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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Photronics Inc | NASDAQ:PLAB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.31 | -1.07% | 28.62 | 28.63 | 28.67 | 28.63 | 28.05 | 28.61 | 58,062 | 15:39:56 |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code
|
(
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
|
Accelerated Filer
|
Non-Accelerated Filer
|
Smaller
Reporting Company
|
Emerging
Growth company
|
☒ |
☐
|
☐
|
|
|
3
|
||
4
|
||
PART I.
|
FINANCIAL INFORMATION
|
|
Item 1.
|
5
|
|
5
|
||
6
|
||
7
|
||
8
|
||
9
|
||
10
|
||
Item 2.
|
24
|
|
Item 3.
|
31
|
|
Item 4.
|
32
|
|
PART II.
|
OTHER INFORMATION
|
|
Item 1.
|
33
|
|
Item 1A.
|
33
|
|
Item 2.
|
33
|
|
Item 3.
|
33
|
|
Item 4.
|
33
|
|
Item 5.
|
33
|
|
Item 6.
|
35
|
AMOLED
|
Active-matrix organic light-emitting diode. A technology used in mobile devices.
|
|
Application-specific IC
|
An integrated circuit customized for a particular use, rather than intended for general-purpose use
|
|
ASC
|
Accounting Standards Codification
|
|
ASP
|
Average Selling Price
|
|
ASU
|
Accounting Standards Update
|
|
DNP
|
Dai Nippon Printing Co., Ltd.
|
|
EUV
|
A wafer lithography technology using the industry standard extreme ultraviolet (EUV) wavelength. EUV photomasks function by selectively reflecting or blocking light, in contrast to conventional photomasks which function by selectively
transmitting or blocking light
|
|
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
|
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, AMOLED, G10.5+, and LTPS photomasks
|
|
ICs
|
Integrated circuits, or semiconductors
|
|
LIBOR
|
London Inter-Bank Offered Rate
|
|
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
|
|
MLA
|
Master Lease Agreement
|
|
Optical proximity correction
|
A photolithography enhancement technique applied to compensate for the limitations of light to maintain the edge placement integrity of an original design, imaged onto a silicon wafer, for further processing to an etched pattern.
|
|
PDMCX
|
Xiamen American Japan Photronics Mask Co., Ltd., a joint venture of Photronics and DNP
|
|
Phase-shift photomasks
|
Photomasks that take advantage of the interference generated by phase differences to improve image resolution in photolithography
|
|
Pure-play foundry
|
A company that does not produce a significant volume of IC products of its own design, but rather operates IC fabrication plants dedicated to producing ICs for other companies
|
|
RMB
|
Chinese renminbi
|
|
ROU (assets)
|
Right-of-use asset
|
|
SEC
|
Securities and Exchange Commission
|
|
Securities Act
|
The Securities Act of 1933 (as amended)
|
|
Sputtering
|
The bombardment of a material with energetic particles to cause microscopic particles of the material to eject from its surface.
|
|
U.S. GAAP
|
Accounting principles generally accepted in the United States of America
|
|
Wafer
|
A wafer, or silicon wafer, is a thin slice of semiconductor material that, in the fabrication of microelectronics, serves as the substrate for microelectronic devices built in and upon the wafer
|
January 28,
2024
|
October 31,
2023
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Short-term investments
|
||||||||
Accounts receivable, net of allowance of $
|
|
|||||||
Inventories
|
|
|
||||||
Other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Property, plant and equipment, net
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$
|
|
$
|
|
||||
Accounts payable
|
|
|
||||||
Accrued liabilities
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Long-term debt
|
|
|
||||||
Other liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Preferred stock, $
|
|
|
||||||
Common stock, $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Total Photronics, Inc. shareholders’ equity
|
|
|
||||||
Noncontrolling interests
|
|
|
||||||
Total equity
|
|
|
||||||
Total liabilities and equity
|
$
|
|
$
|
|
Three
Months Ended
|
||||||||
January 28,
2024
|
January 29,
2023
|
|||||||
Revenue
|
$
|
|
$
|
|
||||
Cost of goods sold
|
|
|
||||||
Gross profit
|
|
|
||||||
Operating expenses:
|
||||||||
Selling, general, and administrative
|
|
|
||||||
Research and development
|
|
|
||||||
Total operating expenses
|
|
|
||||||
Operating income
|
|
|
||||||
|
||||||||
Other income (expense):
|
||||||||
Foreign currency transactions impact, net
|
(
|
)
|
(
|
)
|
||||
Interest income and other income, net
|
|
|
||||||
Interest expense
|
(
|
)
|
(
|
)
|
||||
Income before income tax provision
|
|
|
||||||
Income tax provision
|
|
|
||||||
Net income
|
|
|
||||||
Net income attributable to noncontrolling interests
|
|
|
||||||
Net income attributable to Photronics, Inc. shareholders
|
$
|
|
$
|
|
||||
Earnings per share:
|
||||||||
Basic
|
$
|
|
$
|
|
||||
Diluted
|
$
|
|
$
|
|
||||
Weighted-average number of common shares outstanding:
|
||||||||
Basic
|
|
|
||||||
Diluted
|
|
|
Three
Months Ended
|
||||||||
January 28,
2024
|
January 29,
2023
|
|||||||
Net income
|
$
|
|
$
|
|
||||
Other comprehensive (loss) income, net of tax of $
|
||||||||
Foreign currency translation adjustments
|
|
|
||||||
Other
|
(
|
)
|
(
|
)
|
||||
Net other comprehensive (loss) income
|
|
|
||||||
Comprehensive income
|
|
|
||||||
Less: comprehensive income attributable to noncontrolling interests
|
|
|
||||||
Comprehensive income attributable to Photronics, Inc. shareholders
|
$
|
|
$
|
|
Three
Months Ended January 28, 2024
|
||||||||||||||||||||||||||||
Photronics, Inc. Shareholders
|
||||||||||||||||||||||||||||
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Non-
controlling
Interests
|
Total
Equity |
||||||||||||||||||||||||
Common Stock
|
||||||||||||||||||||||||||||
Shares |
Amount |
|||||||||||||||||||||||||||
Balance at October 31, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
||||||||||||||
Net income
|
-
|
|
|
|
|
|
|
|||||||||||||||||||||
Other comprehensive income
|
-
|
|
|
|
|
|
|
|||||||||||||||||||||
Shares issued under equity plans
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|||||||||||||||||||
Share-based compensation expense
|
-
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance at January 28, 2024
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
Three
Months Ended January 29, 2023
|
||||||||||||||||||||||||||||
Photronics, Inc. Shareholders
|
||||||||||||||||||||||||||||
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Non-
controlling
Interests |
Total
Equity
|
||||||||||||||||||||||||
Common Stock |
||||||||||||||||||||||||||||
Shares | Amount |
|||||||||||||||||||||||||||
Balance at October 31, 2022
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
||||||||||||||
Net income
|
-
|
|
|
|
|
|
|
|||||||||||||||||||||
Other comprehensive income
|
-
|
|
|
|
|
|
|
|||||||||||||||||||||
Shares issued under equity plans
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|||||||||||||||||||
Share-based compensation expense
|
-
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance at January 29, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
Three Months Ended
|
||||||||
January 28,
2024
|
January 29,
2023
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
Share-based compensation
|
|
|
||||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable
|
(
|
)
|
(
|
)
|
||||
Inventories
|
|
|
||||||
Other current assets
|
(
|
)
|
(
|
)
|
||||
Accounts payable, accrued liabilities, and other
|
(
|
)
|
(
|
)
|
||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Purchases of property, plant and equipment
|
(
|
)
|
(
|
)
|
||||
Purchases of available-for-sale debt securities
|
( |
) | ||||||
Proceeds from maturities of available-for-sale debt securities
|
||||||||
Government incentives
|
|
|
||||||
Other
|
(
|
)
|
(
|
)
|
||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Repayments of debt
|
(
|
)
|
(
|
)
|
||||
Proceeds from share-based arrangements
|
|
|
||||||
Net settlements of restricted stock awards
|
(
|
)
|
(
|
)
|
||||
Net cash used in financing activities
|
(
|
)
|
(
|
)
|
||||
Effects of exchange rate changes on cash, cash equivalents, and restricted cash
|
|
|
||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
|
|
||||||
Cash, cash equivalents, and restricted cash at beginning of period
|
|
|
||||||
Cash, cash equivalents, and restricted cash at end of period
|
|
|
||||||
Less: Ending restricted cash | ||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||
Supplemental disclosure of non-cash information:
|
||||||||
Accruals for property, plant and equipment purchased during the period
|
$
|
|
$
|
|
|
January 28,
|
October 31,
|
||||||
|
2024
|
2023
|
||||||
Accounts Receivable
|
$
|
|
$
|
|
||||
Unbilled Receivable
|
|
|
||||||
Allowance for Credit Losses
|
(
|
)
|
(
|
)
|
||||
|
$
|
|
$
|
|
- |
Maturing within three months or less from the date of purchase
|
Cash and cash equivalents
|
-
|
Maturing, as of the date of purchase, more than three months, but
with remaining maturities of less than one year, from the balance sheet date
|
Short-term investments
|
-
|
Maturing one year or more from the balance sheet date |
Long-term marketable investments
|
January 28,
2024
|
October 31,
2023
|
|||||||||||||||||||||||||||||||
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Carrying
Value
|
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Carrying
Value
|
|||||||||||||||||||||||||
Government securities
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
January 28,
2024
|
October 31,
2023
|
|||||||
Raw materials
|
$
|
|
$
|
|
||||
Work in process
|
|
|
||||||
Finished goods
|
|
|
||||||
$
|
|
$
|
|
January 28,
2024
|
October 31,
2023
|
|||||||
Land
|
$
|
|
$
|
|
||||
Buildings and improvements
|
|
|
||||||
Machinery and equipment
|
|
|
||||||
Leasehold improvements
|
|
|
||||||
Furniture, fixtures, and office equipment
|
|
|
||||||
Construction in progress
|
|
|
||||||
|
|
|||||||
Accumulated depreciation and amortization
|
(
|
)
|
(
|
)
|
||||
$
|
|
$
|
|
|
January 28,
2024
|
October 31,
2023
|
||||||
Machinery and equipment
|
$
|
|
$
|
|
||||
Accumulated amortization
|
(
|
)
|
(
|
)
|
||||
|
$
|
|
$
|
|
Three
Months Ended
|
||||||||
January 28,
2024
|
January 29,
2023
|
|||||||
Depreciation Expense | $ | $ |
Three Months Ended
|
||||||||
|
January 28,
2024
|
January 29,
2023
|
||||||
Net income from PDMCX
|
$
|
|
$
|
|
January 28,
2024
|
October 31,
2023
|
|||||||||||||||
Classification
|
Carrying
Amount
|
Photronics
Interest
|
Carrying
Amount
|
Photronics
Interest
|
||||||||||||
Current assets
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Noncurrent assets
|
|
|
|
|
||||||||||||
Total assets
|
|
|
|
|
||||||||||||
Current liabilities
|
|
|
|
|
||||||||||||
Noncurrent liabilities
|
|
|
|
|
||||||||||||
Total liabilities
|
|
|
|
|
||||||||||||
Net assets
|
$
|
|
$
|
|
$
|
|
$
|
|
As of January 28,
2024
|
Finance
Leases
|
|||
Principal due:
|
||||
Next 12 months
|
$
|
|
||
Months 13 – 24
|
$
|
|
||
Months 25 – 36
|
|
|||
Months 37 – 48
|
|
|||
Months 49 – 60 |
||||
Long-term debt
|
|
|||
Total debt |
$ | |||
|
||||
Interest rate at balance sheet date
|
N/A |
|||
Basis spread on interest rates
|
N/A
|
|||
Interest rate reset
|
N/A
|
|||
Maturity date
|
N/A |
|||
Periodic payment amount | ||||
Periodic payment frequency
|
|
|||
Loan collateral (carrying amount)
|
$
|
|
(1) |
(1)
|
|
As of October 31,
2023
|
Finance
Leases
|
|||
Principal due:
|
||||
Next 12 months
|
$ | |||
Months 13 – 24
|
$ | |||
Months 25 – 36
|
||||
Months 37 – 48
|
||||
Months 49 – 60 |
|
|||
Long-term debt
|
||||
Total debt |
$ | |||
|
||||
Interest rate at balance sheet date
|
N/A | |||
Basis spread on interest rates
|
N/A | |||
Interest rate reset | N/A |
|||
Maturity date |
N/A |
|||
Periodic payment amount | ||||
Periodic payment frequency | ||||
Loan collateral (carrying amount)
|
$ | (1) |
(1)
|
Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.
|
Classification |
January 28,
2024
|
October 31,
2023
|
||||||
Contract Assets | ||||||||
Other current assets
|
$
|
|
$ |
|
||||
Contract Liabilities
|
||||||||
Accrued liabilities
|
$ | $ | ||||||
Other liabilities
|
||||||||
$ | $ |
Three Months Ended
|
||||||||
|
January 28,
2024
|
January 29,
2023
|
||||||
Revenue recognized from beginning liability
|
$
|
|
$
|
|
Three Months Ended
|
||||||||
|
January 28,
2024
|
January 29,
2023
|
||||||
Revenue by Product Type |
||||||||
IC
|
||||||||
High-end
|
$
|
|
$
|
|
||||
Mainstream
|
|
|
||||||
Total IC
|
$
|
|
$
|
|
||||
FPD
|
||||||||
High-end
|
$
|
|
$
|
|
||||
Mainstream
|
|
|
||||||
Total FPD
|
$
|
|
$
|
|
||||
$
|
|
$
|
|
Three Months Ended
|
||||||||
|
January 28,
2024
|
January 29,
2023
|
||||||
Revenue by Geographic Origin* |
||||||||
Taiwan
|
$
|
|
$
|
|
||||
China
|
|
|
||||||
Korea
|
|
|
||||||
United States
|
|
|
||||||
Europe
|
|
|
||||||
Other
|
|
|
||||||
$
|
|
$
|
|
Three Months Ended
|
||||||||
Revenue by Timing of Recognition
|
January 28,
2024
|
January 29, 2023
|
||||||
Over time
|
$
|
|
$
|
|
||||
At a point in time
|
|
|
||||||
$
|
|
$
|
|
Three Months Ended | ||||||||
January 28,
2024
|
January 29,
2023 |
|||||||
Expense reported in:
|
||||||||
Cost of goods sold
|
$
|
|
$
|
|
||||
Selling, general, and administrative
|
|
|
||||||
Research and development
|
|
|
||||||
Total expense incurred
|
$
|
|
$
|
|
||||
Expense by award type:
|
||||||||
Restricted stock awards
|
$
|
|
$
|
|
||||
Stock options
|
|
|
||||||
Employee stock purchase plan
|
|
|
||||||
Total expense incurred
|
$
|
|
$
|
|
||||
Income tax benefits of share-based compensation
|
$
|
|
$
|
|
||||
Share-based compensation cost capitalized
|
$
|
|
$
|
|
Three Months Ended
|
||||||||
January 28,
2024
|
January 29,
2023 |
|||||||
Number of shares granted in period
|
|
|
||||||
Weighted-average grant-date fair value of awards (in dollars per share)
|
$
|
|
$
|
|
||||
Compensation cost not yet recognized
|
$
|
|
$
|
|
||||
Weighted-average amortization period for cost not yet recognized (in years)
|
|
|
||||||
Shares outstanding at balance sheet date
|
|
|
Three Months Ended
|
||||||||
January 28,
2024 |
January 29,
2023 |
|||||||
Number of options granted in period
|
|
|
||||||
Cash received from options exercised
|
$
|
|
$
|
|
||||
Compensation cost not yet recognized
|
$
|
|
$
|
|
||||
Weighted-average amortization period for cost not yet recognized (in years)
|
-
|
-
|
Options
|
Shares
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Life (in years)
|
Aggregate
Intrinsic
Value
|
||||||||||||
Outstanding and exercisable at January 28, 2024
|
|
$
|
|
|
|
$
|
|
Reporting Period
|
U.S. Statutory
Tax Rates
|
Photronics
Effective Tax
Rates
|
Primary Reasons for Differences
|
||||||
|
|
||||||||
Three months ended January 28, 2024
|
|
|
|
|
Non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances; non-U.S. pre-tax income being taxed at
higher statutory rates in non-U.S. jurisdictions; and the establishment of uncertain tax positions in non-U.S. jurisdictions.
|
||||
Three months ended January 29, 2023
|
|
|
|
|
Non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances; non-U.S. pre-tax income being taxed at
higher statutory rates in non-U.S. jurisdictions; and the establishment of uncertain tax positions in non-U.S. jurisdictions.
|
January 28,
2024
|
October 31,
2023
|
|||||||
Unrecognized tax benefits related to uncertain tax positions
|
$
|
|
$
|
|
||||
Unrecognized tax benefits that, if recognized, would impact the effective tax rate
|
$
|
|
$
|
|
||||
Accrued interest and penalties related to uncertain tax positions
|
$
|
|
$
|
|
Three Months Ended
|
||||||||
January 28,
2024
|
January 29,
2023
|
|||||||
Net income attributable to Photronics, Inc. shareholders
|
$
|
|
$
|
|
||||
Effect of dilutive securities
|
|
|
||||||
Earnings used for diluted earnings per share
|
$
|
|
$
|
|
||||
Weighted-average common shares computations:
|
||||||||
Weighted-average common shares used for basic earnings per share
|
|
|
||||||
Effect of dilutive securities:
|
||||||||
Share-based payment awards
|
|
|
||||||
Potentially dilutive common shares
|
|
|
||||||
Weighted-average common shares used for diluted earnings per share
|
|
|
||||||
Basic earnings per share
|
$
|
|
$
|
|
||||
Diluted earnings per share
|
$
|
|
$
|
|
Three Months Ended
|
||||||||
January 28,
2024
|
January 29,
2023
|
|||||||
Share-based payment awards
|
|
|
||||||
Total potentially dilutive shares excluded
|
|
|
Three Months Ended January 28, 2024
|
||||||||||||
Foreign Currency
Translation
Adjustments
|
Other
|
Total
|
||||||||||
Balance at October 31, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive (loss) income
|
|
(
|
)
|
|
||||||||
Other comprehensive (loss) income attributable to noncontrolling interests
|
(
|
)
|
|
(
|
)
|
|||||||
Balance at January 28, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Three Months Ended January 29, 2023
|
||||||||||||
Foreign Currency
Translation
Adjustments
|
Other
|
Total
|
||||||||||
Balance at October 31, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive (loss) income
|
|
(
|
)
|
|
||||||||
Other comprehensive (loss) income attributable to noncontrolling interests
|
(
|
)
|
|
(
|
)
|
|||||||
Balance at January 29, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Three Months Ended
|
||||||||||||
January 28,
|
October 31,
|
January 29,
|
||||||||||
2024
|
2023
|
2023
|
||||||||||
Revenue
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||
Cost of goods sold
|
63.4
|
62.7
|
64.0
|
|||||||||
Gross profit
|
36.6
|
37.3
|
36.0
|
|||||||||
Operating expenses:
|
||||||||||||
Selling, general, and administrative
|
8.5
|
7.4
|
8.0
|
|||||||||
Research and development
|
1.6
|
1.5
|
1.6
|
|||||||||
Operating income
|
26.6
|
28.5
|
26.5
|
|||||||||
Other operating income (expense), net
|
(1.7
|
)
|
8.2
|
(6.8
|
)
|
|||||||
Income before income tax provision
|
24.8
|
36.7
|
19.7
|
|||||||||
Income tax provision
|
6.8
|
8.9
|
6.0
|
|||||||||
Net income
|
18.1
|
27.8
|
13.7
|
|||||||||
Net income attributable to noncontrolling interests
|
6.0
|
8.2
|
7.1
|
|||||||||
Net income attributable to Photronics, Inc. shareholders
|
12.1
|
%
|
19.6
|
%
|
6.6
|
%
|
Q1 FY24 compared with Q4 FY23
|
Q1 FY24 compared with Q1 FY23
|
|||||||||||||||||||
Revenue in
|
Increase
|
Percent
|
Increase
|
Percent
|
||||||||||||||||
Q1 FY24
|
(Decrease)
|
Change
|
(Decrease)
|
Change
|
||||||||||||||||
IC
|
||||||||||||||||||||
High-end *
|
$
|
60.9
|
$
|
3.2
|
5.5
|
%
|
$
|
12.9
|
26.8
|
%
|
||||||||||
Mainstream
|
96.7
|
(10.1
|
)
|
(9.4
|
)%
|
(11.9
|
)
|
(10.9
|
)%
|
|||||||||||
Total IC
|
$
|
157.6
|
$
|
(6.9
|
)
|
(4.2
|
)%
|
$
|
1.0
|
0.6
|
%
|
|||||||||
FPD
|
||||||||||||||||||||
High-end *
|
$
|
50.6
|
$
|
(2.7
|
)
|
(5.0
|
)%
|
$
|
4.9
|
10.8
|
%
|
|||||||||
Mainstream
|
8.1
|
(1.6
|
)
|
(16.2
|
)%
|
(0.7
|
)
|
(7.7
|
)%
|
|||||||||||
Total FPD
|
$
|
58.7
|
$
|
(4.3
|
)
|
(6.7
|
)%
|
$
|
4.2
|
7.8
|
%
|
|||||||||
Total Revenue
|
$
|
216.3
|
$
|
(11.2
|
)
|
(4.9
|
)%
|
$
|
5.2
|
2.5
|
%
|
Q1 FY24 compared with Q4 FY23
|
Q1 FY24 compared with Q1 FY23
|
|||||||||||||||||||
Revenue in
|
Increase
|
Percent
|
Increase
|
Percent
|
||||||||||||||||
Q1 FY24
|
(Decrease)
|
Change
|
(Decrease)
|
Change
|
||||||||||||||||
Taiwan
|
$
|
75.0
|
$
|
(4.3
|
)
|
(5.5
|
)%
|
$
|
(0.6
|
)
|
(0.8
|
)%
|
||||||||
China
|
58.1
|
(1.1
|
)
|
(1.8
|
)%
|
(0.8
|
)
|
(1.3
|
)%
|
|||||||||||
Korea
|
40.3
|
(1.9
|
)
|
(4.4
|
)%
|
2.5
|
6.6
|
%
|
||||||||||||
United States
|
32.7
|
(4.1
|
)
|
(11.1
|
)%
|
2.8
|
9.5
|
%
|
||||||||||||
Europe
|
9.7
|
0.4
|
4.4
|
%
|
1.3
|
14.9
|
%
|
|||||||||||||
Other
|
0.5
|
(0.2
|
)
|
(34.4
|
)%
|
-
|
7.0
|
%
|
||||||||||||
$
|
216.3
|
$
|
(11.2
|
)
|
(4.9
|
)%
|
$
|
5.2
|
2.5
|
%
|
Percent
|
Percent
|
|||||||||||||||||||
Q1 FY24
|
Q4 FY23
|
Change
|
Q1 FY23
|
Change
|
||||||||||||||||
Gross profit
|
$
|
79.3
|
$
|
84.9
|
-6.6
|
%
|
$
|
76.1
|
4.2
|
%
|
||||||||||
Gross margin
|
36.6
|
% |
37.3
|
% |
36.0
|
% |
Q1 FY24
|
Q4 FY23
|
Q1 FY23
|
||||||||||
Foreign currency transactions impact, net
|
$
|
(8.9
|
)
|
$
|
13.2
|
$
|
(16.9
|
)
|
||||
Interest expense, net
|
(0.1
|
)
|
(0.1
|
)
|
(0.1
|
)
|
||||||
Interest income and other income (expense), net
|
5.3
|
5.6
|
2.6
|
|||||||||
Non-operating income (expense), net
|
$
|
(3.7
|
)
|
$
|
18.7
|
$
|
(14.4
|
)
|
Q1 FY24
|
Q4 FY23
|
Q1 FY23
|
||||||||||
Income tax provision
|
$
|
14.7
|
$
|
20.3
|
$
|
12.6
|
||||||
Effective income tax rate
|
27.3
|
%
|
24.3
|
%
|
30.3
|
%
|
Q1 FY24
|
Q1 FY23
|
|||||||
Net cash provided by operating activities
|
$
|
41.5
|
$
|
27.7
|
||||
Net cash used in investing activities
|
$
|
(42.2
|
)
|
$
|
(30.2
|
)
|
||
Net cash used in financing activities
|
$
|
(2.9
|
)
|
$
|
(9.7
|
)
|
Three Months ended
|
||||||||||||
January 28,
|
October 31,
|
January 29,
|
||||||||||
2024
|
2023
|
2023
|
||||||||||
Reconciliation of GAAP to Non-GAAP Non-operating (loss) Income:
|
||||||||||||
GAAP Non-operating (loss) income, net
|
$
|
(3,747
|
)
|
$
|
18,660
|
$
|
(14,425
|
)
|
||||
FX (gain) loss
|
8,909
|
(13,234
|
)
|
16,944
|
||||||||
Non-GAAP Non-operating (loss) income, net
|
$
|
5,162
|
$
|
5,426
|
$
|
2,519
|
||||||
Reconciliation of GAAP to Non-GAAP Income tax provision:
|
||||||||||||
GAAP Income tax provision
|
$
|
14,660
|
$
|
20,288
|
$
|
12,582
|
||||||
Estimated tax effects of FX (gain) loss
|
(2,244
|
)
|
3,437
|
(4,506
|
)
|
|||||||
Non-GAAP Income tax provision
|
$
|
16,904
|
$
|
16,851
|
$
|
17,088
|
||||||
Reconciliation of GAAP to Non-GAAP Noncontrolling interests:
|
||||||||||||
GAAP Noncontrolling interests
|
$
|
12,902
|
$
|
18,545
|
$
|
14,964
|
||||||
Estimated noncontrolling interest effects of above
|
(2,939
|
)
|
2,431
|
(2,060
|
)
|
|||||||
Non-GAAP Noncontrolling interests
|
$
|
15,841
|
$
|
16,114
|
$
|
17,024
|
||||||
Reconciliation of GAAP to Non-GAAP Net Income:
|
||||||||||||
GAAP Net Income
|
$
|
26,180
|
$
|
44,611
|
$
|
13,986
|
||||||
FX (gain) loss
|
8,909
|
(13,234
|
)
|
16,944
|
||||||||
Estimated tax effects of above
|
(2,244
|
)
|
3,437
|
(4,506
|
)
|
|||||||
Estimated noncontrolling interest effects of above
|
(2,939
|
)
|
2,431
|
(2,060
|
)
|
|||||||
Non-GAAP Net Income
|
$
|
29,906
|
$
|
37,245
|
$
|
24,364
|
||||||
Weighted-average number of common shares outstanding – Diluted
|
62,283
|
62,067
|
61,470
|
|||||||||
Reconciliation of GAAP to Non-GAAP EPS:
|
||||||||||||
GAAP diluted earnings per share
|
$
|
0.42
|
$
|
0.72
|
$
|
0.23
|
||||||
Effects of the above adjustments
|
$
|
0.06
|
$
|
(0.12
|
)
|
$
|
0.17
|
|||||
Non-GAAP diluted earnings per share
|
$
|
0.48
|
$
|
0.60
|
$
|
0.40
|
Q1 FY24
|
Q1 FY23
|
|||||||
Free Cash Flow
|
||||||||
Net cash provided by operating activities
|
$
|
41.5
|
$
|
27.7
|
||||
Purchases of property, plant, and equipment
|
(43.3
|
)
|
(31.1
|
)
|
||||
Free cash flow
|
$
|
(1.8
|
)
|
$
|
(3.4
|
)
|
As of
|
||||||||||||
January 28,
|
October 31,
|
January 29,
|
||||||||||
2024
|
2023
|
2023
|
||||||||||
Net Cash
|
||||||||||||
Cash and cash equivalents
|
$
|
508.5
|
$
|
499.3
|
$
|
334.8
|
||||||
Current portion of Long-term debt
|
(20.8
|
)
|
(6.6
|
)
|
(6.6
|
)
|
||||||
Long-term debt
|
(2.7
|
)
|
(18.0
|
)
|
(27.3
|
)
|
||||||
Net cash
|
$
|
485.0
|
$
|
474.7
|
$
|
300.9
|
Item 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Item 4. |
CONTROLS AND PROCEDURES
|
PART II. |
OTHER INFORMATION
|
Item 1. |
LEGAL PROCEEDINGS
|
Item 1A. |
RISK FACTORS
|
Item 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Total Number of
Shares
Purchased
|
Average
Price
Paid
Per share
|
Total Number of
shares Purchased
as Part of Publicly
Announced
Program
|
Dollar Value of
Shares That May
Yet Be Purchased
(in millions)
|
|||||||||||||
November 1, 2023 – November 26, 2023
|
-
|
-
|
-
|
$
|
31.7
|
|||||||||||
November 27, 2023 – December 24, 2023
|
-
|
-
|
-
|
$
|
31.7
|
|||||||||||
December 25, 2023 – January 28, 2024
|
-
|
-
|
-
|
$
|
31.7
|
|||||||||||
Total
|
-
|
Item 3. |
DEFAULTS UPON SENIOR SECURITIES
|
Item 4. |
MINE SAFETY DISCLOSURES
|
Incorporated by Reference
|
|||||||
Exhibit
Number
|
Description
|
Form
|
Exhibit
|
Filing Date
|
Filed or
Furnished
Herewith
|
||
Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
X
|
||||||
Certification of Interim Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
X
|
||||||
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
X
|
||||||
Certification of Interim Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
X
|
||||||
101.INS
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
|
X
|
|||||
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
X
|
|||||
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
X
|
|||||
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
X
|
|||||
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
X
|
|||||
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
X
|
|||||
104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
|
X
|
Photronics, Inc.
|
||
(Registrant)
|
||
|
||
By:
|
/s/ ERIC RIVERA
|
|
|
ERIC RIVERA
|
|
|
Vice President,
Interim Chief Financial Officer,
|
|
|
Corporate Controller
|
|
|
(Principal Financial Officer
/Principal Accounting Officer)
|
|
|
||
Date: March 7, 2024
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Photronics, Inc.
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report.
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report.
|
4. |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
d) |
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors
(or persons performing the equivalent functions):
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and
report financial information; and
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ FRANK LEE
|
|
Frank Lee
|
|
Chief Executive Officer
|
|
March 7, 2024
|
|
1. |
I have reviewed this quarterly report on Form 10-Q of Photronics, Inc.
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report.
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report.
|
4. |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
d) |
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors
(or persons performing the equivalent functions):
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and
report financial information; and
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ ERIC RIVERA
|
|
Eric Rivera
|
|
Interim Chief Financial Officer
|
|
March 7, 2024
|
(1) |
The Quarterly Report on Form 10-Q of the Company for the quarter ended January 28, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ FRANK LEE
|
|
Frank Lee
|
|
Chief Executive Officer
|
|
March 7, 2024
|
(1) |
The Quarterly Report on Form 10-Q of the Company for the quarter ended January 28, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ ERIC RIVERA
|
|
Eric Rivera
|
|
Interim Chief Financial Officer
|
|
March 7, 2024
|
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jan. 28, 2024 |
Oct. 31, 2023 |
---|---|---|
Current assets: | ||
Accounts receivable, allowance | $ 1,090 | $ 1,099 |
Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,000 | 2,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000 | 150,000 |
Common stock, shares issued (in shares) | 61,746 | 61,310 |
Common stock, shares outstanding (in shares) | 61,746 | 61,310 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 28, 2024 |
Jan. 29, 2023 |
|
Condensed Consolidated Statements of Comprehensive Income [Abstract] | ||
Net income | $ 39,082 | $ 28,950 |
Other comprehensive (loss) income, net of tax of $0: | ||
Foreign currency translation adjustments | 31,493 | 90,519 |
Other | (27) | (54) |
Net other comprehensive (loss) income | 31,466 | 90,465 |
Comprehensive income | 70,548 | 119,415 |
Less: comprehensive income attributable to noncontrolling interests | 23,497 | 31,393 |
Comprehensive income attributable to Photronics, Inc. shareholders | $ 47,051 | $ 88,022 |
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 28, 2024 |
Jan. 29, 2023 |
|
Condensed Consolidated Statements of Comprehensive Income [Abstract] | ||
Other comprehensive (loss) income, tax | $ 0 | $ 0 |
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Non-controlling Interests [Member] |
Total |
---|---|---|---|---|---|---|
Balance at Oct. 31, 2022 | $ 608 | $ 493,741 | $ 435,634 | $ (98,456) | $ 230,562 | $ 1,062,089 |
Balance (in shares) at Oct. 31, 2022 | 60,791 | |||||
Net income | $ 0 | 0 | 13,986 | 0 | 14,964 | 28,950 |
Other comprehensive income | 0 | 0 | 0 | 74,036 | 16,429 | 90,465 |
Shares issued under equity plans | $ 3 | (608) | 0 | 0 | 0 | (605) |
Shares issued under equity plans (in shares) | 311 | |||||
Share-based compensation expense | $ 0 | 1,821 | 0 | 0 | 0 | 1,821 |
Balance at Jan. 29, 2023 | $ 611 | 494,954 | 449,620 | (24,420) | 261,955 | 1,182,720 |
Balance (in shares) at Jan. 29, 2023 | 61,102 | |||||
Balance at Oct. 31, 2023 | $ 613 | 502,010 | 561,119 | (88,734) | 300,601 | 1,275,609 |
Balance (in shares) at Oct. 31, 2023 | 61,310 | |||||
Net income | $ 0 | 0 | 26,180 | 0 | 12,902 | 39,082 |
Other comprehensive income | 0 | 0 | 0 | 20,871 | 10,595 | 31,466 |
Shares issued under equity plans | $ 4 | (1,680) | 0 | 0 | 0 | (1,676) |
Shares issued under equity plans (in shares) | 436 | |||||
Share-based compensation expense | $ 0 | 2,573 | 0 | 0 | 0 | 2,573 |
Balance at Jan. 28, 2024 | $ 617 | $ 502,903 | $ 587,299 | $ (67,863) | $ 324,098 | $ 1,347,054 |
Balance (in shares) at Jan. 28, 2024 | 61,746 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 28, 2024 |
Jan. 29, 2023 |
|
Cash flows from operating activities: | ||
Net income | $ 39,082 | $ 28,950 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 20,702 | 19,105 |
Share-based compensation | 2,573 | 1,821 |
Changes in assets and liabilities: | ||
Accounts receivable | (2,906) | (7,565) |
Inventories | 409 | 1,705 |
Other current assets | (2,844) | (13,060) |
Accounts payable, accrued liabilities, and other | (15,508) | (3,276) |
Net cash provided by operating activities | 41,508 | 27,680 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (43,314) | (31,097) |
Purchases of available-for-sale debt securities | (2,436) | 0 |
Proceeds from maturities of available-for-sale debt securities | 2,500 | 0 |
Government incentives | 1,091 | 1,014 |
Other | (56) | (87) |
Net cash used in investing activities | (42,215) | (30,170) |
Cash flows from financing activities: | ||
Repayments of debt | (1,194) | (9,218) |
Proceeds from share-based arrangements | 936 | 672 |
Net settlements of restricted stock awards | (2,613) | (1,168) |
Net cash used in financing activities | (2,871) | (9,714) |
Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 13,026 | 27,499 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 9,448 | 15,295 |
Cash, cash equivalents, and restricted cash at beginning of period | 501,867 | 322,409 |
Cash, cash equivalents, and restricted cash at end of period | 511,315 | 337,704 |
Less: Ending restricted cash | 2,797 | 2,912 |
Cash and cash equivalents at end of period | 508,518 | 334,792 |
Supplemental disclosure of non-cash information: | ||
Accruals for property, plant and equipment purchased during the period | $ 1,628 | $ 12,031 |
BASIS OF FINANCIAL STATEMENT PRESENTATION |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract] | |
BASIS OF FINANCIAL STATEMENT PRESENTATION |
NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION
Photronics, Inc. (“Photronics”, “the Company”, “we”, “our”, or “us”) is one of the world’s leading manufacturers of photomasks,
which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of ICs and FPDs and are used as masters to transfer circuit patterns onto semiconductor
wafers and FPD substrates during the fabrication of ICs, a variety of FPDs and, to a lesser extent, other types of electrical and optical components. We operate eleven manufacturing facilities, which are located in Taiwan (3),
, China (2), the United States (3), and Europe (2).The accompanying unaudited condensed consolidated financial statements (“the financial statements”) have been prepared in accordance
with U.S. GAAP for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In
the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The financial statements include the accounts of Photronics, its wholly owned subsidiaries, and
the majority-owned subsidiaries, which it controls. All intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for
the fiscal year ended October 31, 2023, where we discuss and provide additional information about our accounting policies and the methods and assumptions used in our estimates.
The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect
amounts reported in them. Our estimates are based on historical experience and on various assumptions that we believe to be reasonable under the facts and circumstances at the time they are made. Subsequent actual results may differ from such
estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined.
Our business is typically impacted during the first quarter of our
fiscal year by the North American, European, and Asian holiday periods, as some customers reduce their development and buying activities during this period. Operating results for the interim periods are not necessarily indicative of the results
that may be expected for the fiscal year ending October 31, 2024.
|
ACCOUNT RECEIVABLES |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNT RECEIVABLES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNT RECEIVABLES |
NOTE 2 - ACCOUNT RECEIVABLES
The components of Accounts Receivable at the balance sheet
dates are presented below.
|
SHORT-TERM INVESTMENTS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHORT-TERM INVESTMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHORT-TERM INVESTMENTS |
NOTE 3 - SHORT-TERM INVESTMENTS
Short-term investments consist of U.S. government securities and are classified as
available-for-sale. We classify available-for-sale securities on our consolidated balance sheet as follows:
As of January 28, 2024, all of our available-for-sale securities had, at
their dates of purchase, remaining maturities of more than three months, but less than one year, and have been classified as Short-term investments.
Available-for-sale debt investments are reported at fair value, with unrealized gains
or losses (net of tax) reported in Accumulated other comprehensive income. The fair values of our available-for-sale securities are Level 1 measurements, based on quoted prices from active markets for identical assets. In the event of a sale of an
available-for-sale debt investment, we would determine the cost of the investment sold at the specific individual security level and would include any gain or loss in Interest income and other income, net, where we also report periodic interest
earned and the amortization (accretion) of discounts (premiums) related to these investments. The table below provides information on our available-for-sale debt securities.
|
INVENTORIES |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES |
NOTE 4 - INVENTORIES
Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. Presented below are the components of Inventories at the balance
sheet dates.
|
PROPERTY, PLANT, AND EQUIPMENT, NET |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT, NET [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT, NET |
NOTE 5 - PROPERTY, PLANT, AND EQUIPMENT, NET
Presented below are the components of Property, plant, and equipment, net at the
balance sheet dates.
Information on ROU assets resulting from finance leases, at the balance sheet dates, is presented below.
The
following table presents depreciation expense (including the amortization of ROU assets) related to property, plant, and equipment incurred during the reporting periods.
|
PDMCX JOINT VENTURE |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PDMCX JOINT VENTURE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PDMCX JOINT VENTURE |
NOTE 6 - PDMCX JOINT VENTURE
In January 2018, Photronics, Inc., through its wholly owned Singapore subsidiary (hereinafter, within this Note “we”,
“Photronics”, “us”, or “our”), and DNP, through its wholly owned subsidiary “DNP Asia Pacific PTE, Ltd.”, entered into a joint venture under which DNP obtained a 49.99% interest in our IC business in Xiamen, China. The joint venture, which we refer to as “PDMCX”, was established to develop and manufacture photomasks for semiconductors. We entered into this joint venture to
enable us to compete more effectively for the merchant photomask business in China, and to benefit from the additional resources and investment that DNP provides to enable us to offer advanced-process technology to our customers.
In 2020, in combination with local financing
obtained by PDMCX, Photronics and DNP fulfilled their investment obligations under the PDMCX operating agreement (“the Agreement”). As discussed in
Note 7, liens were granted to the local financing entity on property, plant, and equipment and were paid off during fiscal year 2023 and there was no
remaining debt at October 31, 2023.
Under the Agreement, DNP is afforded, under certain circumstances, the right to put its interest in PDMCX to Photronics. These
circumstances include disputes regarding the strategic direction of PDMCX that may arise after the initial two-year term of the
Agreement and cannot be resolved between the two parties. As of the date of issuance of these financial statements, DNP had not indicated its intention to exercise this right. In addition, both Photronics and DNP have the option to purchase, or
put, their interest from, or to, the other party, should their ownership interest fall below 20.0% for a period of more than
consecutive months. Under all such circumstances, the sales of ownership interests would be at the exiting party’s ownership percentage of the joint
venture’s net book value, with closing to take place within business days of obtaining required approvals and clearance.The following table presents net income we recorded from the operations of PDMCX during the reporting periods.
As required by the guidance in Topic 810 - “Consolidation” of the Accounting
Standards Codification (“ASC”), we evaluated our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial
statements. The initial step of our evaluation was to determine whether PDMCX was a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we
determined that it was a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE and concluded that we were the primary beneficiary during the current and prior year reporting periods; thus, as
required, the PDMCX financial results have been consolidated with Photronics. Our conclusion was based on the facts that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that
most significantly impacted its economic performance) and had the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that
most significantly affected the economic performance of PDMCX during the current and prior year reporting periods were based on our right to appoint the majority of its board of directors, which has, among others, the powers to manage the
business (through its rights to appoint and evaluate PDMCX’s management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01% variable interest we held during the current and prior year
periods, we had the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to PDMCX.
The following table presents the carrying amounts of PDMCX assets and liabilities included in our condensed consolidated balance
sheets. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX); therefore, our maximum exposure to loss from PDMCX is our interest in the carrying amount of the net assets of the joint
venture.
|
DEBT |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT |
NOTE 7 - DEBT
As of January 28, 2024, the Current portion of long-term debt and the Long-term debt balances were comprised of finance leases as described below:
The table below provides
information on our long-term debt as of October 31, 2023.
Finance Leases
In February 2021, we
entered into a five-year $7.2
million finance lease for a high-end inspection tool. Monthly payments on the lease, which commenced in February 2021, are $0.1
million per month. Upon the payment of the fiftieth monthly payment and prior to payment of the fifty-first monthly payment, we may exercise an early buyout option to purchase the tool for $2.4 million. If we do not exercise the early buyout option, then at the end of the five-year
lease term, the lease shall continue to renew on a month-to-month basis at the same rental terms; at our option, after the original term or any renewal periods, we may return the tool, elect to extend the lease, or purchase the tool at its fair
market value. Since we are reasonably certain that we will exercise the early buyout option, our lease liability reflects such exercise and we have classified the lease as a finance lease. The interest rate implicit in the lease is 1.08%.
In
December 2020, we entered into a five-year $35.5 million finance lease for a high-end lithography tool. Monthly payments on the lease, which commenced in January 2021, increased from $0.04 million during the first three months to $0.6 million
for the following nine months, followed by forty-eight monthly payments of $0.5 million. As of the due date of the forty-eighth
monthly payment, we may exercise an early buyout option to purchase the tool for $14.1 million. If we do not exercise the early
buyout option, then at the end of the five-year lease term, at our option, we may return the tool, elect to extend the lease term
for a period and a lease payment to be agreed with lessor at the time, or purchase the tool for its then-fair market value, as determined by the lessor. Since we are reasonably certain that we will exercise the early buyout option, our lease
liability reflects such exercise and we have classified the lease as a finance lease. The interest rate implicit in the lease is 1.58%.
The lease agreement incorporates the covenants included in our Credit Agreement, as defined below (expired in September 2023), which are detailed below, and includes a cross-default provision for any agreement or instrument with an outstanding,
committed balance greater than $5.0 million in which we are the indebted party.
Corporate Credit Agreement
In
September 2018, we entered into a five-year amended and restated credit agreement (the “Credit Agreement”), which had a $50 million borrowing limit, with an expansion capacity to $100 million. The Credit Agreement was secured by substantially all of our assets located in the United States and common stock we own in certain subsidiaries. The Credit Agreement was subject to covenants around
minimum interest coverage ratio, total leverage ratio, and minimum unrestricted cash balance (all of which we were in compliance with at the termination of the agreement in September 2023), and limited the amount of cash dividends, distributions,
and redemptions we could pay on our common stock to an aggregate annual amount of $50 million. The Credit Agreement expired, and was
not renewed as of October 31, 2023. There were no outstanding borrowings against the Credit Agreement at its expiration.
Xiamen Working Capital Loans
In November 2018, PDMCX obtained approval for revolving, unsecured credit of the equivalent of $25.0 million, pursuant to which PDMCX may enter into separate loan agreements with varying terms to maturity. This facility is subject to annual reviews and extensions, with the most recent
extension set to expire in . The interest rates are variable, based on the RMB Loan Prime Rate of the National Interbank Funding Center. Interest incurred on the loans related to the amount borrowed was eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provided for such reimbursements up to a prescribed limit and duration.
. In December 2022, we repaid our entire outstanding balance of RMB 25.6 million ($3.6 million). As of
January 28, 2024, PDMCX had no amount outstanding against the approval |
REVENUE |
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REVENUE [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE |
NOTE 8 - REVENUE
We recognize revenue when, or as, control of a good or service
transfers to a customer, in an amount that reflects the consideration to which we expect to be entitled in exchange for transferring those goods or services. We account for an arrangement as a revenue contract when each party has approved and is
committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is
probable. Substantially all of our revenue comes from the sales of photomasks. We typically contract with our customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which we invoice as they ship to
customers. As the photomasks are manufactured to customer specifications, they have no alternative use to us and, as our contracts generally provide us with the right to
payment for work completed to date, we recognize revenue as we perform, or “over time”, on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various
manufacturing phases of a photomask. At the end of a reporting period, there are a number of uncompleted revenue contracts on which we have performed; for any such contracts under which we are entitled to be compensated for our costs incurred
plus a reasonable profit, we recognize revenue and a corresponding contract asset for such performance. We account for shipping and handling activities that we perform after a customer obtains control of a good as being activities to fulfill our
promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract. We report our revenue net of any sales or similar taxes we collect on behalf of government entities.
As stated above, photomasks are manufactured to customer specifications in accordance with their proprietary designs; thus, they
are individually unique. Due to their uniqueness and other factors, their transaction prices are individually established through negotiations with customers; consequently, our photomasks do not have standard or “list” prices. The transaction
prices of the vast majority of our revenue contracts include only fixed amounts of consideration. In certain instances, such as when we offer a customer an early payment discount, an estimate of variable consideration would be included in the
transaction price, but only to the extent that a significant reversal of revenue would not occur when the uncertainty related to the variability was resolved.
Contract Assets, Contract Liabilities, and Accounts Receivable
We recognize a contract asset when our performance under a contract precedes our receipt of consideration from a customer, or before payment is due, and our receipt of consideration is conditional upon factors other than the
passage of time. Contract assets reflect our transfer of control of photomasks that are in process or completed but not yet shipped to customers. A receivable is recognized when we have an unconditional right to payment for our performance, which
generally occurs when we ship the photomasks. Our contract assets primarily consist of a significant amount of our in-process production orders and fully manufactured photomasks which have not yet shipped, for which we have an enforceable right to
collect consideration (including a reasonable profit) in the event the in-process orders are cancelled by customers. On an individual contract basis, we net contract assets with contract liabilities (deferred revenue) for financial reporting
purposes. We did not identify impairment indicators for any outstanding contract assets during the three-month periods ended January 28, 2024, or January 29, 2023.
The following table provides information about our contract balances at the balance sheet dates.
The
following table presents revenue recognized from contract liabilities that existed at the beginning of the reporting periods.
We generally record our accounts receivable at their billed
amounts. All outstanding past due customer invoices are reviewed for collectability during, and at the end of, every reporting period. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and
credit an allowance for credit losses. In the event that an amount is determined to be uncollectible, we charge the allowance for credit losses and derecognize the related receivable. We did not incur any credit losses on our accounts receivable during the three-month periods ended January 28, 2024
or January 29, 2023.
Our invoice terms generally range from net- to ninety days, depending on both the geographic market in which the transaction occurs and our payment agreements
with specific customers. In the event that our evaluation of a customer’s business prospects, and financial condition indicate that the customer presents a collectability risk, we modify terms of sale, which may require payment in advance of
performance. At the time of adoption, we elected the practical expedient allowed under ASC Topic 606 “Revenue from Contracts with Customers” (“Topic 606”) that permits us not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when we transfer control of goods or services to
customers and when we are paid is one year or less.
In instances when we are paid in advance of our performance, we
record a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when we receive payment from the
customer and the date when we expect to be entitled to the payment is greater than one year. Historically, advance payments we have received from customers have generally not
preceded the completion of our performance obligations by more than one year.
Disaggregation of Revenue
The following tables present our revenue for the three-month periods ended January 28, 2024, and January 29, 2023, disaggregated by product type, geographic origin, and timing of recognition.
* This table disaggregates revenue by the location in which it was earned.
Contract Costs
We pay commissions to third-party sales agents for certain sales they procure on our behalf. However, the bases of the commissions
are the transaction prices of the sales, which are completed in less than one year; thus, no relationship is established with a customer that will result in future business. Therefore, we do not recognize any portion of these sales commissions as
costs of obtaining a contract, nor do we currently foresee other circumstances under which we would recognize contract obtainment costs as assets.
Remaining Performance Obligations
As we are typically required to fulfill customer orders within a short period of time, our backlog of orders has historically been ’s capacity to supply them within the traditional time period; thus, the backlog, in some
cases, can expand to as long as to three months. As allowed under Topic 606, we have elected not to disclose our remaining performance obligations, which represent the costs associated with the completion of the manufacturing process of in-process photomasks related to
contracts that have an original duration of one year or less.
to for FPD photomasks and
to for IC
photomasks. However, the demand for some IC photomasks has expanded beyond the industryProduct Warranties
Our photomasks are sold under warranties that generally range from to . We warrant that our photomasks conform to customer specifications and will typically repair,
replace, or issue a refund for any photomasks that fail to do so. The warranties do not represent separate performance obligations in our revenue contracts. Historically, customer claims under warranties have been immaterial.
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SHARE-BASED COMPENSATION |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SHARE-BASED COMPENSATION [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION |
NOTE 9 - SHARE-BASED COMPENSATION
In March 2016, shareholders approved our current equity incentive compensation plan (the “Plan”), under which incentive stock options, non-qualified stock options, stock
grants, stock-based awards, restricted stock, restricted stock units, stock appreciation rights, performance units, performance stock, and other stock or cash awards may be granted. Shares to be issued under the Plan may be authorized and unissued
shares, issued shares that have been reacquired by us (in the open market or in private transactions), or a combination thereof. The maximum number of shares of common stock approved that may be issued under the Plan was four million shares. On March 16, 2023, at its annual meeting of shareholders, the shareholders of Photronics, Inc., approved amendments to the Plan to increase
the number of shares available for issuance by an additional one million shares, thereby increasing the shares available for issuance
under the Plan from four million to five
million. Awards may be granted
to officers, employees, directors, consultants, advisors, and independent contractors of Photronics or its subsidiaries. In the event of a change in control (as defined in the Plan), the vesting of awards may be accelerated. The Plan, aspects of
which are more fully described below, prohibits further awards from being issued under prior plans. The table below presents information on our share-based compensation expenses for the three-month periods ended January 28, 2024, and January 29, 2023.
Restricted Stock Awards
We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of to four years. The fair value of the awards is determined on the date of grant, based on the closing price of our common stock. The table below presents
information on our restricted stock awards for the three-month periods ended January 28, 2024, and January 29, 2023.
Stock Options
Option awards generally vest in The
table below presents information on our stock options for the three-month periods ended January 28, 2024, and January 29, 2023.
to four years and have a ten-year
contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant-date fair values of options are based on closing prices
of our common stock on the dates of grant and are calculated using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of our common stock. We use historical option exercise behavior and employee
termination data to estimate expected term, which represents the period of time that options are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect
at the date of grant.
Information on outstanding and exercisable option awards as of
January 28, 2024, is presented below.
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INCOME TAXES |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES |
NOTE 10 - INCOME TAXES
We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual
effective tax rate adjusted for tax items that are discrete to each period. The table below sets forth the primary reasons that our effective income tax rates differed from the U.S. statutory tax rates in effect during the three-month periods ended January 28, 2024, and January 29, 2023.
Uncertain Tax
Positions
Although the timing of reversal of uncertain tax positions may be
uncertain, as they can be dependent upon the settlement of tax audits, we believe that the amount of uncertain tax positions (including interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is immaterial.
Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and tax settlements. We are no longer subject to tax authority examinations in the U.S., major foreign, or state tax jurisdictions for
years prior to fiscal year The table below presents information on our unrecognized tax benefits as of the balance sheet dates. .
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EARNINGS PER SHARE |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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EARNINGS PER SHARE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE |
NOTE 11 - EARNINGS PER SHARE
The calculations of basic and diluted earnings per share are presented below.
The table below illustrates the outstanding weighted-average
share-based payment awards that were excluded from the calculation of diluted earnings per share because their exercise price exceeded the average market value of the common shares for the period or, under application of the treasury stock method,
they were otherwise determined to be antidilutive.
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COMMITMENTS AND CONTINGENCIES |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES |
NOTE 12 - COMMITMENTS AND CONTINGENCIES
As of January 28, 2024, we had commitments outstanding
for capital expenditures of approximately $142.2 million, primarily for purchases of high-end equipment.
In May
2022, we were informed of a customs audit in one of our China operations. We estimated a contingency ranging from $2.2 million to $3.7 million, which
included unpaid additional customs duties and related interest and penalties for the previous three years (the period under audit). In
the three-month period ended May 1, 2022, we recorded a contingent loss of $2.2 million, as we believed this was the most likely outcome.
The $2.2 million amount was recorded with a charge to Cost of goods sold in the condensed consolidated statements of income and Accrued
liabilities in the condensed consolidated balance sheets. In November 2022, upon settlement of the audit, we reversed $1.0 million of the
accrual.
We are subject to various
other claims that arise in the ordinary course of business. We believe that our potential liability under such claims, individually or in the aggregate, will not have a material effect on our consolidated financial statements.
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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT |
NOTE 13 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT
The following tables set forth the changes in our accumulated other comprehensive (loss) income by component (net of tax of $0) for the three-month periods ended January 28, 2024, and January 29, 2023.
|
FAIR VALUE MEASUREMENTS |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS |
NOTE 14 - FAIR VALUE MEASUREMENTS
The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information
used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1, defined as quoted market prices
(unadjusted) in active markets for identical securities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly; and Level 3, defined as unobservable inputs that are not corroborated by market data.
The fair
values of our cash and certain cash equivalents (Level 1 measurements), accounts receivable, accounts payable, and certain other current assets and current liabilities (Level 2 measurements) approximate their carrying values due to their short-term
maturities. The fair values of our Short-term investments are Level 1 measurements. (Please refer to “Investments” within Note 3 for additional fair value information on our Short-term investments.) The fair values of certain cash equivalents are
Level 2 measurements that are provided by independent third-party pricing services or other independent entities, which may use matrix pricing, valuation models, or other methods which utilize observable market data. The fair values of our
variable-rate debt instruments are Level 2 measurements and approximate their carrying values due to the variable nature of their underlying interest rates. Other than our Short-term investments, we did not have any assets or liabilities measured at fair value, on a recurring or a nonrecurring basis, at January 28, 2024, or October 31, 2023.
|
SHARE REPURCHASE PROGRAMS |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
SHARE REPURCHASE PROGRAMS [Abstract] | |
SHARE REPURCHASE PROGRAMS |
NOTE 15 - SHARE REPURCHASE PROGRAMS
In September 2020, the Company’s board of directors authorized the repurchase of up to $100 million of its common stock, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Act. The most recent 10b5-1 plan expired on September 15, 2022, and has not been renewed.
Share repurchases under this authorization commenced on September 16, 2020. The repurchase authorization by the Board of Directors has
no expiration date, does not obligate us to acquire any common stock, and is subject to market conditions. There have been no
shares repurchased for the three-month periods ended January 28, 2024, and January 29, 2023. As of January 28, 2024, $31.7 million was available under this
authorization for the purchase of additional shares. All shares repurchased under the program have been retired.
|
RECENT ACCOUNTING PRONOUNCEMENTS |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS |
NOTE 16 - RECENT ACCOUNTING PRONOUNCEMENTS
Accounting Standards
Updates to be Adopted
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. The amendments
in this update related to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate
reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and
operational opportunities affect its income tax rate and prospects for future cash flows. The guidance in this update will be effective for Photronics in its fiscal year 2026 Form 10-K, with early application of the amendments allowed. We are
currently evaluating the effect the adoption of this ASU may have on our disclosures.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which
improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this update is effective for Photronics in its fiscal year 2025 Form 10-K, with early adoption
permitted. We are currently evaluating the effect the adoption of this ASU may have on our disclosures.
|
Insider Trading Arrangements |
3 Months Ended |
---|---|
Jan. 28, 2024
shares
| |
Insider Trading Arrangements [Line Items] | |
Material Terms of Trading Arrangement | On January 11, 2024,
Lucien Bouchard, our Vice President
of Global Sales and Global Sales Engineering, adopted a Rule 10b5-1 trading arrangement, (the “Plan”) providing for the sale of an aggregate of up to 9,000 shares of our common stock granted to Mr. Bouchard under our compensation program. The Plan is intended to satisfy the affirmative defense in Rule 10b5-1(c). The first date that sales of any shares are
permitted to be sold under the Plan was . All shares under the Plan have been traded. |
Name | Lucien Bouchard |
Title | Vice President |
Rule 10b5-1 Arrangement Adopted | true |
Non-Rule 10b5-1 Arrangement Adopted | false |
Adoption Date | January 11, 2024 |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Arrangement Duration | 32 days |
Aggregate Available | 9,000 |
BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies) |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract] | |
Consolidation |
The accompanying unaudited condensed consolidated financial statements (“the financial statements”) have been prepared in accordance
with U.S. GAAP for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In
the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The financial statements include the accounts of Photronics, its wholly owned subsidiaries, and
the majority-owned subsidiaries, which it controls. All intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for
the fiscal year ended October 31, 2023, where we discuss and provide additional information about our accounting policies and the methods and assumptions used in our estimates.
|
Estimates and Assumptions |
The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect
amounts reported in them. Our estimates are based on historical experience and on various assumptions that we believe to be reasonable under the facts and circumstances at the time they are made. Subsequent actual results may differ from such
estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined.
|
INVENTORIES (Policies) |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
INVENTORIES [Abstract] | |
Inventories | Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. |
PDMCX JOINT VENTURE (Policies) |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
PDMCX JOINT VENTURE [Abstract] | |
Variable Interest Entities |
As required by the guidance in Topic 810 - “Consolidation” of the Accounting
Standards Codification (“ASC”), we evaluated our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial
statements. The initial step of our evaluation was to determine whether PDMCX was a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we
determined that it was a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE and concluded that we were the primary beneficiary during the current and prior year reporting periods; thus, as
required, the PDMCX financial results have been consolidated with Photronics. Our conclusion was based on the facts that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that
most significantly impacted its economic performance) and had the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that
most significantly affected the economic performance of PDMCX during the current and prior year reporting periods were based on our right to appoint the majority of its board of directors, which has, among others, the powers to manage the
business (through its rights to appoint and evaluate PDMCX’s management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01% variable interest we held during the current and prior year
periods, we had the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to PDMCX.
|
REVENUE (Policies) |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
REVENUE [Abstract] | |
Revenue |
We recognize revenue when, or as, control of a good or service
transfers to a customer, in an amount that reflects the consideration to which we expect to be entitled in exchange for transferring those goods or services. We account for an arrangement as a revenue contract when each party has approved and is
committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is
probable. Substantially all of our revenue comes from the sales of photomasks. We typically contract with our customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which we invoice as they ship to
customers. As the photomasks are manufactured to customer specifications, they have no alternative use to us and, as our contracts generally provide us with the right to
payment for work completed to date, we recognize revenue as we perform, or “over time”, on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various
manufacturing phases of a photomask. At the end of a reporting period, there are a number of uncompleted revenue contracts on which we have performed; for any such contracts under which we are entitled to be compensated for our costs incurred
plus a reasonable profit, we recognize revenue and a corresponding contract asset for such performance. We account for shipping and handling activities that we perform after a customer obtains control of a good as being activities to fulfill our
promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract. We report our revenue net of any sales or similar taxes we collect on behalf of government entities.
As stated above, photomasks are manufactured to customer specifications in accordance with their proprietary designs; thus, they
are individually unique. Due to their uniqueness and other factors, their transaction prices are individually established through negotiations with customers; consequently, our photomasks do not have standard or “list” prices. The transaction
prices of the vast majority of our revenue contracts include only fixed amounts of consideration. In certain instances, such as when we offer a customer an early payment discount, an estimate of variable consideration would be included in the
transaction price, but only to the extent that a significant reversal of revenue would not occur when the uncertainty related to the variability was resolved.
Contract Assets, Contract Liabilities, and Accounts Receivable
We recognize a contract asset when our performance under a contract precedes our receipt of consideration from a customer, or before payment is due, and our receipt of consideration is conditional upon factors other than the
passage of time. Contract assets reflect our transfer of control of photomasks that are in process or completed but not yet shipped to customers. A receivable is recognized when we have an unconditional right to payment for our performance, which
generally occurs when we ship the photomasks. Our contract assets primarily consist of a significant amount of our in-process production orders and fully manufactured photomasks which have not yet shipped, for which we have an enforceable right to
collect consideration (including a reasonable profit) in the event the in-process orders are cancelled by customers. On an individual contract basis, we net contract assets with contract liabilities (deferred revenue) for financial reporting
purposes. We did not identify impairment indicators for any outstanding contract assets during the three-month periods ended January 28, 2024, or January 29, 2023.
We generally record our accounts receivable at their billed
amounts. All outstanding past due customer invoices are reviewed for collectability during, and at the end of, every reporting period. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and
credit an allowance for credit losses. In the event that an amount is determined to be uncollectible, we charge the allowance for credit losses and derecognize the related receivable. We did not incur any credit losses on our accounts receivable during the three-month periods ended January 28, 2024
or January 29, 2023.
Our invoice terms generally range from net- to ninety days, depending on both the geographic market in which the transaction occurs and our payment agreements
with specific customers. In the event that our evaluation of a customer’s business prospects, and financial condition indicate that the customer presents a collectability risk, we modify terms of sale, which may require payment in advance of
performance. At the time of adoption, we elected the practical expedient allowed under ASC Topic 606 “Revenue from Contracts with Customers” (“Topic 606”) that permits us not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when we transfer control of goods or services to
customers and when we are paid is one year or less.
In instances when we are paid in advance of our performance, we
record a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when we receive payment from the
customer and the date when we expect to be entitled to the payment is greater than one year. Historically, advance payments we have received from customers have generally not
preceded the completion of our performance obligations by more than one year.
|
SHARE-BASED COMPENSATION (Policies) |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
Restricted Stock [Member] | |
Stock Options [Abstract] | |
Share-Based Compensation |
Restricted Stock Awards
|
Employee Stock Option [Member] | |
Stock Options [Abstract] | |
Share-Based Compensation |
Stock Options
Option awards generally vest in The
table below presents information on our stock options for the three-month periods ended January 28, 2024, and January 29, 2023.
to four years and have a ten-year
contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant-date fair values of options are based on closing prices
of our common stock on the dates of grant and are calculated using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of our common stock. We use historical option exercise behavior and employee
termination data to estimate expected term, which represents the period of time that options are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect
at the date of grant.
|
INCOME TAXES (Policies) |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
INCOME TAXES [Abstract] | |
Income Taxes |
We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual
effective tax rate adjusted for tax items that are discrete to each period. The table below sets forth the primary reasons that our effective income tax rates differed from the U.S. statutory tax rates in effect during the three-month periods ended January 28, 2024, and January 29, 2023.
|
FAIR VALUE MEASUREMENTS (Policies) |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Fair Value Financial Instruments |
The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information
used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1, defined as quoted market prices
(unadjusted) in active markets for identical securities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly; and Level 3, defined as unobservable inputs that are not corroborated by market data.
|
RECENT ACCOUNTING PRONOUNCEMENTS (Policies) |
3 Months Ended |
---|---|
Jan. 28, 2024 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
Recent Accounting Pronouncements |
Accounting Standards
Updates to be Adopted
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. The amendments
in this update related to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate
reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and
operational opportunities affect its income tax rate and prospects for future cash flows. The guidance in this update will be effective for Photronics in its fiscal year 2026 Form 10-K, with early application of the amendments allowed. We are
currently evaluating the effect the adoption of this ASU may have on our disclosures.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which
improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this update is effective for Photronics in its fiscal year 2025 Form 10-K, with early adoption
permitted. We are currently evaluating the effect the adoption of this ASU may have on our disclosures.
|
ACCOUNT RECEIVABLES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNT RECEIVABLES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable |
The components of Accounts Receivable at the balance sheet
dates are presented below.
|
SHORT-TERM INVESTMENTS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHORT-TERM INVESTMENTS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Debt Securities | The table below provides information on our available-for-sale debt securities.
|
INVENTORIES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. Presented below are the components of Inventories at the balance
sheet dates.
|
PROPERTY, PLANT, AND EQUIPMENT, NET (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT, NET [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Property, Plant and Equipment, Net |
Presented below are the components of Property, plant, and equipment, net at the
balance sheet dates.
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Information on ROU Assets from Finance Leases |
Information on ROU assets resulting from finance leases, at the balance sheet dates, is presented below.
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Depreciation Expense |
The
following table presents depreciation expense (including the amortization of ROU assets) related to property, plant, and equipment incurred during the reporting periods.
|
PDMCX JOINT VENTURE (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PDMCX JOINT VENTURE [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Recorded from Operations |
The following table presents net income we recorded from the operations of PDMCX during the reporting periods.
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Carrying Amounts and Exposure to Loss Related to Assets and Liabilities |
The following table presents the carrying amounts of PDMCX assets and liabilities included in our condensed consolidated balance
sheets. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX); therefore, our maximum exposure to loss from PDMCX is our interest in the carrying amount of the net assets of the joint
venture.
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DEBT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt |
As of January 28, 2024, the Current portion of long-term debt and the Long-term debt balances were comprised of finance leases as described below:
The table below provides
information on our long-term debt as of October 31, 2023.
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REVENUE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Balances |
The following table provides information about our contract balances at the balance sheet dates.
The
following table presents revenue recognized from contract liabilities that existed at the beginning of the reporting periods.
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Disaggregation of Revenue |
The following tables present our revenue for the three-month periods ended January 28, 2024, and January 29, 2023, disaggregated by product type, geographic origin, and timing of recognition.
* This table disaggregates revenue by the location in which it was earned.
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SHARE-BASED COMPENSATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Expenses | The table below presents information on our share-based compensation expenses for the three-month periods ended January 28, 2024, and January 29, 2023.
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Restricted Stock Awards Activity | The table below presents
information on our restricted stock awards for the three-month periods ended January 28, 2024, and January 29, 2023.
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Stock Options Activity | The
table below presents information on our stock options for the three-month periods ended January 28, 2024, and January 29, 2023.
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Information on Outstanding and Exercisable Option |
Information on outstanding and exercisable option awards as of
January 28, 2024, is presented below.
|
INCOME TAXES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Effective Income Tax Rates from U.S. Statutory Tax Rates | The table below sets forth the primary reasons that our effective income tax rates differed from the U.S. statutory tax rates in effect during the three-month periods ended January 28, 2024, and January 29, 2023.
|
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Unrecognized Tax Benefits | The table below presents information on our unrecognized tax benefits as of the balance sheet dates.
|
EARNINGS PER SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Basic and Diluted Earnings Per Share |
The calculations of basic and diluted earnings per share are presented below.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Securities Excluded from Calculation of Diluted Earnings or Loss Per Share |
The table below illustrates the outstanding weighted-average
share-based payment awards that were excluded from the calculation of diluted earnings per share because their exercise price exceeded the average market value of the common shares for the period or, under application of the treasury stock method,
they were otherwise determined to be antidilutive.
|
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive (Loss) Income by Component |
The following tables set forth the changes in our accumulated other comprehensive (loss) income by component (net of tax of $0) for the three-month periods ended January 28, 2024, and January 29, 2023.
|
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) |
3 Months Ended |
---|---|
Jan. 28, 2024
Facility
| |
Manufacturing Facilities [Abstract] | |
Number of manufacturing facilities | 11 |
Taiwan [Member] | |
Manufacturing Facilities [Abstract] | |
Number of manufacturing facilities | 3 |
Korea [Member] | |
Manufacturing Facilities [Abstract] | |
Number of manufacturing facilities | 1 |
China [Member] | |
Manufacturing Facilities [Abstract] | |
Number of manufacturing facilities | 2 |
United States [Member] | |
Manufacturing Facilities [Abstract] | |
Number of manufacturing facilities | 3 |
Europe [Member] | |
Manufacturing Facilities [Abstract] | |
Number of manufacturing facilities | 2 |
ACCOUNT RECEIVABLES (Details) - USD ($) $ in Thousands |
Jan. 28, 2024 |
Oct. 31, 2023 |
---|---|---|
ACCOUNT RECEIVABLES [Abstract] | ||
Accounts Receivable | $ 176,146 | $ 171,433 |
Unbilled Receivable | 28,551 | 24,593 |
Allowance for Credit Losses | (1,090) | (1,099) |
Total | $ 203,607 | $ 194,927 |
SHORT-TERM INVESTMENTS (Details) - Government securities [Member] - USD ($) $ in Thousands |
Jan. 28, 2024 |
Oct. 31, 2023 |
---|---|---|
Available-for-sale [Abstract] | ||
Amortized Cost | $ 12,994 | $ 12,913 |
Unrealized Gains | 3 | 4 |
Unrealized Losses | (1) | (2) |
Carrying Value | $ 12,996 | $ 12,915 |
INVENTORIES (Details) - USD ($) $ in Thousands |
Jan. 28, 2024 |
Oct. 31, 2023 |
---|---|---|
INVENTORIES [Abstract] | ||
Raw materials | $ 49,669 | $ 48,948 |
Work in process | 1,000 | 1,010 |
Finished goods | 11 | 5 |
Inventories | $ 50,680 | $ 49,963 |
PROPERTY, PLANT, AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jan. 28, 2024 |
Jan. 29, 2023 |
Oct. 31, 2023 |
|
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | $ 2,289,920 | $ 2,209,453 | |
Accumulated depreciation and amortization | (1,547,249) | (1,500,209) | |
Property, plant and equipment, net | 742,671 | 709,244 | |
Finance lease, Right-of-use asset [Abstract] | |||
Finance lease, right-of-use asset, gross | 42,817 | 42,820 | |
Accumulated amortization | (8,351) | (7,655) | |
Finance lease, right-of-use asset, net | 34,466 | 35,165 | |
Depreciation Expense [Abstract] | |||
Depreciation Expense | 20,605 | $ 19,028 | |
Land [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | 11,537 | 11,378 | |
Buildings and Improvements [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | 189,152 | 185,850 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | 1,968,318 | 1,922,041 | |
Leasehold Improvements [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | 19,572 | 18,894 | |
Furniture, Fixtures and Office Equipment [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | 16,985 | 15,856 | |
Construction in Progress [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | $ 84,356 | $ 55,434 |
PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2018 |
Jan. 28, 2024 |
Jan. 29, 2023 |
Oct. 31, 2023 |
|
Variable Interest Entity [Abstract] | ||||
Long-term debt | $ 2,655 | $ 17,998 | ||
Photronics and DNP [Member] | ||||
Variable Interest Entity [Abstract] | ||||
Term from inception after which interest holder may put their interest in the VIE | 2 years | |||
Period before put or purchase option can be exercised | 6 months | |||
Number of business days for obtaining required approvals and clearance for exiting party | 3 days | |||
Net Income (Loss) from Operations [Abstract] | ||||
Net income from PDMCX | $ 6,463 | $ 5,918 | ||
Photronics and DNP [Member] | Minimum [Member] | ||||
Variable Interest Entity [Abstract] | ||||
Ownership percentage | 20.00% | |||
PDMCX [Member] | ||||
Variable Interest Entity [Abstract] | ||||
Long-term debt | $ 0 | |||
Photronics Interest [Member] | ||||
Variable Interest Entity [Abstract] | ||||
Ownership percentage | 50.01% | |||
DNP [Member] | ||||
Variable Interest Entity [Abstract] | ||||
Ownership percentage | 49.99% |
PDMCX JOINT VENTURE, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jan. 28, 2024 |
Oct. 31, 2023 |
---|---|---|
Carrying Amounts of Assets and Liabilities [Abstract] | ||
Current assets | $ 807,677 | $ 785,450 |
Total assets | 1,582,836 | 1,526,221 |
Current liabilities | 185,289 | 185,223 |
Total liabilities | 235,782 | 250,612 |
Carrying Amount [Member] | ||
Carrying Amounts of Assets and Liabilities [Abstract] | ||
Current assets | 143,250 | 135,960 |
Noncurrent assets | 150,077 | 136,334 |
Total assets | 293,327 | 272,294 |
Current liabilities | 36,661 | 36,305 |
Noncurrent liabilities | 1,929 | 1,873 |
Total liabilities | 38,590 | 38,178 |
Net assets | 254,737 | 234,116 |
Photronics Interest [Member] | ||
Carrying Amounts of Assets and Liabilities [Abstract] | ||
Current assets | 71,639 | 67,994 |
Noncurrent assets | 75,054 | 68,181 |
Total assets | 146,693 | 136,175 |
Current liabilities | 18,334 | 18,156 |
Noncurrent liabilities | 965 | 937 |
Total liabilities | 19,299 | 19,093 |
Net assets | $ 127,394 | $ 117,082 |
DEBT, Long-term Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jan. 28, 2024 |
Oct. 31, 2023 |
|||
Long-term Debt [Abstract] | ||||
Long-term debt | $ 2,655 | $ 17,998 | ||
Finance Leases [Member] | ||||
Long Term Debt Maturing In Year One [Abstract] | ||||
Next 12 months | 20,771 | 6,621 | ||
Long-term Debt [Abstract] | ||||
Months 13 - 24 | 2,632 | 17,972 | ||
Months 25 - 36 | 12 | 12 | ||
Months 37 - 48 | 11 | 13 | ||
Months 49 - 60 | 0 | 1 | ||
Long-term debt | 2,655 | 17,998 | ||
Total debt | $ 23,426 | $ 24,619 | ||
Periodic payment amount | Varies as Lease mature | Varies as Lease mature | ||
Periodic payment frequency | Monthly | Monthly | ||
Loan collateral (carrying amount) | [1] | $ 34,466 | $ 35,165 | |
|
DEBT, Finance Leases (Details) - USD ($) $ in Thousands |
1 Months Ended | |||
---|---|---|---|---|
Feb. 28, 2021 |
Jan. 31, 2021 |
Jan. 28, 2024 |
Dec. 31, 2020 |
|
$7.2 Million Finance Lease [Member] | ||||
Finance Lease, [Abstract] | ||||
Finance lease contract term | 5 years | |||
Finance lease amount | $ 7,200 | |||
Early buyout option to purchase tool | $ 2,400 | |||
Finance lease interest implicit rate | 1.08% | |||
$7.2 Million Finance Lease [Member] | Monthly [Member] | ||||
Finance Lease, [Abstract] | ||||
Finance lease monthly payments | $ 100 | |||
$35.5 Million Finance Lease [Member] | ||||
Finance Lease, [Abstract] | ||||
Finance lease contract term | 5 years | |||
Finance lease amount | $ 35,500 | |||
Early buyout option to purchase tool | $ 14,100 | |||
Finance lease interest implicit rate | 1.58% | |||
$35.5 Million Finance Lease [Member] | First Three Months [Member] | ||||
Finance Lease, [Abstract] | ||||
Finance lease monthly payments | $ 40 | |||
$35.5 Million Finance Lease [Member] | Following Nine Months [Member] | ||||
Finance Lease, [Abstract] | ||||
Finance lease monthly payments | 600 | |||
$35.5 Million Finance Lease [Member] | Forty Eight Months [Member] | ||||
Finance Lease, [Abstract] | ||||
Finance lease monthly payments | 500 | |||
$35.5 Million Finance Lease [Member] | Minimum [Member] | ||||
Finance Lease, [Abstract] | ||||
Outstanding committed balance for cross default provision | $ 5,000 |
DEBT, Xiamen Working Capital Loans (Details) - Xiamen Working Capital Loans [Member] ¥ in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
CNY (¥)
|
Jan. 28, 2024
USD ($)
|
Nov. 30, 2018
USD ($)
|
|
Debt Instruments [Abstract] | ||||
Maximum borrowing capacity | $ 25.0 | |||
Expiration date | Jul. 31, 2024 | |||
Repayments of long-term debt | $ 3.6 | ¥ 25.6 | ||
Amount outstanding | $ 0.0 |
DEBT, Corporate Credit Agreement (Details) - Corporate Credit Agreement [Member] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jan. 28, 2024 |
Sep. 30, 2018 |
|
Debt Instruments [Abstract] | ||
Term of loan | 5 years | |
Current borrowing capacity | $ 50 | |
Maximum borrowing capacity | 100 | |
Cash limit for dividends, distributions and redemption on equity | $ 50 | |
Amount outstanding | $ 0 |
REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jan. 28, 2024 |
Jan. 29, 2023 |
Oct. 31, 2023 |
|
Contract with Customer, Asset and Liability [Abstract] | |||
Impairment of credit losses on accounts receivable | $ 0 | $ 0 | |
Credit losses on accounts receivable | 0 | 0 | |
Contract liabilities | 20,788 | $ 22,419 | |
Change in Contract with Customer, Liability [Abstract] | |||
Revenue recognized from beginning liability | 5,507 | $ 7,638 | |
Other Current Assets [Member] | |||
Contract with Customer, Asset and Liability [Abstract] | |||
Contract assets | 12,376 | 10,984 | |
Accrued Liabilities [Member] | |||
Contract with Customer, Asset and Liability [Abstract] | |||
Contract liabilities | 8,968 | 9,965 | |
Other Liabilities [Member] | |||
Contract with Customer, Asset and Liability [Abstract] | |||
Contract liabilities | $ 11,820 | $ 12,454 | |
Minimum [Member] | |||
Revenue, Performance Obligation [Abstract] | |||
Product invoice term | 30 days | ||
Product warranty period | 1 month | ||
Maximum [Member] | |||
Revenue, Performance Obligation [Abstract] | |||
Product invoice term | 90 days | ||
Product warranty period | 24 months | ||
IC [Member] | Minimum [Member] | |||
Backlog of Orders [Abstract] | |||
Customer order, expected satisfaction period | 7 days | ||
Customer order, extended satisfaction period | 2 months | ||
IC [Member] | Maximum [Member] | |||
Backlog of Orders [Abstract] | |||
Customer order, expected satisfaction period | 14 days | ||
Customer order, extended satisfaction period | 3 months | ||
FPD [Member] | Minimum [Member] | |||
Backlog of Orders [Abstract] | |||
Customer order, expected satisfaction period | 14 days | ||
FPD [Member] | Maximum [Member] | |||
Backlog of Orders [Abstract] | |||
Customer order, expected satisfaction period | 21 days |
REVENUE, Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jan. 28, 2024 |
Jan. 29, 2023 |
|||
Disaggregation of Revenue [Abstract] | ||||
Revenue | [1] | $ 216,334 | $ 211,090 | |
IC [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | 157,589 | 156,589 | ||
High-end [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | 60,875 | 48,003 | ||
Mainstream [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | 96,714 | 108,586 | ||
FPD [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | 58,745 | 54,501 | ||
High-end [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | 50,616 | 45,691 | ||
Mainstream [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | 8,129 | 8,810 | ||
Taiwan [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | [1] | 74,965 | 75,569 | |
China [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | [1] | 58,137 | 58,932 | |
Korea [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | [1] | 40,335 | 37,832 | |
United States [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | [1] | 32,733 | 29,881 | |
Europe [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | [1] | 9,705 | 8,447 | |
Other [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | [1] | 459 | 429 | |
Over Time [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | 203,527 | 197,164 | ||
At a Point in Time [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue | $ 12,807 | $ 13,926 | ||
|
SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 16, 2023 |
Jan. 28, 2024 |
Jan. 29, 2023 |
Mar. 15, 2023 |
|
Share-based Compensation [Abstract] | ||||
Maximum number of shares of common stock that may be issued (in shares) | 5,000,000 | 4,000,000 | ||
Additional shares available for issuance (in shares) | 1,000,000 | |||
Expense incurred | $ 2,573 | $ 1,821 | ||
Income tax benefits of share-based compensation | 99 | 155 | ||
Share-based compensation cost capitalized | 0 | 0 | ||
Cost of Goods Sold [Member] | ||||
Share-based Compensation [Abstract] | ||||
Expense incurred | 595 | 281 | ||
Selling, General and Administrative [Member] | ||||
Share-based Compensation [Abstract] | ||||
Expense incurred | 1,749 | 1,378 | ||
Research and Development [Member] | ||||
Share-based Compensation [Abstract] | ||||
Expense incurred | 229 | 162 | ||
Restricted Stock [Member] | ||||
Share-based Compensation [Abstract] | ||||
Expense incurred | $ 2,573 | $ 1,764 | ||
Restricted Stock [Abstract] | ||||
Number of shares granted in period (in shares) | 825,050 | 786,500 | ||
Weighted-average grant-date fair value of awards (in dollars per share) | $ 29.77 | $ 16.77 | ||
Shares outstanding at balance sheet date (in shares) | 1,634,315 | 1,374,422 | ||
Estimated Expenses Not Yet Incurred [Abstract] | ||||
Compensation cost not yet recognized | $ 31,426 | $ 18,526 | ||
Weighted-average amortization period for cost not yet recognized (in years) | 3 years 3 months 18 days | 3 years 2 months 12 days | ||
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation [Abstract] | ||||
Award vesting period | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation [Abstract] | ||||
Award vesting period | 4 years | |||
Stock Options [Member] | ||||
Share-based Compensation [Abstract] | ||||
Expense incurred | $ 0 | $ 1 | ||
Stock options activity [Abstract] | ||||
Contractual term | 10 years | |||
Number of options granted in period (in shares) | 0 | 0 | ||
Cash received from options exercised | $ 936 | $ 563 | ||
Estimated Expenses Not Yet Incurred [Abstract] | ||||
Compensation cost not yet recognized | $ 0 | 0 | ||
Outstanding and exercisable option awards [Roll Forward] | ||||
Outstanding at end of period (in shares) | 375,525 | |||
Exercisable at end of period (in shares) | 375,525 | |||
Weighted-Average Exercise Price [Abstract] | ||||
Outstanding at end of period (in dollars per share) | $ 10.31 | |||
Exercisable at end of period (in dollars per share) | $ 10.31 | |||
Weighted-Average Remaining Contractual Life (in years) [Abstract] | ||||
Outstanding at end of period | 2 years 7 months 2 days | |||
Exercisable at end of period | 2 years 7 months 2 days | |||
Aggregate Intrinsic Value [Abstract] | ||||
Outstanding at end of period | $ 7,448 | |||
Exercisable at end of period | $ 7,448 | |||
Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation [Abstract] | ||||
Award vesting period | 1 year | |||
Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation [Abstract] | ||||
Award vesting period | 4 years | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation [Abstract] | ||||
Expense incurred | $ 0 | $ 56 |
INCOME TAXES (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jan. 28, 2024 |
Jan. 29, 2023 |
Oct. 31, 2023 |
|
Effective Income and Statutory Tax Rates [Abstract] | |||
U.S. statutory tax rates | 21.00% | 21.00% | |
Effective tax rates | 27.30% | 30.30% | |
Income Tax Examination [Abstract] | |||
Earliest open tax year | 2018 | ||
Unrecognized Tax Benefits [Abstract] | |||
Unrecognized tax benefits related to uncertain tax positions | $ 9,744 | $ 8,908 | |
Unrecognized tax benefits that, if recognized, would impact the effective tax rate | 9,744 | 8,908 | |
Accrued interest and penalties related to uncertain tax positions | $ 688 | $ 576 |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 28, 2024 |
Jan. 29, 2023 |
|
Calculation of Basic and Diluted Earnings Per Share [Abstract] | ||
Net income attributable to Photronics, Inc. shareholders | $ 26,180 | $ 13,986 |
Effect of dilutive securities | 0 | 0 |
Earnings used for diluted earnings per share | $ 26,180 | $ 13,986 |
Weighted-average Common Shares Computations [Abstract] | ||
Weighted-average common shares used for basic earnings per share (in shares) | 61,455 | 60,894 |
Effect of Dilutive Securities [Abstract] | ||
Share-based payment awards (in shares) | 828 | 576 |
Potentially dilutive common shares (in shares) | 828 | 576 |
Weighted-average common shares used for diluted earnings per share (in shares) | 62,283 | 61,470 |
Basic earnings per share (in dollars per share) | $ 0.43 | $ 0.23 |
Diluted earnings per share (in dollars per share) | $ 0.42 | $ 0.23 |
Antidilutive Securities [Abstract] | ||
Total potentially dilutive shares excluded (in shares) | 241 | 268 |
Share-based Payment Awards [Member] | ||
Antidilutive Securities [Abstract] | ||
Total potentially dilutive shares excluded (in shares) | 241 | 268 |
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Nov. 30, 2022
USD ($)
|
Jan. 28, 2024
USD ($)
|
May 01, 2022
USD ($)
Operation
|
|
Commitment and Contingencies [Abstract] | |||
Outstanding commitments for capital expenditure | $ 142.2 | ||
Period of audit | 3 years | ||
Contingency loss recorded | $ 2.2 | ||
Reversal of loss contingency accrual | $ 1.0 | ||
Minimum [Member] | |||
Commitment and Contingencies [Abstract] | |||
Range of estimated contingency loss | 2.2 | ||
Maximum [Member] | |||
Commitment and Contingencies [Abstract] | |||
Range of estimated contingency loss | $ 3.7 | ||
China [Member] | |||
Commitment and Contingencies [Abstract] | |||
Number of operations | Operation | 1 |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jan. 28, 2024 |
Jan. 29, 2023 |
|
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract] | ||
Other comprehensive income, tax | $ 0 | $ 0 |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | 975,008 | |
Ending Balance | 1,022,956 | |
Accumulated Other Comprehensive Income [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (88,734) | (98,456) |
Ending Balance | (67,863) | (24,420) |
Foreign Currency Translation Adjustments [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (88,044) | (97,790) |
Ending Balance | (67,160) | (23,737) |
Other [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (690) | (666) |
Ending Balance | (703) | (683) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Other comprehensive (loss) income | 31,466 | 90,465 |
Foreign Currency Translation Adjustments [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Other comprehensive (loss) income | 31,493 | 90,519 |
Other [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Other comprehensive (loss) income | (27) | (54) |
AOCI Attributable to Noncontrolling Interest [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Other comprehensive (loss) income attributable to noncontrolling interests | (10,595) | (16,429) |
Foreign Currency Translation Adjustments [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Other comprehensive (loss) income attributable to noncontrolling interests | (10,609) | (16,466) |
Other [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Other comprehensive (loss) income attributable to noncontrolling interests | $ 14 | $ 37 |
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands |
Jan. 28, 2024 |
Oct. 31, 2023 |
---|---|---|
Fair Value, Assets and Liability [Abstract] | ||
Total assets | $ 0 | $ 0 |
Total liabilities | $ 0 | $ 0 |
SHARE REPURCHASE PROGRAMS (Details) - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jan. 28, 2024 |
Jan. 29, 2023 |
Sep. 30, 2020 |
|
September 2020 Announced Program [Member] | |||
Share Repurchase Program [Abstract] | |||
Stock repurchased authorized amount | $ 100.0 | ||
Stock repurchase program - commencement date | Sep. 16, 2020 | ||
Amount remaining under authorization for purchase of additional shares | $ 31.7 | ||
Share Repurchase Programs [Member] | |||
Share Repurchase Program [Abstract] | |||
Number of shares repurchased (in shares) | 0 | 0 |
1 Year Photronics Chart |
1 Month Photronics Chart |
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