Photronics, Inc. (NASDAQ:PLAB) has announced the retirement of its Chief Financial Officer, John Jordan, effective February 23, 2024. Following this announcement, the company's shares have moved 0.5%, and are now trading at a price of $32.29.
Frank Lee, chief executive officer, expressed gratitude for Jordan's contributions, stating, "He helped us navigate a global expansion of our manufacturing footprint and managed the implementation of our capital allocation strategy as we have profitably grown during his tenure. He has been a valuable resource when I assumed the role of CEO in 2022 and will be missed."
The Board of Directors has approved the appointment of Eric Rivera as interim chief financial officer, effective upon Mr. Jordan's retirement. Rivera, who joined Photronics in 2016 as corporate controller and has served as chief accounting officer since 2020, brings 24 years of experience to the role.
In response to this change, the company's full 8-K submission is available here.
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $450,678 | $535,276 | $550,660 | $609,691 | $663,761 | $824,549 |
| Revenue Growth | n/a | 18.77% | 2.87% | 10.72% | 8.87% | 24.22% |
| Operating Margins | 7% | 12% | 9% | 10% | 14% | 26% |
| Net Margins | 3% | 8% | 5% | 6% | 8% | 14% |
| Net Income (k) | $13,130 | $42,055 | $29,793 | $33,820 | $55,449 | $118,786 |
| Net Interest Expense (k) | $2,235 | $2,262 | $1,425 | $541 | $1,165 | $1,680 |
| Depreciation & Amort. (k) | $81,699 | $79,536 | $79,238 | $89,171 | $87,535 | $79,971 |
| Earnings Per Share | $0.19 | $0.59 | $0.44 | $0.52 | $0.89 | $1.94 |
| EPS Growth | n/a | 210.53% | -25.42% | 18.18% | 71.15% | 117.98% |
| Diluted Shares (k) | 69,288 | 74,821 | 69,155 | 65,470 | 61,999 | 61,189 |
| Free Cash Flow (k) | $4,868 | $37,982 | -$109,989 | $72,231 | $41,673 | $162,849 |
| Capital Expenditures | $91,965 | $92,585 | $178,375 | $70,815 | $109,099 | $112,338 |
| Current Ratio | 5.49 | 2.63 | 2.81 | 3.5 | 3.13 | 3.33 |
| Total Debt (k) | $61,976 | $57,453 | $50,129 | $63,950 | $133,942 | $67,340 |
| Net Debt / EBITDA | -2.17 | -1.87 | -1.19 | -1.4 | -0.78 | -0.86 |
Photronics has exceptional EPS growth and an excellent current ratio. Additionally, the company's financial statements display positive cash flows and healthy leverage levels. Furthermore, Photronics has weak operating margins with a positive growth rate.
