Photronics, Inc. reported its financial results for the second quarter of fiscal year 2025, revealing a revenue of $210.99 million, a decrease of 2.8% compared to $217.00 million in the same quarter of the previous year. The company's net income attributable to shareholders was $8.86 million, translating to earnings per share of $0.15, down from $36.25 million and $0.59 per share in the prior year. For the first half of fiscal 2025, total revenue reached $423.13 million, a decline of 2.4% from $433.33 million in the first half of fiscal 2024.
The decline in revenue was attributed to a decrease in demand for mainstream integrated circuit (IC) photomasks, particularly in Asia and the United States. High-end IC revenue showed slight growth, while flat panel display (FPD) revenue also experienced a decrease due to industry softness. The company noted that its gross profit margin improved to 36.9% in Q2 FY25, up from 36.5% in Q2 FY24, primarily due to reduced labor and material costs.
In terms of operational developments, Photronics maintained a strong cash position with $530.71 million in cash and cash equivalents as of May 4, 2025, down from $598.49 million at the end of the previous fiscal year. The company repurchased 3.6 million shares at a cost of $72.1 million during the quarter, part of an ongoing share repurchase program that has $23.3 million remaining under its authorization. The total number of common shares outstanding as of June 5, 2025, was 60,150,512.
Looking ahead, Photronics anticipates continued challenges in the semiconductor and display markets, influenced by global economic conditions and customer demand fluctuations. The company plans to invest approximately $200 million in capital expenditures for fiscal 2025, focusing on enhancing its manufacturing capabilities and supporting customer technology roadmaps. Management remains cautious about the potential impact of tariffs and global trade policies on its operations and supply chain.
Overall, while Photronics faced revenue declines in key segments, it demonstrated resilience through improved gross margins and strategic share repurchases, positioning itself for future growth amid a volatile market landscape.
About PHOTRONICS INC
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