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Photronics profit misses consensus by 29.2% in fiscal Q1

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Photronics profit misses consensus by 29.2% in fiscal Q1

Photronics Inc. said its normalized net income for the fiscal first quarter ended Jan. 31 amounted to 11 cents per share, compared with the S&P Capital IQ consensus estimate of 16 cents per share.

EPS rose year over year from 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $9.0 million, an increase from $3.1 million in the first quarter ended Feb. 1, 2015.

The normalized profit margin rose to 7.0% from 2.5% in the year-earlier period.

Total revenue increased 5.2% on an annual basis to $130.0 million from $123.5 million, and total operating expenses came to $112.4 million, compared with $111.9 million in the year-earlier period.

Reported net income increased year over year to $22.1 million, or 28 cents per share, from $4.0 million, or 6 cents per share.