Print
Email
Print Edition StoriesTuesday, February 16, 2010
Photronics etches out a $50M credit line from Citizens
By Mass High Tech staff
MHT's Rodney Brown: Honoring tech citizenship among companies
New England prepared to leverage smart grid expertise
MHT's Efrain Viscarolasaga: Tech companies may have to wait for stimulus funds
Photronics Inc. of Brookfield, Conn., has entered into a new three-year, $50 million, revolving credit facility through RBS Citizens N.A., the parent of Citizens Bank. Photronics used the money to pay off all previous debt and a term loan that was due on Jan. 31, 2011, officials said.
Photronics (Nasdaq:PLAB) makes photomasks — high-precision quartz plates that contain microscopic images of electronic circuits used to transfer circuit patterns onto semiconductor wafers during the making of integrated circuits. The company in September of 2009 raised more than $85 million in a public stock offering.
In July, Photronics closed its manufacturing facility in Shanghai, China. The facility manufactured integrated circuit photomasks. After the closure, Photronics has nine remaining manufacturing facilities around the globe, with four located in Asia — Korea, Singapore and two sites in Taiwan.
For its quarter ending Nov. 1, Photronics reported a profit of $1.24 million on revenue of $94.7 million, a significant recovery from the previous quarter’s loss of $22.85 million on revenue of $95.4 million. Photronics reports approximately 1,300 employees worldwide.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
