Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying
innovative imaging technology solutions for the global electronics
industry, announced today that it has entered into a new credit facility
in the amount of $27.2 million with its current lenders. Under the terms
of the new credit facility, Photronics has repaid a foreign loan of an
equal amount and aligned the maturity date of the new loan to its
existing revolving credit line. In addition, $9.1 million of the new
credit facility will be due for repayment by January 31, 2010 and the
remaining balance will be due by January 31, 2011.
"We continued our intense efforts to strengthen our balance sheet
through this activity," stated Constantine S. Macricostas, Photronics'
chairman and chief executive officer. "By aligning this loan with our
revolving credit line, Photronics has extended the repayment term of
$18.1 million by an additional year, thus reducing the current portion
of our debt. We intend to continue aggressively pursuing options to
improve both our operating margins and balance sheet through additional
market share gains, cost reductions and financing alternatives,"
concluded Mr. Macricostas.
Photronics is a leading worldwide manufacturer of photomasks. Photomasks
are high precision quartz plates that contain microscopic images of
electronic circuits. A key element in the manufacture of semiconductors
and flat panel displays, photomasks are used to transfer circuit
patterns onto semiconductor wafers and flat panel substrates during the
fabrication of integrated circuits, a variety of flat panel displays
and, to a lesser extent, other types of electrical and optical
components. They are produced in accordance with product designs
provided by customers at strategically located manufacturing facilities
in Asia, Europe, and North America. Additional information on the
Company can be accessed at www.photronics.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe
harbor” for forward-looking statements made by or on behalf of
Photronics, Inc. and its subsidiaries (the Company). The forward-looking
statements contained in this press release and other parts of
Photronics’ web site involve risks and uncertainties that may affect the
Company’s operations, markets, products, services, prices, and other
factors as discussed in filings with the U. S. Securities and Exchange
Commission (SEC). These risks and uncertainties include, but are not
limited to, economic, competitive, legal, governmental, and
technological factors. Accordingly, there is no assurance that the
Company’s expectations will be realized. The Company assumes no
obligation to provide revisions to any forward-looking statements.
11-2009
Photronics, Inc.
Scott J. Gish, 203-775-9000
Vice President
Corporate
Communications
sgish@photronics.com
