Photronics, Inc. (NASDAQ:PLAB)

PLAB previously reported financial results for the fourth quarter and fiscal year ended October 30, 2011. Sales for the fourth quarter were $122.2 million, an increase of 11% compared with $110.0 million for the fourth quarter of fiscal year 2010. Sales for the 2011 fiscal year increased 20% to $512.0 million compared with $425.6 million for the 2010 fiscal year.

Furthermore, Photronics, Inc., previously announced it is streamlining its operating infrastructure in Asia by ceasing the manufacture of semiconductor photomasks at its Singapore facility. Manufacturing activities for those customers previously serviced at Photronics’ Singapore facility will be serviced at the Company’s other global photomask fabrication facilities, including Korea and Taiwan. The Company will maintain customer service, data preparation and photomask repel services at the Singapore facility. Photronics estimates that this action will result in an annualized cost savings of approximately $3 to $4 million, the majority of which will be cash.

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