Photronics Inc. says early results show the Brookfield technology firm’s fiscal third-quarter sales and profits to be lower than originally expected due to ongoing softness in global demand for microchips.
Photronics expects revenues for the quarter ended July 29 to be about $116 million compared with previous guidance of $118 million to $123 million.
Earnings are now projected to come in at 14 cents to 16 cents a diluted share vs. its earlier guidance of 14 cents to 18 cents.
Formal results are due to air after the stock market closes on Aug. 14.
Photronics plans to provide guidance for the fourth quarter of fiscal 2012 during its regularly scheduled third-quarter financial results conference call on August 15, 2012.
Photronics’ specialty is making delicate photomasks used to imprint microcircuitry onto silicon wafers that power a wide range of electronics.
“The general worldwide softness in demand for semiconductors and displays began to affect photomask orders especially high-end [intergrated circuitry], principally memory, during the past few weeks” Chairman and CEO Constantine (“Deno”) Macricostas said.
