Photronics, Inc. (PLAB), a global company that sells photomasks yesterday reported their fiscal third quarter 2017 financial results.

The company reported adjusted third quarter earnings of $0.06 per share which fell short of  analyst expectations of $0.09 per share along with revenues of $111.6 million which fell short of analyst expectations of $115.2 million.   

Photronics, Inc. CEO’s  Comments

“Third quarter sales improved sequentially as we were able to achieve moderate growth in both IC and FPD,” said Peter Kirlin, chief executive officer. “IC sales were generally in line with our expectations, as high-end memory grew and high-end logic remained flat. FPD sales were also higher, although slightly below our expectations due to unfavorable product mix. Operating income was modestly lower as an increase in gross profit was offset mostly by higher R&D, as qualification activity remained robust. As we ramped up capex during the quarter, primarily to complete our FPD investment, our cash balance declined slightly. However, we still have tremendous financial strength and flexibility to fund strategic growth initiatives.”  Market Wired

PLAB Technical Analysis

(Click on image to enlarge)

PLAB opened trading yesterday at $9.60 which was up from the previous day’s trading close of $9.50. PLAB closed trading yesterday at $9.85 and spiked down after market to $8.25, equivalent to a 16% decrease from the closing price. Taking a look at the daily chart we can see the last time PLAB traded below these levels we have to go back to August 18th, 2015 when it traded at $7.75.

Taking a closer look at the daily chart we can see that before the spike down PLAB had already been in an overall downward trend dating back to May 16th when it traded at $11.55. PLAB has a float of 67.62 million shares and traded below the normal daily trading volume on Monday.