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PTB Industry News				March 1, 1999

Photronics Reports First-Quarter Decline

JUPITER, FL, Feb. 16 -- Photronics, Inc., a supplier of photomasks, has reported first-quarter 1999 sales and earnings results for the period ended January 31, 1999. Sales for the quarter were $47.8 million, down 6.1 percent, compared with $50.9 million for the first quarter in 1998. Net income was $0.06 million compared with the prior year's $6.3 million. Basic earnings per share amounted to $0.03 in the first quarter of 1999, compared with $0.26 in the prior year's first quarter. Diluted earnings per share amounted to $0.03 in the current year's quarter, compared with $0.25 in the first quarter of 1998. James R. Northrup, president of Photronics, attributed the year-over-year decline in revenues to the current downturn affecting the global semiconductor industry. "In addition to the economic issues," said Northrup, "customers have been addressing more complicated design processes as device complexity increases through the use of successively smaller linewidths. While many of our customers are optimistic about their longer-term prospects, uncertainties remain which temper their near-term expectations. As a result, we continue to be cautious during this period, focusing on the value Photronics' photomask expertise adds to the semiconductor manufacturing process." PTB Home