We present the theory of a laser in which the transmittivity of one output mirror is controlled by a current derived from a photodetector illuminated by the output light from that end of the cavity. That is, one output port of the laser is controlled by a feedback loop. We calculate the photon statistics inside the cavity. We also calculate the spectrum of intensity fluctuations for the light leaving the cavity through the output mirror not controlled by feedback. We show that intensity fluctuations inside the cavity may be reduced to 50% below the Poissonian limit while outside the cavity the reduction is at best 25% of the shot-noise limit. These optimum results, however, are not achieved under the same operating conditions. PACS number(s): 42.50. Dv, 42.50.Ar, 42.50.Lo, 42.60.Mi