Thank you, Good morning, Frank. everyone.
for year then discuss quarter Our first great Photronics. results the my full fiscal fourth I'll year. another comments, In quarter results finalized for fourth the the
record quarterly revenue established XX-day fourth days in add to fourth last the million X% increased our X–X–X of on $XXX.X the the days in or XX, year X boosted October quarter. sequentially. fiscal Fourth second ends extra only and over calendar. quarter standard of It quarter quarter fourth quarter was X% of may Photronics was fiscal revenue QX of an year highest XXXX. always year, which X% subtract This by ever,
in It some China might color XX% revenue worthwhile revenue from by China business. be to into XX%, customers. revenue the QX further of Our declined regarding total in add other to with QX replaced
Although of China we China number -- and China in others photomask derive industry, unique display demand. the fabs is semiconductor makes portion that designs there somewhat what revenue a business the from what new significant good a as do and makes in the of driving China is
$XXX.X the fourth and of smaller category, of by major much revenue provided up photomask China, year-over-year. the in IC since, X% is manufacturers business captive market And was merchant like the there quarter being by production preponderance a sequentially million The is in Photronics. X%
declined high-end with smaller XX% IC than sequential revenue. the the technology masks revenue increase XX-nanometer reduction more which and in drove Our growth, mainstream as offset using
revenue normalized foundry both those lead from large for in part strong mainstream times more demand logic High-end was premiums and decrease products. U.S. The to due X% in moderated somewhat in resulted revenue and Asia. in delivery lower
defined the fourth quarter revenue a increase $XX year-over-year, million, for and used the and X% in revenue, category, in increase product FPD FPD where AMOLED LTPS, high from strong demand large the displays GXX.X technology For masks drove was as masks X% ad up leadership. XX% sequentially record mobile we AMOLED a have display area
the per although or production, revenue. million X%, $X.XX income, net was at share. as a primarily was substantially XX.X%, to declined than resulted The of Operating Gross high-end XX% million somewhat the $XX.X due percentage operating expenses or less the foreign of premiums additional expedited then mainstream in us unrealized, XX.X% margin $X.XX lower an to in devoted margin mainstream achieve slightly FPD to eliminates a currency delivery decreased net Non-GAAP effects GAAP which was revenue the masks. share. quarter. decreased IC quarter for and of in production solid lower diluted helping $XX.X income mass
reconciliation of results release to For included is the press slides. and our non-GAAP in reference, GAAP supplemental
reported initiated $XXX.X we year, Frank year last in growth total fiscal fiscal of revenues, space. XX% business a the year rate photomask million, the XXXX the over be the mentioned, repositioned of the growth $XXX.X the year year investments to compound anticipated was in when Revenue annual X as straight million years. address, nearly in sixth the than For XXXX, we X% and revenue to the of double record was of targeted where XXXX revenue fiscal higher
IC Near revenue capacity mainstream will revenue decrease for the the high-end the year to was strength demand be the for slight also part good for and demand. driven customer revenue continue fiscal was into masks primarily our X% relationships. high-end continue of and close a a FPD record in X.X% market in growth in up trend investment consistently strong primarily XXXX. AMOLED U.S. term, as advantage our a anticipate of IC year this offset with outgrowing record and for We by the market year, take grew to a
level Maintenance Gross the fiscal margin range margin the leverage. were the the XXXX. will of margin the face premiums of supports XXX operating the points and cost margins. margins delivery a for due we stable environment current of year during erosion and gross in anticipate in that latter this operating pricing sustainability of gross of the remain the the strong to XX.X%, of basis And gross year over indicates in controls half pricing,
Operating $XXX,XXX unchanged XX% in prior prior less X.X% $XXX and the margin up as fiscal Operating from from XX.X% expense year, in was operating to fiscal nearly compared the than million. year the was year. in to income declined XXXX of a and for was XX.X% XXXX, revenue percentage
effects EPS quadrupled. XX% During our GAAP foreign $X.XX. XX% of rate growth years has operating is income margin non-GAAP the a of X and operating variations at was grown and year EPS revenue for of growth, $X.XX annual for exchange compound adjusted was the
EPS and income resulting million. Operating years cash for revenue for $XXX.X grown of XX% quarter the flow for rate increased and million also XX%. records the for from the at capital. and the GAAP growth similarly flow $XX.X compounded resulted of year cash which of a $XXX.X has working CapEx the for has year in quarter $XXX.X was the company, free during X were for million the effective management that CAGR million of higher $XXX.X million, year, net
For million primarily mainstream to both and address anticipated current invest in and in $XXX XXXX, IC to demand we expect CapEx, high-end growth.
the multi-beam leading-edge XXXX. million then We during balance $XX.X in of of then ended production development year investments phase into a the year high-end $XXX.X be new and enhancements for We tool a of will fiscal taking development, our also cash delivery lithography short-term U.S. with million.
included Some that cash short-term shorter-term investments of as investments cash October equivalents classified the previously and XXXX. as classified in have cash XX, were balance cash at in that and are reinvested been now equivalents instruments
and XXXX. cash short-term of equivalents million $XXX.X million cash $XXX.X year-end to aggregate from at investments increased and at October XX, XXXX The
provides our growth. $XXX against repurchase has to uncertainties ample industry provide previous when had downturn. We equipment leases in stock, remaining only inherent resilience million share position of our Our investments low-cost of evaluating, to million of net an It in million, the cash debt repurchase $XXX fund authorization will to organic $XX.X continued of million initiative. also continue we to consists liquidity our and resume $XX common remaining
is you our some and our is X backlog demand inherently weeks to visibility as to Before I for X that products provide guidance, predict. and I'll limited our of is remind only always uneven difficult typically
revenue a high ASP's our of relatively this significant of high-end sets a as business And are mask low number earnings. and and on the have Additionally, can the quarterly grows high. segment orders, impact
to be million. range caveats, in those $XXX expect to Given revenue of the first quarter million we $XXX
in First I due quarter has put versus calendar into quarter and than October XX year's lower shortened from days revenue I quarter quarter. the which typical normal, ending the XX first And fourth fourth fourth on Photronics mentioned, as the first mentioned, fewer days seasonally this typically XX, X-X-X as than quarter. quarter XX to fiscal is a
expect continue XX% well increase the and XXXX market-leading to of display and whole many to anticipates industry increase the do nature industry to reporting the continued declines our continued growth Due year-over-year revenue somewhat semiconductor in the in semi report countercyclical the has in entire current about to and Photronics during environment decline business, revenue downturn, position. a are as revenue. we the to revenue design-driven while a
expectations those continue to model, We on gross increasing for diluted healthy non-GAAP in $X.XX our quarter be of current share to IC additions margins. $X.XX per estimate trend will and the that both revenue share. capacity to operating FPD believe first support the to high-end we earnings of and Based the per our and range
disciplined profit continue earnings control that to value. Our income operating gross shareholder will flows build the to down cost help and to ensure
for turn I'll operator call your over the questions. the now to
