Core Points - Photronics, Inc. received the Outstanding Contribution award from Visionox, highlighting its dedication to customer excellence in photomask technologies [1][2] - Visionox recognizes Photronics for its premier economic value and customer support, particularly in delivery, quality, and local service [2] Company Overview - Photronics is a leading manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks, essential for the manufacturing process of ICs and FPDs [2] - The company has been a trusted supplier for over 56 years and operates 11 manufacturing facilities strategically located in Asia, Europe, and North America [2]

Summary of Photronics (PLAB) FY Conference Call - June 11, 2025 Company Overview - **Company**: Photronics, Inc. - **Ticker**: PLAB - **Industry**: Semiconductor and Display Technology - **Business Units**: - Integrated Circuit (IC) - 75% of revenue - Flat Panel Display (FPD) - 25% of revenue - **Geographic Presence**: 11 clean room facilities globally (6 in Asia, 3 in the U.S., 2 in Europe) [3][19] Core Business Insights - **High-End Market Focus**: - IC high-end segment includes 14nm, 22nm, and 28nm technologies, with 38% of IC revenue from high-end products [4][5] - FPD high-end segment constitutes approximately 85% of total display revenue [4] - **Photomask Production**: - Critical for semiconductor manufacturing, requiring multiple layers (e.g., 70 layers for 14nm designs) [8] - Major customers include UMC (15% of revenue) and Samsung (10% of revenue) [7] Revenue Growth and Market Dynamics - **Revenue Growth Drivers**: - Joint ventures in Taiwan (2014) and China (2019) significantly boosted revenue, with China exposure rising from 3% in 2019 to 28% in 2024 [12] - Supply chain disruptions during COVID-19 led to increased pricing power and improved gross margins from 23-24% in 2020 to 37% in 2024 [13] - **Market Position**: - Photronics and Topan dominate the merchant photomask market, holding approximately 95% of the U.S. market [20][28] - Anticipated growth in outsourcing from captive operations as TSMC and others expand in the U.S. [23] Financial Performance - **Recent Financials**: - Gross margins reported at 36.9% for the recent quarter, with operating expenses around 10% of revenue [33] - Strong cash flow generation, with a cash balance of $558 million, 57% linked to joint ventures [36] - **Capital Expenditures**: - Typically 15% of revenue, with elevated spending planned for 2025 due to U.S. investments [16][39] Competitive Landscape - **China Market Dynamics**: - New entrants in China, supported by government initiatives, struggle to compete at higher technology nodes due to restrictions on technology transfer [30] - Photronics maintains a competitive edge in high-end nodes, with expectations of a 3-5 year lead over new Chinese competitors [31] - **Display Technology**: - Introduction of next-generation moled display technology expected to enhance product offerings in laptops and foldable devices [35][60] Strategic Outlook - **U.S. Market Growth**: - Optimism regarding reshoring of semiconductor production in the U.S., with significant growth potential anticipated by 2027-2028 [50] - **Long-Term Agreements**: - Entered into multi-year sales agreements with key customers to ensure pricing stability and supply continuity [56] Additional Insights - **Operational Execution**: - Emphasis on geographic presence, quality, and response time as key factors for success [24][25] - **Market Trends**: - Design starts are critical for demand, with less correlation to wafer starts [32][45] This summary encapsulates the key points from the Photronics FY conference call, highlighting the company's strategic positioning, market dynamics, financial performance, and future outlook.

[Front Matter](index=1&type=section&id=Front%20Matter) [Glossary of Terms and Acronyms](index=4&type=section&id=Glossary%20of%20Terms%20and%20Acronyms) This section defines key technical and financial acronyms and terms like AMOLED, FPD, and IC, distinguishing between high-end and mainstream photomasks - High-end IC photomasks are defined as those servicing nodes at **28nm or smaller**[14](index=14&type=chunk) - High-end FPD photomasks are defined as **AMOLED, G10.5+, and LTPS** photomasks[14](index=14&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements are subject to risks and uncertainties, advising readers to refer to Form 10-K risk factors - The company's forward-looking statements are qualified by risk factors provided in the **Form 10-K** for the year ended October 31, 2024, and this **Form 10-Q**[17](index=17&type=chunk) - The company does not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances[17](index=17&type=chunk) [PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents unaudited condensed consolidated financial statements, highlighting decreased cash, a significant net income drop due to foreign currency, and share repurchases [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$1.703 billion** as of May 4, 2025, with cash and equivalents down, while total equity increased Condensed Consolidated Balance Sheet Highlights (in thousands of USD) | Account | May 4, 2025 | October 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $530,708 | $598,485 | | Total current assets | $855,806 | $931,062 | | Total assets | $1,703,032 | $1,712,059 | | **Liabilities & Equity** | | | | Total current liabilities | $166,783 | $183,811 | | Total liabilities | $206,263 | $231,300 | | Total equity | $1,496,769 | $1,480,759 | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Revenue for Q2 FY25 was **$211.0 million**, with net income significantly impacted by a **$31.1 million** foreign currency loss Three Months Ended Financial Performance (in thousands of USD, except EPS) | Metric | May 4, 2025 | April 28, 2024 | | :--- | :--- | :--- | | Revenue | $210,992 | $217,000 | | Gross Profit | $77,906 | $79,251 | | Operating Income | $55,717 | $56,052 | | Foreign currency transactions impact, net | $(31,111) | $14,766 | | Net income attributable to Photronics, Inc. | $8,861 | $36,251 | | Diluted EPS | $0.15 | $0.58 | Six Months Ended Financial Performance (in thousands of USD, except EPS) | Metric | May 4, 2025 | April 28, 2024 | | :--- | :--- | :--- | | Revenue | $423,130 | $433,334 | | Gross Profit | $153,441 | $158,506 | | Operating Income | $107,894 | $113,542 | | Net income attributable to Photronics, Inc. | $51,712 | $62,431 | | Diluted EPS | $0.84 | $1.00 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operations was **$109.9 million** for the six months ended May 4, 2025, with significant cash used for stock repurchases Six Months Ended Cash Flow Summary (in thousands of USD) | Cash Flow Activity | May 4, 2025 | April 28, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $109,919 | $117,994 | | Net cash used in investing activities | $(80,847) | $(114,704) | | Net cash used in financing activities | $(95,072) | $(4,727) | | Net decrease in cash | $(67,697) | $(5,276) | - The company repurchased **$76.7 million** of its common stock in the first six months of fiscal 2025, a significant use of cash in financing activities[31](index=31&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue recognition, the PDMCX joint venture, debt, share-based compensation, and the share repurchase program - The company is a leading manufacturer of photomasks, a key element in the production of Integrated Circuits (ICs) and Flat Panel Displays (FPDs), operating eleven manufacturing facilities worldwide[33](index=33&type=chunk) - The company's China IC business operates through a joint venture (PDMCX) with DNP, in which Photronics holds a **50.01%** interest, with its results consolidated in Photronics' financial statements[53](index=53&type=chunk)[57](index=57&type=chunk) - The company recognizes the majority of its revenue over time, as photomasks are manufactured to customer specifications with no alternative use[64](index=64&type=chunk) - In Q2 FY25, the company began granting restricted stock units (RSUs) in addition to its historical restricted stock awards (RSAs)[84](index=84&type=chunk) - The company repurchased **3.8 million** shares for **$76.7 million** in the first six months of fiscal 2025, with **$23.3 million** remaining available under the share repurchase authorization as of May 4, 2025[101](index=101&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 FY25 financial results, noting a **2.8%** revenue decrease, net income impact from foreign currency loss, and active share repurchases [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q2 FY25 revenue decreased to **$211.0 million** year-over-year, with gross margin improving but net income significantly impacted by foreign currency loss Revenue by Product Type - Q2 FY25 vs. Prior Periods (in millions of USD) | Product Type | Q2 FY25 Revenue | Change vs Q1 FY25 | % Change | Change vs Q2 FY24 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total IC** | **$155.9** | **$1.9** | **1.2%** | **$(5.0)** | **(3.1)%** | | High-end IC | $59.3 | $(0.8) | (1.3)% | $1.3 | 2.2% | | Mainstream IC | $96.6 | $2.7 | 2.9% | $(6.3) | (6.1)% | | **Total FPD** | **$55.1** | **$(3.0)** | **(5.3)%** | **$(1.0)** | **(1.7)%** | | High-end FPD | $43.6 | $(6.1) | (12.2)% | $(4.4) | (9.1)% | | Mainstream FPD | $11.5 | $3.1 | 35.3% | $3.4 | 42.1% | | **Total Revenue** | **$211.0** | **$(1.1)** | **(0.5)%** | **$(6.0)** | **(2.8)%** | - Gross margin increased by **40 basis points** YoY in Q2 FY25, primarily due to decreased labor, benefits, and material costs, offsetting lower revenue[120](index=120&type=chunk) - Other income (expense) was significantly impacted by foreign currency fluctuations, swinging from a **$20.5 million** income in Q2 FY24 to a **$25.8 million** expense in Q2 FY25, mainly due to unfavorable movements of the New Taiwan dollar and South Korean won against the U.S. dollar[126](index=126&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains **$530.7 million** in cash, plans **$200 million** in FY225 capital expenditures, and actively repurchases shares - As of May 4, 2025, cash and cash equivalents were **$530.7 million**, with **$431.9 million** held by foreign subsidiaries[132](index=132&type=chunk) - Estimated capital expenditures for fiscal year 2025 are approximately **$200 million**, targeted towards increasing operating capability and efficiency in Asia and the U.S[134](index=134&type=chunk) - The company repurchased **3.8 million** shares for **$76.7 million** during the six months ended May 4, 2025, with **$23.3 million** remaining under the share repurchase authorization[135](index=135&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces significant foreign currency exchange rate risk, with a hypothetical **10%** adverse movement resulting in a **$71.3 million** pre-tax loss - The company's primary net foreign currency exposures as of May 4, 2025, were to the South Korean won, Japanese yen, New Taiwan dollar, and Chinese yuan[149](index=149&type=chunk) - A hypothetical **10%** adverse movement in the value of currencies different from the functional currencies would have resulted in a net unrealized pre-tax loss of **$71.3 million** as of May 4, 2025[149](index=149&type=chunk) - Interest rate risk was not material as of the balance sheet date because there were no variable rate borrowings outstanding[150](index=150&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[152](index=152&type=chunk) - No material changes were made to the company's internal control over financial reporting during the second fiscal quarter of 2025[153](index=153&type=chunk) [PART II. OTHER INFORMATION](index=35&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the 2024 Form 10-K, except for a new risk concerning tariffs and global trade policies - A new risk factor was added concerning tariffs and global trade policies[155](index=155&type=chunk) - New tariffs announced in Q2 FY25 on imports from China, Taiwan, South Korea, Japan, and the EU could increase costs, reduce demand, and negatively affect customer purchasing behavior[156](index=156&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **3.6 million** shares in Q2 FY25, with **$23.3 million** remaining under the current authorization Issuer Purchases of Equity Securities (Q2 FY25) | Period | Total Number of Shares Purchased | Average Price Paid Per share | Dollar Value of Shares That May Yet Be Purchased (in millions of USD) | | :--- | :--- | :--- | :--- | | February 3, 2025 – March 2, 2025 | - | $ - | $95.4 | | March 3, 2025 – March 30, 2025 | 2,262,912 | $21.09 | $47.6 | | March 31, 2025 – May 4, 2025 | 1,352,287 | $17.99 | $23.3 | | **Total** | **3,615,199** | | | - In August 2024, the Board of Directors increased the share repurchase program authorization to **$100 million**[157](index=157&type=chunk) [Item 5. Other Information](index=36&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 trading plans were adopted or terminated, and the company entered into indemnification agreements with directors - On June 9, 2025, the Company entered into customary indemnification agreements with each of its directors, requiring the company to provide indemnification and advance expense payments under certain circumstances[163](index=163&type=chunk) - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the quarter ended May 4, 2025[162](index=162&type=chunk) [Item 6. Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including indemnification agreements, CEO/CFO certifications, and XBRL data - Key exhibits filed include the Form of Director Indemnification Agreement (10.1), CEO/CFO certifications (31.1, 31.2, 32.1, 32.2), and Inline XBRL documents[165](index=165&type=chunk) [Signatures](index=38&type=section&id=SIGNATURES) The Form 10-Q was signed by Eric Rivera, EVP and CFO, on June 11, 2025 - The Form 10-Q was signed by Eric Rivera, EVP and CFO, on June 11, 2025[167](index=167&type=chunk)

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving Photronics, Inc. and its officers or directors [1] Financial Performance - On May 28, 2025, Photronics reported second-quarter revenue of $210.99 million, a 2.8% year-over-year decline, missing consensus estimates by $1.01 million [3] - The company reported non-GAAP earnings per share of $0.40, which was $0.08 below consensus estimates [3] - Photronics provided third-quarter revenue guidance of $200 million to $208 million, compared to consensus estimates of $220 million [3] Management Changes - Dr. Frank Lee resigned from his position as Chief Executive Officer of Photronics, effective immediately [3] Market Reaction - Following the financial results announcement, Photronics' stock price fell by $3.12 per share, or 15.55%, closing at $16.94 per share on May 28, 2025 [4]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving Photronics, Inc. and its officers or directors [1] Financial Performance - Photronics reported second quarter 2025 revenue of $210.99 million, a 2.8% year-over-year decline, missing consensus estimates by $1.01 million [3] - Non-GAAP earnings per share for the same quarter were $0.40, falling short of consensus estimates by $0.08 [3] - The company provided third quarter revenue guidance of $200 million to $208 million, compared to consensus estimates of $220 million [3] Stock Market Reaction - Following the financial results announcement, Photronics' stock price dropped by $3.12 per share, or 15.55%, closing at $16.94 per share on May 28, 2025 [4] Management Changes - Dr. Frank Lee resigned from his position as Chief Executive Officer of Photronics, effective immediately [3]

Photronics (PLAB) Q2 2025 Earnings Call May 28, 2025 08:30 AM ET Company Participants Ted Moreau - VP - Investor RelationsFrank Lee - Chief Executive OfficerGeorge Macricostas - Executive ChairmanEric Rivera - CFOTom Diffely - Director Of Institutional ResearchChristopher Progler - Executive Vice President, Chief Technology Officer, Strategic Planning Conference Call Participants Gowshi Sriharan - Analyst Operator Good day, and thank you for standing by. Welcome to the Photronics Second Quarter Fiscal twent ...

Financial Data and Key Metrics Changes - The company achieved second quarter sales of $211 million, which was in the middle of the guidance range, representing a 3% year-over-year decline [7][16] - Non-GAAP diluted EPS was reported at $0.40, while diluted GAAP EPS attributable to shareholders was $0.15 [20] - Gross margin was 37%, in line with the quarterly average over the past three years, and operating margin improved to 26%, above guidance [19][20] Business Line Data and Key Metrics Changes - Integrated Circuit (IC) revenue was $156 million, down 3% year-over-year, with high-end revenue increasing 2% year-over-year, representing 38% of IC revenue [16][19] - Flat Panel Display (FPD) revenue was $55 million, declining 2% year-over-year, with seasonal demand expected to uplift later in the quarter [18][19] Market Data and Key Metrics Changes - Revenue from IC joint ventures in China and Taiwan remained healthy, while revenue from the U.S. declined sequentially due to lower-end design node weakness [19] - The company noted a broad-based weakness in mainstream markets, particularly in Europe, which is heavily reliant on automotive and industrial microcontrollers [30] Company Strategy and Development Direction - The company is focusing on capacity expansion in the U.S. to support reshoring semiconductor production and is strategically positioned to benefit from the transition to higher-end nodes [8][11] - The management emphasized the importance of geographic footprint as a strategic asset to mitigate tariff costs and support global customers [12][19] Management Comments on Operating Environment and Future Outlook - Management expressed caution regarding near-term demand due to macroeconomic uncertainties and tariff dynamics, expecting third quarter revenue to be in the range of $200 million to $208 million [23][47] - The company remains optimistic about the long-term health and growth potential, as indicated by the $72 million spent on share repurchases [22][48] Other Important Information - The CEO announced retirement after three years, with George Makrokastas appointed as the new CEO, focusing on operational execution and profitable growth [12][14] - The company plans to spend $200 million in CapEx for fiscal 2025, with a focus on capacity, capability, and end-of-life tool initiatives [21] Q&A Session Summary Question: Insights on mainstream business and supply-demand dynamics - Management noted that the mainstream market remains weak due to low wafer fab utilization among aged fab customers, particularly in power, industrial, and consumer sectors [25][26] Question: Weakness in Asia and its impact - The weakness is not confined to Asia; it is broad-based, with Europe showing significant weakness due to its reliance on automotive and industrial applications [30] Question: Year-over-year earnings impact - The largest impact on earnings year-over-year is attributed to pricing pressures in the mainstream market, although product mix strategies are being employed to mitigate this [32][33] Question: Priorities for the new CEO - The new CEO indicated a focus on cost structure, driving revenue, and gaining market share, emphasizing an orderly transition rather than a wholesale change [39][40] Question: Capacity expansion versus regionalization - The company will evaluate opportunities in the U.S. while balancing growth in Asia, particularly in response to geopolitical issues and reshoring efforts [46] Question: Share repurchase strategy - The company will remain opportunistic with the existing share repurchase authorization and will consider future expansions based on investment opportunities [48]

Investor Presentation May 2025 PHOTRONICS, INC. Safe Harbor Statement This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain risks and uncertainties. We refer you to the risk factors in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subsequent filings ...

Revenue Performance - Revenue for Q2 FY2025 was $211.0 million, a decrease of 3% year-over-year and 1% sequentially[3]. - Integrated Circuit (IC) revenue was $155.9 million, down 3% year-over-year but up 1% sequentially[3]. - Flat Panel Display (FPD) revenue was $55.1 million, down 2% year-over-year and 5% sequentially[3]. - For Q3 FY2025, revenue guidance is expected to be between $200 million and $208 million, with non-GAAP net income per diluted share between $0.35 and $0.41[4]. Net Income and Earnings Per Share - GAAP net income attributable to shareholders was $8.9 million, or $0.15 per diluted share, compared to $36.3 million, or $0.58 per diluted share in Q2 FY2024[3]. - Non-GAAP net income attributable to shareholders was $24.3 million, or $0.40 per diluted share, down from $28.7 million, or $0.46 per diluted share in Q2 FY2024[3]. - GAAP net income attributable to Photronics, Inc. shareholders for the three months ended May 4, 2025, was $8.861 million, a decrease from $42.851 million in the previous quarter[18]. - Non-GAAP net income attributable to Photronics, Inc. shareholders was $24.259 million, compared to $32.383 million in the previous quarter[18]. - GAAP diluted earnings per share attributable to Photronics, Inc. shareholders decreased to $0.15 from $0.68 in the previous quarter[18]. - Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders was $0.40, down from $0.52 in the previous quarter[18]. Cash Flow and Investments - Cash generated from operating activities was $31.5 million, with $60.5 million invested in organic growth and $72.1 million returned to shareholders through stock repurchases[9]. - Cash, cash equivalents, and short-term investments at the end of the quarter totaled $558.4 million[9]. - The company repurchased $72 million of its stock during the quarter as part of its strategy to return cash to shareholders[2]. Foreign Exchange Impact - Foreign exchange (FX) gain/loss for the quarter was a loss of $31.111 million, compared to a gain of $18.443 million in the previous quarter[18]. - Estimated tax effects of FX gain/loss were $(8.337) million, compared to $5.152 million in the previous quarter[18]. - Estimated noncontrolling interest effects related to FX were $(7.376) million, compared to $2.823 million in the previous quarter[18]. Management Changes - The transition of CEO from Dr. Frank Lee to Mr. George Macricostas was announced, with Dr. Lee remaining involved in Asia operations[1]. Overall Financial Performance - The company experienced a decrease in non-GAAP adjustments, with effects of $(0.25) per share compared to $(0.16) in the previous quarter[18]. - Overall, the financial performance indicates a significant decline in both net income and earnings per share compared to the previous quarter[18].

Core Viewpoint - Photronics, Inc. reported its second-quarter fiscal 2025 financial results, revealing a decline in revenue and net income, while announcing a leadership transition with Dr. Frank Lee stepping down as CEO and Mr. George Macricostas taking over the role [1][2][8]. Financial Performance - Revenue for the second quarter was $211.0 million, a decrease of 3% year-over-year and 1% sequentially [8]. - GAAP net income attributable to Photronics, Inc. shareholders was $8.9 million, or $0.15 per diluted share, compared to $36.3 million, or $0.58 per diluted share, in the second quarter of 2024 [8]. - Non-GAAP net income attributable to Photronics, Inc. shareholders was $24.3 million, or $0.40 per diluted share, down from $28.7 million, or $0.46 per diluted share, in the same quarter last year [8][19]. - Integrated Circuit (IC) revenue was $155.9 million, down 3% year-over-year but up 1% sequentially [8]. - Flat Panel Display (FPD) revenue was $55.1 million, down 2% year-over-year and 5% sequentially [8]. Cash Flow and Shareholder Returns - Cash generated from operating activities was $31.5 million, with $60.5 million invested in organic growth through capital expenditures [8]. - The company returned $72 million to shareholders through stock repurchases during the quarter [2][8]. - Cash, cash equivalents, and short-term investments at the end of the quarter totaled $558.4 million [8]. Guidance for Future Performance - For the third quarter of fiscal 2025, Photronics expects revenue to be between $200 million and $208 million, with non-GAAP net income attributable to shareholders projected to be between $0.35 and $0.41 per diluted share [4]. Leadership Transition - Dr. Frank Lee will continue to manage the company's Asia operations and remain Chairman and President of Photronics' PDMC subsidiary in Taiwan [1][2]. - Mr. George Macricostas has assumed the role of Chief Executive Officer while remaining Chairman of the Board [1][2]. Company Overview - Photronics is a leading manufacturer of photomasks for integrated circuits and flat panel displays, operating 11 manufacturing facilities across Asia, Europe, and North America [6].