Was there any press release that contained this info prior to the 2:30 EDT filing of the Form 8K?
"ITEM 7.01 Regulation FD Disclosure. The recent earthquake and tsunami in Japan may have a negative impact on the operations of the business of Photronics, Inc. (the "Company") as well as some of its most important suppliers and customers. The earthquake and ensuing tsunami have severely damaged the infrastructure in the region including roads, ports and other transportation networks, power generation and distribution facilities and other industrial facilities in a large swath of northeastern Japan. Many industrial plants in the area including facilities of some of the Company's suppliers have been forced operate at reduced levels. Damage assessments are being made by the Company's suppliers. It is too early to accurately gauge the likely extent and duration of any possible disruption to their operations. There can be no assurance, however, that the Company will not face disruptions to its supply chain. Any significant or extended disruptions to the Company's supply chain could have a material adverse affect on its business and results of operations."
It's tough to say if the Japan effect was leaked prior to today. I think the size of the new $100 million note deal was unexpected, and had some major impact on shareprice today. If you read the press release, it's not even clear if they intend to retire the whole previous $57 million notes due 2014. They only committed to $30 million retirement out of $57 milion. So why did they need another $100 million, esepcially if the business is now doing well? Makes no sense to me. Any thoughts?