|Photronics 4Q Profit Surges On Margins, Building Sale Gain |
Dec 8, 2009 16:50:11 (ET)
DOW JONES NEWSWIRES
Photronics Inc. (PLAB) said Tuesday its fiscal fourth-quarter profit surged as the imaging-technology company posted higher margins and a building sale gain, but sales lowered.
Photronics--which makes photomasks, a key element in the manufacture of semiconductors and flat-panel displays--saw sales drop earlier this year because of weak demand for electronic products. Many chip makers and semiconductor-equipment producers have reported improvement the past few months.
For the quarter ended Nov. 1, Photronics reported a profit of $1.2 million, up from $235,000. On a pro forma basis, the company posted a loss of 11 cents, compared with a year-ago profit of a penny. That loss was due to a 16% increase in the number of shares outstanding, as well as the exclusion of mark-to-market gains and the building sale gain.
Revenue dropped 8.4% to $94.7 million.
Analysts estimated a loss of 7 cents on revenue of $97.2 million, according to a poll by Thomson Reuters.
Gross margin rose to 18% from 17.4%.
Sales of semiconductor photomasks, which make up about three-quarters of total revenue, declined 4.8%, while sales of flat-panel display photomasks decreased 19%.
Photronics's shares were at $4.75, down 3.3%, in after-hours trading. The stock has soared sevenfold from a 20-year low a year ago.
-By Kathy Shwiff and John Kell, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com
(END) Dow Jones Newswires
December 08, 2009 16:50 ET (21:50 GMT)