Photronics Inc
Photronics, Inc. is one of the world’s leading manufacturers of photomasks,
which are high precision photographic quartz or glass plates containing microscopic
images of electronic circuits. Photomasks are a key element in the manufacture
of semiconductors and flat panel displays (“FPDs”), and are used
as masters to transfer circuit patterns onto semiconductor wafers and flat panel
display substrates during the fabrication of integrated circuits (“ICs”
or “semiconductors”) and a variety of FPDs and, to a lesser extent,
other types of electrical and optical components. The Company currently operates
principally from nine manufacturing facilities; two of which are located in
Europe, three in Taiwan, one in Korea and three in the United States.
The Board has adopted a code of ethics, which is posted on the Company’s
website at http://www.photronics.com/plab/photronics/. The code of ethics may
be found as follows: from the Company’s web address listed above, first
click on “Investors” then click on “Corporate Governance”,
then on “Photronics, Inc. Code of Ethics”. The Company’s code
of ethics applies to the Company’s senior financial officers, including
our Chief Executive Officer; Senior Vice President and Chief Financial Officer;
Chief Financial Officer, Asia; Vice President and Treasurer; Vice President,
Corporate Controller; and Vice President, Tax. We intend to disclose any amendment
to, or waiver from, the code of ethics for our senior financial officers, including
our principal executive officer, principal financial officer, principal accounting
officer or controller or persons performing similar functions, to the extent
disclosure is required by applicable rules of the SEC and NASDAQ Stock Market
LLC by posting such information on our website, at the address and location
specified above.
We manufacture photomasks, which are used as masters to transfer circuit patterns
onto semiconductor wafers and flat panel display substrates. Photomasks are
manufactured in accordance with circuit designs provided to us on a confidential
basis by our customers. IC and FPD photomask sets are manufactured in layers,
each having a distinct pattern which is etched onto a different photomask. The
resulting series of photomasks is then used to image the circuit patterns onto
each successive layer of a semiconductor wafer or flat panel display substrate.
The typical manufacturing process for a photomask involves the receipt and conversion
of circuit design data to manufacturing pattern data. A lithography system then
exposes the circuit pattern onto the photomask blank. The exposed areas are
developed and etched to produce that pattern on the photomask. The photomask
is then inspected for defects and conformity to the customer’s design
data. After any defects are repaired, the photomask is cleaned, any required
pellicles (protective translucent cellulose membranes) are applied and, after
final inspection, the photomask is shipped to the customer.
We currently support customers across the full spectrum of IC production and
FPD technologies by manufacturing photomasks using electron beam or optical
(laser-based) systems, which are the predominant technologies used for photomask
manufacturing, and are capable of producing the finer line resolution, tighter
overlay and larger die size for the larger and more complex circuits currently
being designed. Electron beam and laser generated photomasks can be used to
produce the most advanced semiconductors and FPDs for use in an array of products.
However, in the case of IC production, the large majority of higher cost critical
layer photomasks are fabricated using electron beam technologies, while photomasks
produced using laser-based systems are less expensive and less precise. End
markets served with IC photomasks include devices used for microprocessors,
memory, telecommunications and related applications. We currently own a number
of both high-end and mature electron beam and laser-based systems.