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Photronics (PLAB)

Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks. High precision quartz plates that contain microscopic images of electronic circuits, photomasks are a key element in the IC and FPD manufacturing process. Founded in 1969, Photronics has been a trusted photomask supplier for over 50 years. As of October 31, 2020, the company had 1,728 employees. The company operates 11 strategically located manufacturing facilities in Asia, Europe, and North America.

Company profile

Ticker
PLAB
Exchange
CEO
Peter Kirlin
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Align-Rite International, Ltd. • Photronics (Wales) Limited • Photronics California, Inc. • Photronics Idaho, Inc. • Photronics Texas Allen, Inc. • Photronics MZD, GmbH • Photronics Advanced Mask Corporation • Photronics DNP Mask Corporation • PDMC Shanghai, Ltd. • Photronics Singapore Pte, Ltd. ...
IRS number
60854886

PLAB stock data

Analyst ratings and price targets

Last 3 months

Calendar

15 Jun 22
29 Jun 22
31 Oct 22
Quarter (USD) May 22 Jan 22 Oct 21 Aug 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Oct 21 Oct 20 Oct 19 Oct 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jun 22 Mitchell G Tyson Common Stock Sell Dispose S No Yes 21.91 2,000 43.82K 70,379
18 May 22 Richelle E Burr Common Stock Grant Acquire A No No 0 15,000 0 156,574
18 May 22 Constantine S Macricostas Common Stock Grant Acquire A No No 0 10,000 0 482,075
18 May 22 Kang Jyh Lee Common Stock Grant Acquire A No No 0 35,000 0 244,600
18 May 22 Adam M Lewis Common Stock Grant Acquire A No No 0 12,000 0 12,000
26 Jan 22 Richelle E Burr Common Stock Grant Acquire A No No 9.112 1,593 14.52K 141,574
87.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 212 191 +11.0%
Opened positions 36 35 +2.9%
Closed positions 15 15
Increased positions 67 51 +31.4%
Reduced positions 78 80 -2.5%
13F shares Current Prev Q Change
Total value 917.6M 1.03B -10.7%
Total shares 53.96M 54.6M -1.2%
Total puts 152.3K 25.3K +502.0%
Total calls 82.8K 218.9K -62.2%
Total put/call ratio 1.8 0.1 +1491.5%
Largest owners Shares Value Change
BLK Blackrock 9.81M $166.4M +0.8%
Dimensional Fund Advisors 4.57M $77.49M -0.1%
Vanguard 4.36M $74.03M +2.9%
Barrow Hanley Mewhinney & Strauss 2.54M $43.07M -1.6%
STT State Street 2.14M $36.4M -7.2%
AIGH Capital Management 1.22M $20.7M -1.7%
Geode Capital Management 1.15M $19.52M -12.7%
NTRS Northern Trust 1.13M $19.17M -2.9%
Nuveen Asset Management 1.02M $17.98M +234.8%
Royce & Associates 949.85K $16.12M -3.7%
Largest transactions Shares Bought/sold Change
Nuveen Asset Management 1.02M +717.97K +234.8%
Millennium Management 712.94K -516.71K -42.0%
Heartland Advisors 325K -515.65K -61.3%
Acuitas Investments 0 -487.65K EXIT
Arrowstreet Capital, Limited Partnership 424K -430.96K -50.4%
FMR 300.64K +300.37K +113347.2%
IVZ Invesco 823.24K +297.6K +56.6%
Divisar Capital Management 520.39K -268.31K -34.0%
Needham Investment Management 355.55K -207.15K -36.8%
ArrowMark Colorado 600K +169K +39.2%

Financial report summary

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Competition
Toppan Printing
Risks
  • Our dependency on the microelectronics industry, which as a whole is volatile, could create volatility in our demand and have a negative material impact on our business.
  • We depend on a limited number of suppliers for equipment and raw materials and, if those suppliers fail to timely deliver their products to us, we may be unable to fulfill orders from our customers, which could adversely affect our business and results of operations.
  • We have been dependent on sales to a limited number of large customers; the loss of any of these customers or a significant reduction in orders from these customers could have a material adverse effect on our revenues and results of operations.
  • Our cash flows from operations and current holdings of cash may not be adequate for our current and long-term needs.
  • Our credit facility restricts our business activities, limits our ability to obtain additional financing or pay cash dividends, and may obligate us to repay debt before its maturity.
  • Our operations will continue to require substantial capital expenditures, for which we may be unable to provide or obtain funding.
  • Servicing our debt requires a significant amount of cash, and we may not generate sufficient cash flows from our operations to pay our indebtedness.
  • Our business depends on managerial and technical personnel, who are in great demand, and our inability to attract and retain qualified employees could adversely affect our business and results of operations.
  • The photomask industry is dependent on the semiconductor and display industries, which are subject to rapid technological change and fluctuations in capacity needs. Consequently, we might fail to adequately time our capabilities to market needs, which could have a material adverse effect on our business and results of operations.
  • The risk of loss of our intellectual property, trade secrets or other sensitive business or customer confidential information or disruption of operations due to cyberattacks or data breaches could negatively impact our financial results.
  • We may be unable to enforce or defend our ownership and use of proprietary technology, and the utilization of unprotected company developed technology by our competitors could adversely affect our business, results of operations, and financial position.
  • We operate in a highly competitive environment, and, should we be unable to meet our customers’ requirements for product quality, timeliness of delivery or technical capabilities, our revenue could be adversely affected.
  • Joint ventures may not operate according to their business plans if our partners fail to fulfill their obligations, which may adversely affect our results of operations and compel us to dedicate additional resources to these joint ventures.
  • Our expansion into China entails substantial risks.
  • We may incur unforeseen charges related to possible future facility closures or restructurings.
  • We may not be able to consummate future acquisitions or joint ventures or integrate acquisitions into our business, which could result in unanticipated expenses and losses.
  • Our substantial non-U.S. operations are subject to additional risks.
  • We could be subject to damages based on claims brought against us by our customers, or lose customers as a result of the failure of our products to meet certain quality specifications.
  • We have a high level of fixed costs.
  • COVID-19 vaccination mandates could adversely affect our ability to attract and maintain employees.
  • Additional taxes could adversely affect our financial results.
  • Our products and technology could be subject to and negatively impacted by the recent expansion of the foreign-produced direct product rule.
  • Our products and technology could be subject to U.S. export control laws and the export control laws of the foreign jurisdictions where we operate.
  • We may be unprepared for changes to environmental laws and regulations and may incur liabilities arising from environmental matters.
  • Ineffective internal controls could impact our business and operating results.
  • Our business could be adversely impacted by global or regional catastrophic events.
  • Our production facilities could be damaged or disrupted by natural disasters or labor strikes, either of which could adversely affect our financial position, results of operations, and cash flows.
  • Our sales can be impacted by the health and stability of the general economy, which could adversely affect our results of operations and cash flows.
  • Technology failures or cyber security breaches could have a material adverse effect on our operations.
  • We may, in the future, incur net losses.
  • Changes in foreign currency exchange rates could have a material adverse effect on our results of operations, financial condition, or cash flows.
  • Our hedging activity could negatively impact our results of operations and cash flows.
  • The market price of our common stock is subject to volatility and could fluctuate widely in response to various factors, many of which are beyond our control.
  • We operate in a global, competitive environment which gives rise to operating and market risk exposure.
Management Discussion
  • Note: All tabular comparisons included in the following discussion, unless otherwise indicated, are for the three months ended May 1, 2022 (Q2 FY22), January 30, 2022 (Q1 FY22), and May 2, 2021 (Q2 FY21), and for the six months ended May 1, 2022 (YTD FY22) and May 2, 2021 (YTD FY21), in millions of dollars. The columns may not foot due to rounding.
  •  Our quarterly revenues can be affected by the seasonal purchasing practices of our customers. As a result, demand for our products is typically reduced during the first or second quarter of our fiscal year by the North American, European, and Asian holiday periods, as some of our customers reduce their development and, consequently, their buying activities during those periods.
  • * High-end photomasks typically have higher average selling prices (ASPs) than mainstream products.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: abroad, acquisition, added, adding, April, area, audit, ban, BIS, bombardment, Bureau, catastrophic, chipmaker, chipmaking, coating, Commerce, Concurrently, confirming, confiscation, contemplated, contrary, decided, Department, deployment, destruction, difficult, eject, emplaced, enacted, energetic, energy, escalation, export, external, Federation, final, governmental, harm, heading, Huawei, importation, inflation, invasion, large, license, lifetime, lost, manner, military, monetary, outbreak, outcome, People, policy, political, public, reaction, regional, regulatory, Republic, Russian, softened, sputtering, Subtopic, surface, temporary, terrorist, troubled, Ukraine, unpaid, Vintage, weakening, widespread
Removed: commence, fell, impair

Patents

Utility
Pellicle for Flat Panel Display Photomask
16 Dec 21
A pellicle assembly for large-size photomasks including a frame member configured to be affixed to a large-size photomask substrate, a substantially rigid and transparent pellicle membrane affixed to the frame member so as to protect at least a portion of the large-size photomask substrate from contamination during usage, storage and/or transport, and a coating on at least one of top and bottom surfaces of the pellicle membrane that binds the pellicle membrane to prevent separation of pellicle membrane material in the event of breakage.
Utility
Pellicle Removal Tool
9 Dec 21
A pellicle removal tool including a stage that holds a photomask and an associated pellicle, two or more arms positioned around the stage and configured to engage pellicle side wells of the pellicle, and two or more actuators each configured to adjust at least a vertical position of a corresponding one of the two or more arms so as to apply a lifting force to the pellicle for removal of the pellicle from the photomask.
Utility
Pellicle removal tool
23 Nov 21
A pellicle removal tool including a stage that holds a photomask and an associated pellicle, two or more arms positioned around the stage and configured to engage pellicle side wells of the pellicle, and two or more actuators each configured to adjust at least a vertical position of a corresponding one of the two or more arms so as to apply a lifting force to the pellicle for removal of the pellicle from the photomask.
Utility
System, Method, and Program Product for Manufacturing a Photomask
4 Nov 21
Methods and systems for building a photomask from obtained pattern information relating to a photomask that exhibits defects on wafer.
Utility
Pellicle for flat panel display photomask
14 Sep 21
A pellicle assembly for large-size photomasks including a frame member configured to be affixed to a large-size photomask substrate, a substantially rigid and transparent pellicle membrane affixed to the frame member so as to protect at least a portion of the large-size photomask substrate from contamination during usage, storage and/or transport, and a coating on at least one of top and bottom surfaces of the pellicle membrane that binds the pellicle membrane to prevent separation of pellicle membrane material in the event of breakage.