Boston, MA 08/22/2214 (wallstreetpr) – Photronics, Inc. (NASDAQ:PLAB) announced its financial results for the third quarter 2014. The sales of $124.9 million came at the higher end of pre-disclosed guidance of $120-$125 million. The earnings per share came at $0.07 which again was at the higher end of pre-given guidance of earnings $0.02-$0.07 per share. The IC sales of $36.6 million made a new high in the third quarter. The gross margin expanded by 170 bps sequentially. Operating margin also showed a growth of 8.9% on a sequential basis. EBITDA of Photronics, Inc. (NASDAQ:PLAB) came higher by $9 million sequentially at $34 million.
The sales
Photronics, Inc. (NASDAQ:PLAB) posted sales of $124.9 million, up 13.9% comparable to $109.7 million in the 3Q2013. The sales of semiconductor photomasks came 81% of revenues. It came at an impressive figure of $100.6 million. Sales of flat panel display photomasks came 19% of revenues at $24.3 million. The GAAP net income came at $4.2 million comparable to $5.9 million in 3Q2013. It accounts for the income of $0.07 per diluted share comparable to $0.10 per diluted share in 3Q2013.
The management view
Constantine (“Deno”) Macricostas, Chairman and the CEO, said that it is the first quarter that covered all the activities related to the PDMC joint venture. The other key achievement came in the form of completion of the 14nm qualification which was accompanied by a key foundry customer in Asia. The third quarter reaped the benefits coming from the high-end business ramps. The significant growth was seen in the high-end semiconductor segments. It touched a record high of $36.6 million.
The high sale volumes
The focal point in the third quarter results was the high sale volumes. It formed the base of strong bottom line results where the operating margin showed an expansion of 8.9%. Even the non-GAAP earnings touched the high end of the guidance of $0.07 per share. Photronics, Inc. (NASDAQ:PLAB) third quarter results are in line with the expectations.
