Photronics Inc. Files Q3 2024 10-Q Report

TL;DR

PHOT 10-Q filed for Q3 2024 ending July 28. Check financials.

AI Summary

On September 5, 2024, Photronics Inc. filed its 10-Q report for the period ending July 28, 2024. The filing covers the third quarter of their fiscal year, which ends on October 31. The company is based in Brookfield, CT, and operates in the Semiconductors & Related Devices industry.

Why It Matters

This filing provides investors with an update on Photronics Inc.'s financial performance and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• Q3 2024 — Reporting Period (Third quarter of fiscal year 2024)
• 10-31 2024 — Fiscal Year End (Photronics Inc.'s fiscal year concludes on October 31st.)

Key Players & Entities

• PHOTRONICS INC (company) — Filer
• 20240728 (date) — Conformed Period of Report
• 20240905 (date) — Filing Date
• Brookfield, CT (location) — Business Address
• 3674 (industry_code) — Standard Industrial Classification

FAQ

Filing Documents

• ef20030920_10q.htm (10-Q) — 1918KB
• ef20030920_31-1.htm (EX-31.1) — 12KB
• ef20030920_31-2.htm (EX-31.2) — 12KB
• ef20030920_32-1.htm (EX-32.1) — 5KB
• ef20030920_32-2.htm (EX-32.2) — 5KB
• image00001.jpg (GRAPHIC) — 4KB
• 0001140361-24-040177.txt ( ) — 8427KB
• plab-20240728.xsd (EX-101.SCH) — 43KB
• plab-20240728_cal.xml (EX-101.CAL) — 61KB
• plab-20240728_def.xml (EX-101.DEF) — 206KB
• plab-20240728_lab.xml (EX-101.LAB) — 591KB
• plab-20240728_pre.xml (EX-101.PRE) — 369KB
• ef20030920_10q_htm.xml (XML) — 1614KB

Forward-Looking Statements

Forward-Looking Statements 4 PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (unaudited) 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Income 6 Condensed Consolidated Statements of Comprehensive Income 7 Condensed Consolidated Statements of Equity 8 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35 2 Table of Contents Glossary of Terms and Acronyms Definitions of certain terms and acronyms that may appear in this report are provided below. AMOLED Active-matrix organic light-emitting diode, a technology used in mobile devices. ASC Accounting Standards Codification ASP Average Selling Price ASU Accounting Standards Update DNP Dai Nippon Printing Co., Ltd. Exchange Act The Securities Exchange Act of 1934 (as amended) FASB Financial Accounting Standards Board Form 10-K Annual Report on Form 10-K Form 10-Q Quarterly Report on Form 10-Q FPDs Flat-panel displays, or "displays" Generation or "G" numbers In reference to flat-panel displays, refers to the size range of the underlying substrate to which a photomask is applied. Higher generation (or "G") numbers represent larger substrates High-end (photomasks) For IC, photomasks that are 28nm or smaller; for FPD, photomasks that are AMOLED, G10.5+, and LTPS ICs Integrated circuits, or semiconductors LTPS Low-Temperature Poly Silicon, a polycrystalline silicon synthesized at relatively low temperatures; polycrystalline silicon in thin-film transistors (TFTs) are used in liquid-crystal display (LCD) flat panels and to drive organic light-emitting diode (OLED) displays Non-GAAP financial measure A financial measure that differs from the most directly comparable measure calculated and presented in accordance with U.S. GAAP, such as non-GAAP net income and non-GAAP earnings per share PDMCX Xiamen American Japan Photronics Mask Co., Ltd., a joint venture between Photronics and DNP RMB Chinese renminbi ROU (assets) Right-of-use assets SEC Securities and Exchange Commission Securities Act The Securities Act of 1933 (as amended) U.S. GAAP or GAAP

Forward-Looking Statements

Forward-Looking Statements This Form 10-Q contains forward-looking statements, as defined by the SEC. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements made by us, or on our behalf. Forward-looking statements are statements other than statements of historical fact, including, without limitation, those statements that include such words as "anticipates", "believes", "estimates", "expects", "will", "would", "should", "continue", "potential", "possible", "intends", "may", "plans", "predicts", and similar expressions, and, without limitation, may address our future plans, objectives, goals, strategies, events, or performance, as well as underlying assumptions and other statements that are other than statements of historical facts. On occasion, in other documents filed with the SEC, press releases, conferences, or by other means, we may discuss, publish, disseminate, or otherwise make available, forward-looking statements, including statements contained within Part I,

– "Management's Discussion & Analysis of Financial Condition and Results of Operations" of this Form 10-Q

Item 2 – "Management's Discussion & Analysis of Financial Condition and Results of Operations" of this Form 10-Q.

Forward-looking statements involve risks and uncertainties, which

Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed. Our expectations, beliefs, and projections are expressed in good faith and are believed by us to have a reasonable basis, including, without limitation, management's examination of historical operating trends, information contained in our records, and information we've obtained from other parties. However, we can offer no assurance that our expectations, beliefs, or projections will be realized, accomplished, or achieved.

Forward-looking statements within this Form 10-Q speak only as of

Forward-looking statements within this Form 10-Q speak only as of the date of its filing, and except as may be required by law, we undertake no obligation to update or revise any such statements, whether as a result of new information, to reflect changes in events or circumstances that may subsequently occur or otherwise. Users of this Form 10-Q are cautioned that various factors may cause actual results to differ materially from those contained in any forward-looking statements found within this Form 10-Q and that they should not place undue reliance on any forward-looking statement. In addition, all forward-looking statements, whether written or oral and whether made by us or on our behalf, are expressly qualified by the risk factors provided in Part I, Item 1A "Risk Factors" of our Form 10-K for the fiscal year ended October 31, 2023, as well as any additional risk factors we may provide in Part II, Item 1A of our Quarterly Reports on Form 10-Q. 4 Table of Contents PART I. FINANCIAL INFORMATION Item 1. CONDENSED CONSOLIDATED FINANCIAL PHOTRONICS, INC. Condensed Consolidated Balance Sheets (in thousands, except per share amounts) (unaudited) July 28, 2024 October 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 537,331 $ 499,292 Short-term investments 69,046 12,915 Accounts receivable, net of allowance of $ 1,196 in 2024 and $ 1,099 in 2023 199,926 194,927 Inventories 55,472 49,963 Other current assets 30,865 28,353 Total current assets 892,640 785,450 Property, plant and equipment, net 722,638 709,244 Deferred income taxes 20,242 21,297 Other assets 9,581 10,230 Total assets $ 1,645,101 $ 1,526,221 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 20,090 $ 6,621 Accounts payable 89,013 84,024 Accrued liabilities 82,023 94,578 Total current liabilities 191,126 185,223 Long-term debt 28 17,998 Other liabiliti

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