Photronics Inc. (PLAB, Financial) filed Quarterly Report for the period ended 2012-01-29.
Photronics Inc has a market cap of $406.3 million; its shares were traded at around $6.4 with a P/E ratio of 9.6 and P/S ratio of 0.8.
Gross margin percentage decreased to 22.7% in Q1-12 as compared to 25.3% in Q1-11 as a result of decreased sales of mainstream IC and FPD products. The Company operates in a high fixed cost environment and, to the extent that the Company's revenues and utilization increase or decrease, gross margin will generally be positively or negatively impacted.
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Photronics Inc has a market cap of $406.3 million; its shares were traded at around $6.4 with a P/E ratio of 9.6 and P/S ratio of 0.8.
Highlight of Business Operations:
Net sales for Q1-12 decreased 7.2% to $112.2 million as compared to $120.8 million for Q1-11. The decrease was primarily the result of lower unit demand and average selling prices (ASPs) for mainstream products for both IC and FPDs. Revenues attributable to high-end products increased by $13.5 million to $42.9 million in Q1-12 as compared to $29.4 million in Q1-11, primarily as a result of increased ASPs and units for IC photomasks. High-end photomask applications, which typically have higher ASPs, include mask sets for 45 nanometer and below for IC products, and G8 and above and active matrix organic light-emitting diode (AMOLED) display screen technologies for FPD products. By geographic area, net sales in Q1-12 as compared to Q1-11 decreased by $8.5 million or 10.7% in Asia, increased by $0.2 million or 0.6% in North America, and decreased by $0.4 million or 3.9% in Europe. As a percent of total net sales, net sales in Q1-12 in Asia were 63%, North America 28%, and Europe 9%, and net sales in Q1-11 in Asia were 65%, North America 26%, and Europe 9%.Gross margin percentage decreased to 22.7% in Q1-12 as compared to 25.3% in Q1-11 as a result of decreased sales of mainstream IC and FPD products. The Company operates in a high fixed cost environment and, to the extent that the Company's revenues and utilization increase or decrease, gross margin will generally be positively or negatively impacted.
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