Ladies and gentlemen, thank you for standing by, and welcome to the Photronics 2021 Annual Shareholders' Meeting. At this time, all participants' lines are on listen only. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Mr. Constantine Macricostas. Thank you. Please go ahead.
Will the meeting please come to order? Good morning. I'm Deno Macricostas, Chairman of the Board. I wish to welcome all of you to the 2021 Annual Meeting of Shareholders of Photronics. We're excited to be hosting a virtual shareholders meeting, which allow us to be more inclusive and reach a greater number of our stockholders. We have stockholders attending via the web portal. As is our custom, we'll conduct the business portion of our meeting first and answer questions at the end of the meeting.
Though we may not be able to answer every question, we'll do our best to provide a response to as many as possible. In keeping with the digital approach to this year's meeting, it is now 8:30 A.M. Eastern Standard Time on March 11th, and the meeting is officially called to order. I would like now to turn the meeting over to our Chief Executive Officer, Peter Kirlin.
Thank you, Deno. Hello, welcome, everyone. 2020 was a challenging year with the pandemic and the resulting lockdowns across the globe, coupled with the trade tension between us and China, causing supply chain disruptions. Despite these challenges, we performed well with growth across most of our markets. Revenue was $609.7 million in 2020, up 11% from 2019, the third consecutive year of record revenue. We achieved growth in IC and FPD, with FPD achieving record revenue for the second consecutive year. IC revenue improved 3% in 2020 to $418.4 million, as growth in the market for IC based on mainstream nodes was slightly offset by softness in the market for high-end ICs. The growth in mainstream was driven primarily by strong foundry demand in Asia, while high-end weakened as strong logic was offset by memory declines.
Demand from customers in China was particularly strong, improving 33% year over year and reaching record levels, representing 23% of our total IC revenue. FPD revenue was $191.3 million. A strong high-end demand more than offset a decline in mainstream. The primary driver of the increase was demand for mobile applications, including both active matrix, organic light-emitting diode, known as AMOLED, and low-temperature polysilicon, known as LTPS, display technologies. These screen types are becoming more popular for mobile applications, and we anticipate demand growth to continue. We also saw significant growth in generation 10.5 and greater form factor for ultra large liquid crystal displays, as that size was ramping production at our new facility in Hefei, China.
We ended the year with a cash balance of $278.7 million, up $72.1 million from 2019. Cash generated from operating activities for the year was $143 million, more than double the amount in 2019. I would like to thank all our employees for your contributions to our success, and thanks to all our shareholders for your continued support. We look forward to updating you on our progress throughout 2021. I'll now turn the meeting over to our secretary.
Thank you, Peter. I'd like to introduce the directors for nomination. Walter M. Fiederowicz. Walter Fiederowicz has been a private investor and consultant since August of 1997. Mr. Fiederowicz brings to the board of directors substantial experience in analyzing and forecasting economic conditions, both domestically and internationally. Through his service on the boards of other companies, he has gained extensive experience in leadership, risk management, and corporate governance matters. Mr. Fiederowicz is chairman of the compensation committee, vice chairman of the audit committee, and vice chairman of the nominating committee. Peter Kirlin joined Photronics in 2008 as senior vice president, U.S. and Europe. Dr. Kirlin became chief executive officer in May of 2015, after having been named president in 2013. Prior to joining Photronics, Dr. Kirlin, a 25-year veteran of the photomask and semiconductor industries, held several senior leadership positions of increasing responsibility.
Dr. Kirlin was vice president of business development at Entegris, a developer, manufacturer, and supplier of liquid and gas delivery systems, components, and consumables used in the semiconductor manufacturing process. Chairman and Chief Executive Officer of DuPont Photomasks, Inc., group vice president of ATMI, a supplier of ultra-high purity materials and services used in the manufacture of semiconductors. Dr. Kirlin was also executive chairman of the privately held firm, Acrion. They provided surface preparation solutions to the semiconductor and electronics industry. Dr. Kirlin was executive chair of Acrion from 2007 to July of 2008. Dr. Kirlin brings leadership, strategic direction, extensive business experience, and a wealth of knowledge of the photomask and semiconductor industry to the board. Daniel Liao is currently serving as Senior Advisor of Asia Pacific for Lam Research Corporation.
He was previously chairman of Asia Pacific from 2017 until his retirement from that role in February of 2020. As Chairman, Mr. Liao was responsible for operations in a rapidly growing region. Prior to that, he served as Group Vice President of Asia Pacific Operations from 1997 until 2000, at which time he was promoted to President of APAC Operations. He started at the company in 1993 as General Manager of Taiwan, China, and Southeast Asia Operations. Prior to joining Lam, Mr. Liao held various engineering roles at Integrated Device Technology, Inc., acquired by Renesas Electronics Corporation in 2019, and Intel Corporation. In addition to his extensive experience working in the semiconductor industry, Mr. Liao is also a member of the board of directors for Amkor Technology, Inc.
He received an MS degree in electrical engineering and applied physics from Case Western Reserve University in Cleveland, Ohio, and a BS degree from National Cheng Kung University in Taiwan. Mr. Liao brings a wealth of industry experience, especially in international operations and technology development, that will complement our current board structure and expertise. Photronics has made a significant commitment to the semiconductor industry in Asia, and Mr. Liao's background and experience will be beneficial to us as we continue to grow and invest in this region. Constantine Macricostas is Chairman of the Board. Mr. Macricostas is also founder of the company. Mr. Macricostas was Executive Chairman of the company until January 20th, 2018. Mr. Macricostas previously served as Chief Executive Officer to the company on three different occasions, from 1974 until August 1997, from February 2004 to June 2005, and from April 2009 until May 2015.
Mr. Macricostas is also a former director of RagingWire Data Centers, Inc. Mr. Macricostas is the father of George Macricostas, a founder of the company. Mr. Macricostas' knowledge of the company and its operations, as well as the industry, is invaluable to the board of directors in evaluating and directing the company's future. Through his long service to the company and his vast experience in the photomask industry, he has developed extensive knowledge in the areas of leadership, safety, risk oversight, management, and corporate governance, each of which provides great value to the board of directors. Mr. Macricostas is a member of the Cybersecurity Committee of the board. George Macricostas is an investor and entrepreneur. He was founder, chairman, and CEO of RagingWire Data Centers, Inc, a provider of mission-critical data center colocation facilities, which is where the cloud lives.
Mr. Macricostas guided the company through an 80% sale to NTT of Japan in 2014 and completed the sale in 2018. Mr. Macricostas has 29 years of technical and business management experience in business operations and information technology. From 2006, Mr. Macricostas has served as a director of the Jane Goodall Institute, a nonprofit organization. Previously, he was a senior vice president at Photronics, where he was responsible for all aspects of the company's IT infrastructure. Mr. Macricostas also serves as a board member of the Macricostas Family Foundation, a nonprofit organization that funds philanthropic, educational, and environmental causes. Mr. Macricostas brings industry risk management, leadership, and business experience to the board. Mr. Macricostas is chairman of the Cybersecurity Committee.
Mary Paladino is a certified public accountant with over 25 years of financial accounting and auditing experience. Ms. Paladino is currently a partner. She was the Audit and Attest Services practice leader for the firm's White Plains, New York, location. Prior to joining this firm in 2008, she held various leadership roles in the auditing group of Deloitte & Touche LLP and BDO Seidman LLP. Ms. Paladino brings broad experience in corporate finance and is highly experienced in the field of public accounting and internal control, both of which contribute to her effective service on the board of directors of the company.
Mitch Tyson is an independent business strategy and clean energy consultant, serves on multiple industry, government, and corporate boards of directors. He's also an adjunct professor at the Brandeis International Business School, managing partner at the Clean Energy Venture Group, venture partner in the Clean Energy Venture Fund, co-founder and former chair of the Northeast Clean Energy Council, chair of the Venture Café Foundation, executive in residence , and board member of Greentown Labs. He also serves on a number of corporate boards and mentors numerous startups.
Previously, Mr. Tyson served as the Chief Executive Officer of PRI Automation, a publicly traded corporation that supplied automation systems including hardware, software, and services to the semiconductor industry. From 1987 to 2002, he held positions of increasing management responsibility and helped transform PRI Automation from a small robotics manufacturer to the world's leading supplier of semiconductor fab automation systems. Prior to joining PRI Automation, Mr. Tyson worked at GCA Corporation from 1985 to 1987 as Director of Product Management and served as science advisor and legislative assistant to the late U.S. Senator Paul Tsongas from 1979 to 1985. Mr. Tyson is chairman of the Nominating Committee and a member of the Audit Committee of the company.
Mr. Tyson brings leadership and extensive business experience as well as finance experience to the board. I also wanted to add that Mary Paladino is chairman of the Audit Committee. I apologize for missing that, and she's a member of the Compensation Committee. I'd also like to state that Santiago Fernandez and Kevin Burkhardt of Deloitte & Touche LLP, the independent accountants for the company, are also joining us today. We will now attend to the first formal part of the business as set forth in the notice of meeting. Afterwards, Mr. Zarnetzky will report to you the results of the tabulation of the vote on matters before the meeting.
After the vote is reported, we will be pleased to answer any questions you may have concerning the business of the company. Please remember to state your name if you ask any questions on the web. Only validated stockholders may ask questions in the designated field on the web portal. However, no one attending via the webcast or telephone is permitted to use any audio recording devices. I present to the meeting proof by affidavit that notice of the meeting has been duly given and that
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Majority of common stock of the company are present in person or by proxy at this meeting. As such, a quorum is present for the transaction of business.
The first item of business is to elect seven directors to serve for a term of one year. The nominations are open.
Thank you, Peter. I nominate the following seven persons who are named in the proxy statement: Walter M. Fiederowicz, Peter S. Kirlin, Daniel Liao , Constantine Macricostas, George Macricostas, Mary Paladino, and Mitch Tyson.
If there are no other nominations, I will entertain a motion that nominations be closed.
I move that the nominations for directors be closed.
It has been moved and seconded that the nominations be closed. All those in favor of closing nominations, say aye. Aye. Those opposed, say no.
The motion to close the nominations is carried. The second item of business is to ratify the selection of Deloitte & Touche as independent registered public accounting firm for the fiscal year ending October 31st, 2021. The third item of business is to approve by non-binding advisory vote the compensation of our named executive officers as described in the compensation discussion and analysis and the narrative disclosures as included in the proxy statement. The approval or disapproval of Proposal Three will not be binding on the company or the board of directors, nor will it be construed as overruling a decision by the company or the board of directors.
Neither the approval or disapproval of Proposal Three will create or imply any change to our fiduciary duties or create or imply any additional fiduciary duties for the company or the board of directors. However, the company will consider the results of these advisory votes in making future decisions regarding the company's compensation policies and compensation of the company's named executive officers. I now declare the polls open. I now declare the polls closed. I will now request that Doug Zarnetzky report as to the tabulation of votes.
Thank you, Richelle. The report of the inspector states that a plurality of the shares have been voted in favor of the election of each of the nominees for directors named in the proxy statement. The report of the inspector also states that a majority of the shares present in person or by proxy have voted in favor of the ratification of the selection of Deloitte & Touche LLP as independent registered public accounting firm for the fiscal year ending October 31st, 2021. The report of the inspector states that a majority of the shares present in person or by proxy voted by non-binding vote to approve the compensation of Photronics, Inc. named executive officers.
Thank you, Doug. Accordingly, such persons are elected directors to serve for a term of one year and until their successors in office are elected and qualified. The selection of Deloitte & Touche, LLP as independent registered public accountants for the fiscal year ending October 31st, 2021, has been ratified. By non-binding vote, the compensation of our named executive officers has been approved. This now concludes the formal portion of our meeting. We would like to open things up for any shareholder questions or comments, are there any questions? There are no questions.
If there are no further questions or further business, I will entertain a motion that the meeting be adjourned.
Deno, I move that the meeting be adjourned.
I second the motion.
The meeting is adjourned. Thank you.
Excellent. Thank you all so very much.