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Photon Dynamics, Inc. News

Photon Dynamics Revises Guidance for Second Quarter Fiscal Year 2008

SAN JOSE, Calif., April 17 PRNewswire-FirstCall — Photon Dynamics, Inc. (Nasdaq: PHTN) today announced that financial results for the second quarter ending March 31, 2008 are expected to exceed the company's previous financial guidance. Based on preliminary unaudited financial results, the company now expects total revenue for the second quarter to be in the range of $42 million to $45 million, and GAAP-basis diluted earnings per share greater than $0.12. In the company's February 7, 2008 press release, guidance provided for the second quarter was for revenue between $36 million and $38 million with a loss per share of $0.11 and $0.05.

"I am very pleased to report a return to profit," commented Jeff Hawthorne, president and CEO of Photon Dynamics. "We have received accelerated acceptance on several new systems with ParagonAVIOS(TM) that were shipped in the March quarter. The acceleration of acceptance reflects not only the continued strength in the flat panel display business environment but also the growing traction of our strategic initiative of enhancing our competitiveness."

Conference Call for Second Quarter Fiscal Year 2008 Financial Results

Photon Dynamics will report its second quarter fiscal 2008 financial results and financial outlook on Thursday, May 1, 2008, at approximately 1:00 p.m. PT, followed by a conference call at 1:30 p.m. PT.

To access the conference call in the U.S. or Canada, dial (800) 240-4186. For all international calls, dial (303) 262-2075.

A digital replay will be available on Photon Dynamics' website at http://www.photondynamics.com under "Events and Webcasts" in the Investors section of the website two hours after the conclusion of the conference until such time as Photon Dynamics issues a press release announcing its third quarter fiscal 2008 financial results.

A replay will also be available by phone two hours after the conclusion of the conference call, from May 1 to May 15, 2008. You may access the telephone replay by dialing (303) 590-3000 or (800) 405-2236 and entering access code 11112456.

About Photon Dynamics, Inc.

Photon Dynamics, Inc. (NASDAQ: PHTN) is a global supplier utilizing advanced machine vision technology for market leading liquid crystal display (LCD) flat panel display test and repair systems and for high performance digital imaging systems for defense, surveillance, industrial inspection and medical imaging applications. For more information about Photon Dynamics, visit its website at http://www.photondynamics.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as PDI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements in this release that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These forward-looking statements are based on current expectations on the date of this press release and involve a number of uncertainties and risks including but not limited to: our continued ability to sustain profitability, the continued growth in the overall flat panel market, our continued ability to maintain our competiveness and those risks and uncertainties described in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" under the caption "Factors Affecting Operating Results" in Photon Dynamics' Annual Report on Form 10-K for the year ended September 30, 2007 and the Quarterly Report on Form 10-Q for the quarter ended December 31, 2007 as filed with the Securities and Exchange Commission. As a result, actual results may differ substantially from expectations. Photon Dynamics undertakes no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

SOURCE Photon Dynamics, Inc.

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