<SEC-DOCUMENT>0001206774-11-001298.txt : 20110729
<SEC-HEADER>0001206774-11-001298.hdr.sgml : 20110729
<ACCEPTANCE-DATETIME>20110526171216
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001206774-11-001298
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHOTRONICS INC
		CENTRAL INDEX KEY:			0000810136
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				060854886
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		PO BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804
		BUSINESS PHONE:		2037759000

	MAIL ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		P O BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOTRONIC LABS INC
		DATE OF NAME CHANGE:	19900514
</SEC-HEADER>
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<div align="center">&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">May 26, 2011 </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Mr. Martin James<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Senior Assistant Chief Accountant<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Division of Corporation Finance<br>
Securities and Exchange Commission<br>
100 F. Street, N.E.<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Washington, DC 20549 </font></div>

<div>&#160;</div>

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<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">Re:</font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Photronics, Inc.</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Form 10-K for the Fiscal Year Ended October 31, 2010</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Filed January 14, 2011</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">File No. 000-15451</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">SEC follow-up letter Dated May 13, 2011</font></td>
</tr></table>
</div>

<br>
<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Dear Mr. James: </font></div>

<div>&#160;</div>

<div align="justify">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">We are responding to your follow up comments received in your letter dated May 13, 2011 and an additional request by Kate Tillan and Jill Davis of your office during our Company&#8217;s telephone conversation with them on May 26, 2011.</font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>For your convenience, we have noted the comments set forth in your letter and the additional request per our Company&#8217;s telephone conversation in </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">bold type</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> below and followed each with the Company's response in </font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">italics.</font></font><font size="2" style="FONT-FAMILY: Times New Roman"> </font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Form 10-K for the Fiscal Year Ended October 31, 2010<br>
</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Financial Statements</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Note 14.</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">Income Taxes, page 55</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline"> </font></font></font></div>

<div>&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">SEC Comments per Letter Dated May 13, 2011</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

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<table border="0" cellpadding="0" cellspacing="0" style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify; ">
<tr>
<td nowrap valign="top"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">1.</font></font></td>
<td nowrap valign="top">&#160;&#160; &#160;&#160; </td>
<td width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Please explain to us in more detail how you calculate undistributed earnings of your subsidiaries using the equity method vs. the unconsolidated (i.e. non-equity method) basis from the perspective of each of the Company's subsidiaries. In this regard, please also explain why you believe that the equity method is a better reflection of undistributed earnings.</font></font></td>
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<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
<td width="100%">&#160;</td>
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<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
<td width="100%">
<div align="justify">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">The undistributed earnings of the Company&#8217;s foreign subsidiaries using the equity method is based on the following for each foreign subsidiary directly owned by Photronics Inc. (&#8220;second tier subsidiary&#8221;): (1) second tier subsidiary&#8217;s retained earnings as of the Company&#8217;s fiscal year end translated into U.S. dollars based on the U.S. dollar currency rate as of that same fiscal year end date, plus (less) (2) the applicable retained earnings (losses) of any &#8220;third tier subsidiary&#8221; (subsidiary not directly owned by Photronics Inc., but one in which the second tier subsidiary has an ownership interest) based on the second tier subsidiary&#8217;s ownership interest percentage translated into U.S. dollars based on the U.S. dollar currency rate as of that same fiscal year end date. By contrast, the non-equity method would not consider the applicable retained earnings (losses) of the third tier subsidiary (no. 2 above).</font></font></div>
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<br>
<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Mr. Martin James<br>
May 27, 2011<br>
Page 2 </font></div>

<div>&#160;</div>

<div>
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<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
<td width="100%">
<div align="justify">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">The Company believes that the equity method approach is a better reflection of undistributed foreign earnings because it presents the cumulative undistributed earnings of a particular foreign subsidiary considering its multiple tier subsidiary structure. Absent adjustments to reflect the undistributed earnings (losses) of a third tier or lower&#160;tier&#160;subsidiary under the equity method approach, the undistributed earnings of a second tier subsidiary, by itself, would not reflect the appropriate investment the Company has in that second tier subsidiary. In 2010, the Company reconsidered the substance of its disclosure and made the change to the equity method. Absent technical guidance on the calculation of undistributed earnings, the Company felt it appropriate to do so. </font></font></div>
</td>
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<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
<td width="100%">&#160;</td>
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<td nowrap valign="top"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">2.</font></font></td>
<td nowrap valign="top">&#160;&#160;&#160; &#160;</td>
<td width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Further, please explain which method reflects the amount you would be required to use to determine your income tax liability and why.</font></font></td>
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<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
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<td nowrap valign="top">&#160;</td>
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<div align="justify">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">As disclosed in Note 14 to the Company&#8217;s October 31, 2010 Form 10-K, &#8220;&#8230;No provision has been made for taxes due on the remaining undistributed earnings of $39.5 million considered to be permanently reinvested. Should the Company elect in the future to repatriate the foreign earnings so invested, it may incur additional income tax expense on those foreign earnings, the amount of which is not practicable to compute&#8230;.&#8221; </font></font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: times new roman"><font size="3" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-STYLE: italic">If the Company were to change its position and determine that some or all of the undistributed earnings of $39.5 million were no longer permanently reinvested, the Company would be required per ASC 740-30-25-19 to &#8220;&#8230; accrue as an expense of the current period income taxes attributable to that remittance. ...&#8221; The starting point in determining the related deferred tax liability would be the undistributed earnings determined using the equity method approach. The amount on which the deferred tax liability would actually be based could be different depending on facts and circumstances. Facts and circumstances affecting the calculation of the deferred tax liability include but are not limited to the amount of such undistributed earnings permanently reinvested, whether any portion of the undistributed earnings were subject to U.S. tax, local tax and local jurisdictional laws that may impact repatriation of earnings.</font></font></div>
</td>
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</div>

<div align="justify">&#160;</div>

<div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Further Request per our Company&#8217;s Call on May 26, 2011</font></font></div>

<div>&#160;</div>

<div>
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<tr>
<td nowrap valign="top"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">3.</font></font></td>
<td nowrap valign="top">&#160;&#160;&#160;&#160;&#160;</td>
<td width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Please reflect on the Company&#8217;s use of the term &#8220;equity method basis&#8221; in the additional disclosure proposed to be added to footnote 14 in future filings as set forth in your earlier response dated April 15, 2011.</font></font></td>
</tr><tr>
<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
<td width="100%">&#160; </td>
</tr><tr>
<td nowrap valign="top">&#160;</td>
<td nowrap valign="top">&#160;</td>
<td width="100%">
<div align="justify">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Upon reconsideration, we&#160;have removed the term&#8221; equity method basis&#8221; from the additional disclosure the Company will add in future filings to describe how the amount of undistributed earnings is derived. By way of example, using the disclosure in footnote 14 from the Company<font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8217;</font>s 2010 Form 10-K, the&#160; following additional disclosure will be made (underlined.)</font></font></div>

<div>&#160;</div>

<div align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">&#8220;As of October 31, 2010, the undistributed earnings of foreign subsidiaries included in consolidated retained earnings amounted to $52.1 million, of which $12.6 million of earnings is considered not to be permanently reinvested. </font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">The amount of undistributed earnings is calculated </font></font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">taking into account the net amount of earnings of the Company&#8217;s foreign subsidiaries considering </font></font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">its multi tier subsidiary structure and translated into U.S. dollars using exchange rates in effect as </font></font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman">of the balance sheet date. ...&#8221;</font></font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: times new roman"> </font></font></div>
</td>
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</div>

<br>
<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
</div>

<br>
<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Mr. Martin James<br>
May 27, 2011<br>
Page 3 </font></div>

<div>&#160;</div>

<div align="justify">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">We acknowledge that: </font></div>

<ul type="square" style="PADDING-LEFT: 15pt; FONT-SIZE: 10pt; TEXT-ALIGN: justify">
<li><font size="2" style="FONT-FAMILY: Times New Roman">The Company is responsible for the adequacy and accuracy of the disclosure in the filing; <br>
&#160;</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and <br>
&#160;</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities law of the United States. </font></li>
</ul>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>The Company appreciates the efforts of the Staff in reviewing our response to your letter of comment. We are fully committed to working with the Commission to respond to your comments and to provide you with all the information you require. Accordingly, should you have any questions regarding the Company&#8217;s response to your comments, please contact me at (203) 740-5671.</font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman">Sincerely,<br>
Photronics, Inc. </font></div>

<div>&#160;</div>

<div align="justify"><font size="2" style="FONT-FAMILY: Times New Roman"><br>
/s/Sean T. Smith<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Senior Vice President and Chief Financial Officer </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse; ">
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<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">cc:</font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Kate Tillan</font></td>
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<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Assistant Chief Accountant</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Division of Corporation Finance</font></td>
</tr><tr>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Securities and Exchange Commission</font></td>
</tr><tr>
<td colspan="3" width="99%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Richelle E. Burr</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Vice President, General Counsel &amp; Secretary</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="97%"><font size="2" style="FONT-FAMILY: times new roman">Photronics, Inc.</font></td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
