales and Market Share in 2016 and 2017 by Players 2.1.1 Global Photomask Sales by Players in 2016 and 2017 2.1.2 Global Photomask Sales Market Share (%) by Players in 2016 and 2017 2.2 Global Photomask Revenue and Market Share by Players in 2016 and 2017 2.2.1 Global Photomask Revenue by Players in 2016 and 2017 2.2.2 Global Photomask Revenue Market Share (%) by Players in 2016 and 2017 2.3 Global Photomask Average Price by Players in 2016 and 2017 2.4 Global Photomask Manufacturing Base Distribution, Sales Area, Product Types by Players 2.4.1 Global Photomask Manufacturing Base Distribution and Sales Area by Players 2.4.2 Players Photomask Product Types 2.5 Photomask Market Competitive Situation and Trends 2.5.1 Photomask Market Concentration Rate 2.5.2 Photomask Market Share of Top 3 and Top 5 Players 2.5.3 Mergers & Acquisitions, Expansion 3 Global Photomask Sales, Revenue (Value) by Regions, Type and Application (2012-2017) 3.1 Global Photomask Sales, Revenue and Market Share by Regions (2012-2017) 3.1.1 Global Photomask Sales and Market Share by Regions (2012-2017) 3.1.2 Global Photomask Revenue and Market Share by Regions (2012-2017) 3.2 Global Photomask Sales, Revenue, Market Share and Price by Type (2012-2017) 3.2.1 Global Photomask Sales and Market Share by Type (2012-2017) 3.2.2 Global Photomask Revenue and Market Share by Type (2012-2017) 3.2.3 Global Photomask Price by Type (2012-2017) 3.3 Global Photomask Sales and Market Share by Application (2012-2017) 3.3.1 Global Photomask Sales by Application (2012-2017) 3.3.2 Global Photomask Sales Market Share by Application (2012-2017) 3.4 Global Photomask Sales, Revenue, Price and Gross Margin (2012-2017) 4 North America Top 5 Players Photomask Sales, Revenue and Price 4.1 North America Top 5 Players Photomask Sales, Revenue and Market Share in 2016 and 2017 4.1.1 North America Top 5 Players Photomask Sales and Market Share in 2016 and 2017 4.1.2 North America Top 5 Players Photomask Revenue and Market Share in 2016 and 2017 4.2 North America Photomask Sales, Revenue, Market Share and Price by Type (2012-2017) 4.2.1 North America Photomask Sales and Market Share by Type (2012-2017) 4.2.1.1 North America Photomask Sales by Type (2012-2017) 4.2.1.2 North America Photomask Sales Market Share by Type (2012-2017) 4.2.2 North America Photomask Revenue and Market Share by Type (2012-2017) 4.2.2.1 North America Photomask Revenue by Type (2012-2017) 4.2.2.2 North America Photomask Revenue Market Share by Type (2012-2017) 4.2.3 North America Photomask Price by Type (2012-2017) 4.3 North America Photomask Sales and Market Share by Application (2012-2017) 4.3.1 North America Photomask Sales by Application (2012-2017) 4.3.2 North America Photomask Sales and Market Share by Application (2012-2017) 4.4 North America Photomask Sales and Market Share by Country (US, Canada and Mexico) (2012-2017) 4.4.1 North America Photomask Sales by Country (2012-2017) 4.4.2 North America Photomask Sales Market Share by Country (2012-2017) 4.5 North America Photomask Import & Export (2012-2017) About Us: Orbis Research (orbisresearch.com) is a single point aid for all your market research requirements. We have vast database of reports from the leading publishers and authors across the globe. We specialize in delivering customised reports as per the requirements of our clients. We have complete information about our publishers and hence are sure about the accuracy of the industries and verticals of their specialisation. This helps our clients to map their needs and we produce the perfect required market research study for our clients. For more information, please visit http://www.orbisresearch.com/reports/index/2017-top-5-photomask-manufacturers-in-north-america-europe-asia-pacific-south-america-middle-east-and-africa


The growth of the FPD market with the diffusion of digital home appliances is driving the large-format photomask market and prompting some companies to enter. In order to remain competitive in such circumstances, companies have been strengthening their technological capabilities and creating higher value-added products, as well as provide products at reasonable cost and with a delivery time that satisfies customer demands. Driving the TFT-LCD photomask market are a generation-shift to bigger glass plates and a design-rule cycle of panel technology that changes every 12 months. In this report, the worldwide markets are analyzed and projected, and market shares of vendors presented. 3.1 Four-Mask TFT-LCD Production Process 3.2 Three-Mask TFT-LCD Production Process 3.3 Photomask Production 3.4 Photomask Company Profiles 3.4.1 Hoya 3.4.2 PKL (Photronics) 3.4.3 SK Electronics 3.4.4 LG Innotek 3.4.5 Supermask Co., Ltd 3.4.6 Toyo Precision Parts Mfg. Co., Ltd For more information about this report visit http://www.researchandmarkets.com/research/2tzhnh/the_tftlcd To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-tft-lcd-photomask-market-report-2017-generation-shift-to-bigger-glass-plates-and-a-design-rule-cycle-of-panel-technology-that-changes-every-12-months---research-and-market-300464504.html


Patent
Photronics | Date: 2013-03-14

A microfluidic mixer including one or more mixer channels, each of the mixer channels having at least one glass surface on which are formed protrusions arranged in a herringbone pattern.


Patent
Photronics | Date: 2016-03-30

A microfluidic panel including at least one substrate, one or more channels formed in the substrate, and fluid disposed within the one or more channels. The fluid is selected to store thermal energy and the microfluidic panel is adapted to convert the thermal energy into useable energy or condition the energy to adjust optical wavelength passband of the panel.


Patent
Photronics | Date: 2014-01-21

A microfluidic panel including at least one substrate, one or more channels formed in the substrate, and fluid disposed within the one or more channels. The fluid is selected to store thermal energy and the microfluidic panel is adapted to convert the thermal energy into useable energy or condition the energy to adjust optical wavelength passband of the panel.


Patent
Photronics | Date: 2013-03-15

A method for forming a three-dimensional microstructure includes providing a photosensitive glass substrate; exposing the photosensitive glass substrate to energy through a continuous tone, variable transmission photomask so as to form opaque portions in the photosensitive glass substrate, each of the opaque portions having one of a variety of depths extending through the entire thickness of the photosensitive glass substrate; and removing the opaque portions so as to form three-dimensional features in the photosensitive glass substrate.


News Article | February 15, 2017
Site: www.marketwired.com

Photronics, Inc. ( : PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, today reported financial results for fiscal 2017 first quarter ended January 29, 2017. First quarter sales were $109.8 million, up 2% sequentially and down 15% compared with last year. Sales of integrated circuits (IC) photomasks were $86.4 million, an improvement of 5% sequentially and down 13% compared with last year, while sales of flat panel display (FPD) photomasks were $23.4 million, down 7% sequentially and 23% compared with last year. Net income attributable to Photronics, Inc. shareholders was $1.9 million ($0.03 per diluted share), compared with $21.0 million ($0.28 per diluted share), for the first quarter of 2016, which included a non-recurring net gain of $8.8 million ($0.11 per diluted share); and $5.3 million ($0.08 per diluted share) for the fourth quarter of 2016, which included a non-recurring tax benefit of $1.8 million ($0.03 per diluted share). "We achieved improved sales compared with the fourth quarter of 2016 as an increase in IC sales was partially offset by lower FPD demand," said Peter Kirlin, chief executive officer. "IC sales were up, despite seasonal headwinds. FPD was lower as growth in high-end was more than offset by a decline in mainstream as customers focused on supporting current production, which limited new product releases. With the top line improvement, we achieved higher operating income and cash from operations through continued cost management and financial discipline. Progress continues on our two strategic investments this year, with ground breaking scheduled to take place for our China IC facility by the end of February, and we expect to receive new FPD tools soon, with the installation to begin in the third quarter." Kirlin continued, "Looking ahead to the second quarter, we anticipate improved mainstream IC sales, mixed results in high-end IC, and flat FPD revenues, with orders for new AMOLED displays ramping at quarter end." For the second quarter of 2017, Photronics expects revenues to be between $105 million and $115 million and net income attributable to Photronics, Inc. shareholders to be between $0.01 and $0.07 per diluted share. A conference call with investors and the media to discuss these results is scheduled for 8:30 a.m. Eastern time on Wednesday, February 15, 2017. The call can be accessed by logging onto Photronics' web site at www.photronics.com. The live dial-in number is (877) 377-7095 or (408) 774-4601 outside of the United States and Canada. The call will be archived on Photronics' web site for instant replay access. Non-GAAP net income attributable to Photronics, Inc. shareholders, non-GAAP earnings per share, and non-GAAP EBITDA are "non-GAAP financial measures" as such term is defined by the Securities and Exchange Commission, and may differ from non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc.'s financial results under GAAP to non-GAAP financial information. Photronics, Inc. believes these non-GAAP financial measures that exclude certain non-cash or non-recurring income or expense items are useful for analysts and investors to evaluate Photronics, Inc.'s future on-going performance because they enable a more meaningful comparison of Photronics, Inc.'s projected earnings and performance with its historical results of prior periods. These non-GAAP metrics are not intended to represent funds available for Photronics, Inc.'s discretionary use and are not intended to represent, or be used as a substitute for, operating income, net income or cash flows from operations data 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 statements of income and must be considered in performing a comprehensive assessment of overall financial performance. Non-GAAP financial information is adjusted for the following items: 1. Net cash defined as cash and cash equivalents less long-term borrowings (including current portion), as reported in accordance with GAAP. Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors and flat panel displays, photomasks are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits, a variety of flat panel displays and, to a lesser extent, other types of electrical and optical components. They are produced in accordance with product designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the Company can be accessed at www.photronics.com The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements made by or on behalf of Photronics, Inc. and its subsidiaries (the Company). The forward-looking statements contained in this press release and other parts of Photronics' web site involve risks and uncertainties that may affect the Company's operations, markets, products, services, prices, and other factors. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental, and technological factors as well as decisions we may make in the future regarding our business, capital structure and other matters. These forward-looking statements generally can be identified by phrases such as "believes", "expects", "anticipates", "plans", "projects", and similar expressions. Accordingly, there is no assurance that the Company's expectations will be realized. For a fuller discussion of the factors that may affect the Company's operations, see "Forward Looking Statements" in the Company's Quarterly and Annual Reports to the Securities and Exchange Commission on Forms 10-Q and 10-K. The Company assumes no obligation to provide revisions to any forward-looking statements.

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