UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2003
Commission file number 0-20839
DUPONT PHOTOMASKS, INC.
(Exact name of registrant as specified in our charter)
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Delaware |
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74-2238819 |
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(State or Other
Jurisdiction |
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(I.R.S. Employer |
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131 Old Settlers Boulevard |
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(Address of Principal Executive Offices) |
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Registrant’s telephone number, including area code: (512) 310-6500 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check
mark whether the registrant is an accelerated filer (as defined in Rule 12b-2
of the Exchange Act).
Yes ý No o
As of May 6, 2003, there were 18,064,123 shares of the registrant’s common stock, $.01 par value, outstanding.
TABLE OF CONTENTS
2
DUPONT PHOTOMASKS, INC. AND SUBSIDIARIES
(Dollars in thousands, except share data)
(unaudited)
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Three
Months Ended |
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Nine
Months Ended |
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2002 |
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2003 |
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2002 |
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2003 |
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Revenue, net |
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$ |
83,357 |
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$ |
76,141 |
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$ |
247,443 |
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$ |
241,350 |
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Cost of goods sold |
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65,457 |
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74,491 |
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200,143 |
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216,225 |
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Selling, general and administrative expense |
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10,428 |
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11,163 |
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29,995 |
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31,498 |
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Research and development expense |
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7,746 |
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6,569 |
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21,074 |
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21,735 |
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Special charges |
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7,393 |
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9,247 |
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7,393 |
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21,754 |
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Operating loss |
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(7,667 |
) |
(25,329 |
) |
(11,162 |
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(49,862 |
) |
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Gain on sale of assets |
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10,350 |
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— |
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10,350 |
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— |
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Other income (expense), net |
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(177 |
) |
(1,079 |
) |
1,081 |
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(969 |
) |
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Income (loss) before income taxes and minority interest |
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2,506 |
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(26,408 |
) |
269 |
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(50,831 |
) |
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Provision for (benefit from) income taxes |
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(3,408 |
) |
(3 |
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(7,021 |
) |
1,355 |
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Income (loss) before minority interest |
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5,914 |
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(26,405 |
) |
7,290 |
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(52,186 |
) |
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Minority interest in (income) loss of joint ventures |
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(1,009 |
) |
551 |
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(5,001 |
) |
(2,180 |
) |
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Net income (loss) |
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$ |
4,905 |
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$ |
(25,854 |
) |
$ |
2,289 |
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$ |
(54,366 |
) |
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Basic earnings (loss) per share |
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$ |
0.27 |
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$ |
(1.43 |
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$ |
0.13 |
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$ |
(3.02 |
) |
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Weighted average shares outstanding |
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17,893,028 |
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18,037,432 |
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17,860,729 |
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18,000,257 |
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Diluted earnings (loss) per share |
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$ |
0.26 |
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$ |
(1.43 |
) |
$ |
0.13 |
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$ |
(3.02 |
) |
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Weighted average shares outstanding |
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19,203,065 |
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18,037,432 |
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18,103,031 |
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18,000,257 |
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The accompanying notes are an integral part of this consolidated statement.
3
DUPONT PHOTOMASKS, INC. AND SUBSIDIARIES
(Dollars in thousands, except share data)
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June 30, |
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March 31, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
138,918 |
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$ |
136,074 |
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Accounts receivable, trade, net |
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62,498 |
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57,175 |
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Accounts receivable, related parties |
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4,013 |
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637 |
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Inventories, net |
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11,633 |
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12,971 |
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Deferred income taxes |
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5,416 |
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4,377 |
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Prepaid expenses and other current assets |
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34,157 |
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10,030 |
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Total current assets |
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256,635 |
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221,264 |
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Assets held for sale |
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4,870 |
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5,087 |
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Property and equipment, net |
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457,277 |
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431,423 |
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Accounts receivable, related parties |
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1,164 |
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1,044 |
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Deferred income taxes |
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19,605 |
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29,293 |
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Other assets, net |
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33,244 |
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42,780 |
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Total assets |
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$ |
772,795 |
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$ |
730,891 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable, trade |
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$ |
51,376 |
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$ |
46,084 |
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Accounts payable, related parties |
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5,163 |
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4,545 |
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Short-term borrowings |
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11,795 |
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11,816 |
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Income taxes payable |
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4,056 |
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1,619 |
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Deferred income taxes |
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— |
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635 |
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Other accrued liabilities |
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55,283 |
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62,064 |
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Total current liabilities |
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127,673 |
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