PLAB - Earnings call transcript Q1 2018

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Operator

Good day, ladies and gentlemen, and welcome to the Photronics First Quarter Fiscal Year 2018 earnings conference call. [Operator Instructions].

As a reminder, today's conference is being recorded Wednesday, February 14, 2018. I would now like to turn the call over to Mr. Troy Dewar, Director of Investor Relations for Photronics. begin. may you Sir,

Troy Dewar

Good first-quarter Welcome financial Chelsea. of our Photronics' XXXX results. morning, you, to everyone. review Thank

of participant Joining investor me Chief by or material results forward-looking the other this forward-looking Technology we and Executive are Dr. number made Officer; issued differ morning may remarks, Progler, and which expect, anticipate, Officer, call statements are a relations that on Dr. those uncertainties, Actual Jordan, no Christopher on our assume we These any today's morning, believe, factors The available Vice accompanies update materially Peter and from may Senior earlier Strategic webpage. our that include obligation President statements forecast. implied as upon to press President, this risk, Comments presentation include are and are based such Vice expressed Financial section Planning. and information. John any difficult Officer; the Chief Kirlin, words of release predict. Chief with estimate, along forward-looking to

to A is financial of of materials. to course non-GAAP to evaluate certain and useful These ongoing and numbers will provided are our in performance. refer our the discussion, for metrics management results we these analysts During GAAP metrics. financial investors reconciliation presentation

be I Investor Peter. over hope will At this Before turning Details there. May would an the Peter, will to Day in that host York see to turn call like I City. on to the soon more all XX, call forward will remind you time, and to you Photronics once New coming XXXX, I

Peter Kirlin

And was FPD mode. shifted yet growth, strong benefited IC. our during Photomask overall revenue of quarter of confirmation typical everyone. sequential and growth further This has into growth Year-over-year headwinds, growth and countered by quarter in led our morning, achieving our XX%. good was that first third were high-end another demands business and revenue Troy, very you, improvement seasonal by the sequential positive we quarter. Thank

For to released as mask for our an in effort factory FPD, improve LCD customer demand improved utilization. new designs

for to runs countercyclical As stated demand. before, photomask demand we FPD often panel

for moderate and started During pricing last panels weakened. quarter, demand to LCD

Our sets. for new introducing to creating mask new by customers gain panel demand share, market responded designs

in be We expect the in down again, strong once especially coming AMOLED play our the in up by higher additional were There business a in online. sequential foundries same which to income, Memory QX. was we timing this improved expenses dynamics minutes. discuss basis, market customers rather incremental see was also below than demand to out few margin net but High-end sequentially, logic line on revenue items several our And that in operating Asia. change quarters, a overall we market impacted expect bring from dynamics. new capacity the as IC memory lower led slightly the will in operating resulting in a issue to a believe but John deliver Gross growth margin.

$X.XX net million a As per or share. was result, income $X.X

again quarter stronger Our good balance as cash sheet flow. we even operating once this got generated

JV facilities initial make the is created at CapEx year, to significant continuing. contribution we end our momentum be been in this equip us two the received construction XXXX manufacturing new will even there. later investments which has from The required new their also completed. an established Additionally, to capital the once places position DNP for in we stronger the we China This of

logic, The two pause, quarters. the quarter, our that expect the during we uptick being in should markets given a last have high-end we of where enjoyed business that exception believe high-end For second most we grow. the

QX. operating revenues record For example, income achieved and in PDMC

factors term, next the over years. few drive that near should are the growth Beyond there several our

cash and continue important. is For our segment. high it to generates to the preeminent market about strive It in market profitable all we position us, Mainstream this will end. is and growth maintain is

gains However, largely appropriate right In share, in these customers Historically, high-end we we FPD logic do the in correct XXXX, us develop in time. of well, XXXX, transition in in order These next at market. were the and and is the launch by XXXX. then technologies revenues, in which market we the share in ramp This XXXX, revenue enables to our JV's the successively to XXXX. with and in must investment in If uptick grow, a our financial place peaks mature and them Korea driven we high-end of XXXX, higher earnings, in it then cycles gain front a cycle. have penetration high-end nanofab cash in this with executed flow. is share capabilities peaks market higher manifest GX.X and market performance Taiwan

majority has high-end and flexible superior resolution. AMOLED it in years. enables consumption, display transitioning Moving story. in made Each formats its using in the visual technology for design. power LCD LCD first industry Within the devices for used been we their lower of Most smartphones uses forward, this observers further years. adoption rate fall, coming Apple move anticipate product adopting one there area the this AMOLED phone Last the from to display this. Even using significantly smartphone higher in characteristics, this and FPD technology. grow for their innovation AMOLED. with is developed growth has premium few screens. mobile transition, are to is for There are reasons move, technology phones of generation and AMOLED foldable last with several anticipate the still Samsung to mobile another

For ago screen inch. a X inch a for move XXX approximately is mean They XXX per the higher next more to increase the good higher Both to of generation to more And factors, per XXX of has example, mask critical masks move inch. the expected or and few resolution and released set Whereas pixels displays than which pixels demand. AMOLED approximately technology, these masks inch. resolution XXX iPhone the years and SX generate more another per to LCD per resolution. resolutions screen per mobile iPhone was and of pixels by uses resolution, Galaxy X, the has are pixels of

the our photomasks, installation from placed begin As are P-XXX leader of end, this new of benefit we we to trends. will well these at technology in display To the QX. end

make manufacture We photomask the will grab share install customers be resolution tool. screens first this our more with mask critical to our player coupled to X,XXX allow greater the process pixels inch enable us photomasks they should per market. to writer, with can technology, of or AMOLED This that so to smartphone

we XX growing with along this, glass improve occurred sweet size substrate is sizes. inches. GX.X TV trend are time, The At efficiency. display The change in ago. And that was major growing other years large-format nearly XX the substrate spot seeing in TVs introduced when in to was last

of important producing Chinese in capable of IC very deliveries growing. Dai XX-nanometer longer photomask GXX.X-plus attendance now and XX country is facility leader market groundbreaking China. ceremony. these fabs. Even and were in total clear have are format XX% in our of of factories, substrate for we IC, but before investment growing weeks of display, displays both mask China's this will is would that have Needless our this of excited held is a is the China. be QX, facility generated facility, is supply this still in our bookings, constructing inches, capable these capable is XX photomask number advantage of market Chinese China are in which ramping new Xiamen, we This we premier be of only completed and and The also is I'm in To size of complete, substrates. the no most our most growth to been This growing. In photomasks. small only A Not technology producing into And revenue. China. take large to we are new optimal. of will display FPD ago, in one with technology to grown grow JV to is inefficiency, are As and operational photomasks. are us we the that China. be significant the China. industry a we they in Hefei, years. all very are opportunities making we about Nippon, making Combined, plus allow manufacturers merchant but we to the few GXX.X-plus Once GX.X inches have leader display over next growth be constructing few display TVs in in the an manufacturers shall this The the the investing size the inflection IC growth the the have we developing. source In display because part will excited address say, panel nicely are very manufacturer into domestic adopting in occurring industry. photomasks China GXX.X-plus expansion geographic The

In fact, considers Photronics we This are three than the today. opportunities. in only organic years' we will be growth approximately believe XX% that time, larger

adjacencies. Additional the the is growth to a at appears or XXXX momentum is through in continuing. attractive and photomask built XXXX could the start space achieved it off be end strong M&A we of

progress to build towards QX to both on creating. closer would quarter heading we I to to Photronics on and a we as the the growth I for are our future and in deliver into details direction really are all more make as your beyond. hard for John QX bright entire like the the the that, I prospects outlook. performance Beyond work and now our realized future being expansion QX well on like will we our as during thank coming are call team over turn China. XXXX our

John Jordan

Good Peter. everyone. morning, you, Thank

the is with we headwinds, XX% IC continued our driven year. X%, seasonal that As to was year-over-year growth high-end trends And Peter particularly demand high-end achieved growth, up countering XX% once compared first revenue, quarter. again sequential of by what revenue during and improve typical last commented,

The end. In out flat we high-end have logic the from in evolution by used on Before XX% technology demand with detail, now QX slides, in we the periods XX classify mainstream. foundries Previously, many end. quarter. I IC high-end and been offset was growth Asia. modified more have revenue Based anything as essentially classification or smaller growth the results anything over change customers, compared softness overall IC. definition our nanometers consistent in discussing from reflect high-end derived XX seasonal high fiscal we XXXX classified of supporting will the or of all point nanometers to high smaller definition. as with of in modified Strong was previous by this of that our the

Peter customers slightly, was growth, alluded any new to, than demand rather but LCD and increases year, change our existing our PDMC year-over-year posted in record a Both including to demand. last quarter In for the sequentially last releasing high-end combined, over are and actively last year. designs basis, strong for dynamics. as XX%, IC was demand in Taiwan FPD over fact, driver the improvement. panel LCD also driven Memory somewhat Peter underlying for order softer with likely in mentioned, to All that with compared FPD revenue Mainstream high-end XX% year. panels. revenue. consecutive logic the were On compensate and softer The revenue timing in strong to grew XX% prior JV utilization as of second down levels improved their period to XX% operations and for this quarter, masks, due year. demand same maintain X% strong delivered as by IC, high-end memory high-end of Similar sequentially growth increase biggest last XX% up achieved FPD compared demand

P-XXX, AMOLED in demand XX.X% operations panel the at increase and and there from QX improvement much QX. release will of attributable QX. to Plus, fiscal QX compared in our is due also favorable expense. represented as over did XX.X% that begin completed to Operating we be in QX, QX the mask $XX.X XX.X% In QX XXXX. in revenue QX designs increase new would expenses also million to typically reduced part large prior is as in year. AMOLED expect with writing improvement expenses Gross demand all margin forward, this to should fiscal A XX.X% in new and this in were quarter utilization. able year. $XX million AMOLED operating operating are slightly quarter installation be will ramping goes tool, we as OpEx demand to the improved But leverage the not off mix. of repeat adjustments QX going in to to which to beginning was China in in While QX compared XX.X% quarter, we of impact not coming If online. expect customers more this optimize well, The one-time prior XXXX

was $XX.X factors X.X% and operating result, the line, to Below operating a operating the X.X% significant a had income QX As income. income on quarter impact and margin compared million XXXX. XX.X% in in QX in was two

incurred we of the $X.XX entities about a a First, million, $X.X the on had or and our weakening primarily loss during impact million after-tax $X.X dollars. as interest foreign dollar result of foreign exchange that the holding quarter a minority and of the US share, US

recognized we million Secondly, a a benefits result as tax two factors. or share of of $X.X $X.XX

The first allows in immediate AMT accumulated the minimum of was credits. included that alternative or a Tax Act change recognition tax Reform

the the providing law million in credits will reversed Our valuation tax monetize This future. credits to in a these the allowance quarter, us against provision was enable $X.X in benefit. those

also Taiwan the our results, the of to FX $X.XX $X.X of from a impact, net a diluted tax million and net share $X.XX XXXX XXXX. delivered we in QX in there. that share. our foreign benefit, to realized income compared QX to shareholders loss result attributable fiscal loss included operating also tax the After carryforward The per increased increase per $X.X and $X.XX in consideration tax of currency of rate million XXXX value $X.X or the and We and million QX benefit $X.XX

planned cash and balance flow China million, a than in JV, included PDMCX balance year of is the for our install share-based the as established two cash million this end of primarily to quarter newly Other as of during in total operating a million We On a anticipate of cash CapEx including increased CapEx still quarter quarter. strong we contribution $XX was complete initial to $XXX partner $XX the quarter. fourth capital items tools in the facilities another sheet, more Photronics, which flow, Inc. begin the of at into to $XX due balance million $XX.X payment our our China. of to to depreciation the comp. the XXXX from our less that consolidated is amortization significant $XXX,XXX half than construction and Recall and $XXX JV contribution new spending million about occur their sheet. little million

our difficult to repeat uneven will demand typically our is is inherently I guidance, as is second-quarter one backlog weeks. And providing for our limited, two some that reminder Before always only our of visibility products to and predict.

the high-end mask And low quarter. Additionally, on as a this grows, number the are have business orders ASPs of a of our relatively for revenue high. impact segment can sets high-end for a significant

to and to caveats fiscal expectation $XXX the current earnings our $XXX New we of in to those of Given million. operations, the share. quarter the be revenue we potential impact in of expect on range and operating second-quarter Based new million the for to revenue model, estimate XXXX our China and second Chinese be of this in per $X.XX diluted range the $X.XX Year factoring ramp continued

growth good sheet, further Cash investments on quarter the year the for later trends ground a year. products. begun generation solid on foot, to helped demand during on balance have We strengthen of us our ahead large our good this high-end achieving placing revenue

flow cash organic turn to effectively operator now M&A a the confident is over established enable As compete PDMCX especially team, growing. profitability opportunities. call Photronics questions. we our China management the to and that I in market share growth will for And healthy invest with merchant are continue our now to your investments and will market our to where JV highly improving IC in position gains, the

Operator

Instructions]. [Operator

with question comes Company. Mok line & Needham of the from Our first Edwin

open. Your line is

Edwin Mok

the quarter. Good job guys. for Morning,

question two-part question. FPD; a first I guess have on I So

the even still converting business. And then like of to demand customers? that other some or your for predominantly LCD that And for caused seeing you second customers some risk it from beyond is lines you demand? you year? is remember customer your to through Or see First any one go this Do coming we Chinese OLED. that the large I around headwind are from start AMOLED, as see previously that

Peter Kirlin

that conversion far resulted concerned, is online AMOLED as quarter the year. coming the as be should second the Yes, calendar that in from of the capacity conversion

we of risk. business towards a that. see So the presenting building We that that our end beyond a see don't us quarter second presenting for and opportunity

at in it. lot time, cleaners, the now they the second-tier from of your not shipped resulting those first come. AMOLED our customers. than reticle A demand we've business we that's dozen but And expect are more sets business So as a present pipe the half but certainly are see to indicative of a sets far to as the on to yes, customers, AMOLED question

Edwin Mok

guidance on can logic you around weaker Okay, about great. this high-end quarter. that expect we the little helpful. that. a Maybe then your dynamics And recovering? be That's bit the When expect start to do on IC, you talk to

Peter Kirlin

our QX the was business first end logic. QX. largely the significant quarters in QX. business we five actually Memory Yes, in our end logic for in revenues -- logic high in in growth driven in the really in Likewise, uptick high incremental was in we saw by had time down the

well. are has not actually XX-nanometer release, UMC's are down, I even way their point year, quite the logic revenues And building So with large XX-nanometer where would you for though is performed small back customers. business to the they quarterly their

are predicted double XX-nanometer year So this the benefit we Jason seeing versus of that. tapeouts year last the and

business And down. that, in segment again, falling Beyond of of XX slot. last said XX I was the memory the to largest was our in quarter, high-end nanometer the

along have in So the helping us other we customers market. logic

have how much be reasons we've mentioned be be our based logic we growth Chinese to WIP quarters, time amount down. going we of a we the assuming remarks, going memory we good to memory strength two have on to prepared is present But and are again. that believe saw-toothed, bit we've up a New we had and expect our last the that given at the for good business the in And to be tends So given Year's that's seen to also case.

So to a bit and generally lumpy, the right. but up

Edwin Mok

That's on Last I great. cost have, question helpful. side. just Okay, the

some you of that the ramp mentioned quarter. come think the I the your fiscal John, in in of costs to first OpEx Chinese starting is

to fiscal trend think are you half and year? rest this quarter on in more So ramp terms of the you the OpEx of facility, year? this how second about expense the maybe going since new is XXXX taking the to the start of depreciation do the in? Also, of just in start for later see second we depreciation Or it tools like you in year, coming do expect come to start when to guys start

John Jordan

good Edwin, question.

be ready obviously, the into for is be beginning staff able to in to up plan, Our production and next year go of to that.

production, OpEx staffing which fill will requirement. will year increase during the we start the We next continue the year. they until won't to be though, as that actually depreciating in are tools, So

Edwin Mok

way Any the the kind you OpEx depreciation can both quantify or of piece?

John Jordan

you EPS And range and $X.XX can that in assume of quarter in the So quarter. Chinese $X.XX. increase the to that fourth the ramp third in somewhat for on will effect is

Peter Kirlin

just there $X the right remind kind is more But that Investor to this you small we in on target. bleed objective to Day. making And will a we our to are share. ramp I we a essential And get Edwin, China the of will are that yes, absolutely long-term during China investments hit now. give much color have

$X.XX it's to said, John $X.XX. As

can't $X.XX, our We best quarter without get we mitigate pain. to want short-term we absolute we where But get to but our to to it do do to under will will it. keep some best next

Edwin Mok

Great.

now. for it that's think I

to event. forward the Thank Looking you.

Operator

question with the Patrick line comes of next from Ho Stifel. Our

open. is line Your

Brian Chin

few for up Hi, following us Thanks letting first on I question, good ask on Patrick. Chin a morning. guess questions. for Edwin. This maybe is Brian

think logic, a fair reaches for could perhaps, your sales especially In terms foundry or quarter your current bottom couple QX in and lead from given in last it visibility, to fiscal business, the of drawdown there is Or two? quarters? that that stays over a do characterize maybe you a customer,

Peter Kirlin

I revenues from And two business levels way back by design stated means customers. again, to building three small back that they reiterate build That the and been customer, not at since. lower ago or with our volumes first, beyond wafer for troughed And a per expect tapeouts just precede have will customers. publicly quarter usually quarters actually has win. every that, XX large UMC, the they their nanometer Looking

dollar. reticles more So per that means foundry

So I'll that troughed is our ago three quarters business customer and growing. say with

Brian Chin

interesting. again of P-XXX the higher sales wanted the the and that expect the for, tool? to like installation meaningful it's resolution Okay, to generate from can begin the Also, Granted to that about install expectation we in Company said, to new tool you When ask again quarter. screens. second

Peter Kirlin

the the Our is hit growth uptick expectation tool for that sweet spot AMOLED. the wave next in of going to of it's in

quite So ramp installed, when it's it should quickly.

going case. customers is some AMOLED. ensure with with We comments doing can maybe the that where be are already large make that industry Chris the work to Chris? And about to is some the

Christopher Progler

Sure. are a Thanks, for variety in dozen we about litho a of that new pipe a customers the time AMOLED. specs one it, that in Peter. at kind times us sorts least as Yes, to XXXX, said, they Peter class be look to of P-XXX installations are into to specs. for those half to panels suppliers Brian, just When the while AMOLED position of broadly, do we P-XXX only than tool also of fabs, we being, able the at service masks. puts are others a think those, cleaners. projects, are be, are The unique Samsung shipped targeted AMOLED tracking for getting more maybe And starting XXX

are excited to start with and that going about ramping capability new in these is fit of some that XXXX. AMOLED ramps to how are So it really we going

strong a that. pickup We are see in to think going I

Peter Kirlin

just to Chinese being The one screens behind AMOLED is manufacturer produce Chinese a first color, of to by provided those were screens manufacturer. that delivered in volume bit phone other the reticles are -- And add to being Photronics.

market. traction So that yes, are we gaining in

Brian Chin

few I on for will you've fiscal of queue. here, one that's the Maybe brunt more question the then it more back XXXX. would to will and the imagine doubling alluded back will headwind quarters headwinds like XQ gross occur a the maybe period revenue you we the preliminary, impact? little yet standpoint. know points getting maybe tools, from in that upwards is way preproduction kind I the just there? of of but about sort a absorption maybe are talking potentially my a a where margin great. a Or in just hop ballpark, are XXX you kind installing gross and qualification, feel not But sounds I margin a it's off Okay, basis probably math of of

Peter Kirlin

Well, during it at -- the offset two half of them. the investments will not ramping in is will first that in foundries peak. the when true kind China their yet the have their materialized at XXXX to is And be revenues of

the it kind the target so the we of aspect $X So the sure possibly be. that three-to But as a timing our share, drag. best that's a make timing necessary do is is as journey. of it's it's maximum -- right will of unavoidable. five-year I can Again, we to as earlier, short-lived said a that for And

Operator

Instructions]. [Operator

Our next Diffely Thomas question Davidson. of line comes D.A. with from the

line Your open. is

Thomas Diffely

Yes, again. AMOLED good on the side Quick morning. question

last new a in quarters, of have lot So industry. over the the shipped couple tools

two online? and the quarters? see or one Just from new you the installed is down Or increase capacity curious seen yet business to waiting still you've that road in an if be coming will that

Peter Kirlin

maybe where the of quarter, their Having their there's a to that, there's a will I both, think tapeouts of likely think, we nearly have they to them. all to number seen, customers two, said decent pause until of more. started the start I and order lines yields first Tom. ramp they -- it's -- until ramp they from wave We

post optimistic. bringing given we largest presently, And of the earlier, New new mentioned for starting is are And even demand. Year. to now a pullback look factory they I Apple's in online it course, the I think So customer, are Chinese actively business,

quarter market there. shaping AMOLED in should next starting it really build from the I think, us, nicely and for up So the is

Thomas Diffely

current Okay, you the moving it's longer more from think end you markets bigger think of side, to over be DRAM-driven? And the at for those memory inside or to great. which recovery And term, is going when memory do NAND-driven look IC you? of driver levels, the you then two

Peter Kirlin

by it's for both us. Boy, markets I think driven

that the a what's in of have in more it's had. think term, that us pretty them. balanced. given with happening that, largest beyond market, I with of think we business long-standing But for I opportunity they some NAND JV That one a the upside our customers generates perhaps little nice near have ending

Thomas Diffely

Okay. Then over-- moving

Peter Kirlin

Chris, would the you to make like memory regarding any comments market?

Christopher Progler

in think I comment One starting products say, are is the and of both production Peter into, we two in for mass enter to level advanced are a new No, NAND. -- going nodes. They some would I we XXXX, XXXX. is qualified DRAM one

had will XXXX balanced the So DRAM for run between tremendous be us, Overall, I think it two. a pretty in and XXXX.

to but XXXX we mainly I think in and temper expect that due adds. the will DRAM capacity to some be market overall XXXX,

Tier do And X are introduce DRAM very we in those we are some well starting makers. competitive products new into to the think, market. particularly players with positioned DRAM So the

Peter, applications. it's pretty balanced. both in position I good think have with So and agree I a would we

Thomas Diffely

model John, record itself. again business I But I about then joint two the down controlling the that noticed Okay, moving the in talked think interest was quarter. venture actually you thanks, Chris. Taiwan. over And quarter in over

Just curious if reconcile you could that.

John Jordan

margins the so quarter. varied versus quarter Yes, last this

their of improved in joint made QX didn't results venture quarter. were that this in that the Some we we the adjustments get

Peter Kirlin

right right. venture joint -- -- well, ventures, joint the is two carrying part not the Plus of the or joint the now

operating are China. or in are making ramp -- is One investments the we carrying of in we investments the making now them

So it had an offsetting effect.

very movement FX You John being also of US and dollar can't the unfavorable see Dollar the the breakout. New then of mentioned the versus course, Taiwan last And quarter.

John Jordan

it of half than was more in joint venture. And the

Thomas Diffely

thanks time your for right, All great. today. Okay,

Operator

with We follow-up the Patrick have from line of a Stifel. question Ho

Your line is open.

Brian Chin

us previously Maybe in about have curious, or size capacity. you again. commitments on quick deposits, with those from perhaps talked having there more us to long-term the timing? receive one -- so, you you some questions. flat-panel customers maybe side help customers? Peter, And that that you some the good just Hi of I'm you two as follow-up China if help ramp expect do could customer could and

Peter Kirlin

own. with So many of have money; to to commitments. enough money we we conversations ramped them in period. plenty we And told yes, when were three-year the in starting And we for operate FPD those, wanted once that up What were we ensure wanting them our regarding an FPD throw profitably want really business will was didn't we of our factory customers China, for a us equity investments. factory had at

They but capital. So the commitments substantial, are business. are for are are they they not large and for

Brian Chin

it. to maybe Thanks. did prior question expense in little bit. out maybe a you provision could a that what And been has then the that tax if John. Maybe I Got the for relative high quarters. flesh seems notice

John Jordan

of there our comes US, depends no it where are the taxes but course, income from. Yes, in

the of at was So than weighted absent put just income on average the based But XX%, been. it's the rate which is valuation where it higher -- our has reversal the the allowance, lands.

Brian Chin

Okay. was about absolute $X this the -- dollars. $X quarter The million I talking April to million guidance? guide

John Jordan

on of based the just income It's where average the weighted Yes. is.

Brian Chin

for it Thanks. great. Okay, me. That's

Operator

to like I I further questions to no am would back showing for call at time. Peter Kirlin turn closing Dr. remarks. now the this

Peter Kirlin

believe year. will this us up financial joining for our again to we in compared will We important year for once is shaping year results a morning. grow to be you Thank us. very improvement markets and see last This

establish and as update move continue new your China. to two investing forward. are our future appreciate will we we expanding capability We support and addition, you manufacturing our by we we facilities really In in as in capacity

Operator

and day. Ladies for you thank Everyone and have This today's conference. does disconnect. gentlemen, conclude the all great in participating program a you may

Photronics (PLAB) 14 Feb 182018 Q1 Earnings call transcript