Benzinga | Sep 14, 2020 08:04AM EDT

Photronics Announces $100M Buyback

BROOKFIELD, Conn., Sept. 14, 2020 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, announced that its Board of Directors has authorized the repurchase of up to $100 million of its common stock. The purchases will occur pursuant to a new repurchase plan under SEC Rule 10b5-1.



"We paused our share repurchase activity in March of this year by terminating our previous program in light of the growing global macroeconomic uncertainty at that time," said Peter Kirlin, chief executive officer. "Since then, both the semiconductor and display markets have been very dynamic and we believe that on balance industry uncertainty has moderated. Furthermore, our long-term business outlook remains positive and we remain committed to our long-term growth initiatives and capital deployment strategies. We have generated $78 million in cash from operating activities and increased our cash position by $54 million since the beginning of fiscal 2020. As a result, we believe now is the right time to resume our share repurchase activity."

This authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock. The repurchase program may be suspended or discontinued at any time.