UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 24, 2011
Daktronics, Inc.
(Exact name of registrant as specified in its charter)
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South Dakota
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0-23246
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46-0306862
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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Incorporation or organization)
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File Number)
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Identification Number)
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201 Daktronics Drive
Brookings, SD 57006
(Address of principal executive office) (zip code)
(605) 692-0200
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFT 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
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Section 5
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Corporate Governance Management
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Item 5.02
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Departure of Directors or Certain Officers ; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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(d) On February 24, 2011, the Board of Directors of the Company elected Bruce W. Tobin as a member of the Board. Mr. Tobin will serve as a member of the Audit committee. Mr. Tobin has no arrangements or understanding with any person pursuant to which he was selected as a director of the Company. He will serve as a member of the Audit committee of the Company’s Board of Directors.
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Section 8
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Other Events
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Item 8.01
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Other Events
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On February 24, 2011, the Company announced that it had appointed Bruce W. Tobin to the Board of Directors. A copy of the press release issued by the Company is attached hereto as Exhibit 99 and furnished with this Current Report on Form 8-K.
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Item 9.01
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Financial Statements and Exhibits
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(d)
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Exhibits
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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DAKTRONICS, INC.
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By:
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/s/ William R. Retterath
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William R. Retterath, Chief Financial Officer
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(Principal Financial Officer and Principal Accounting Officer)
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Date: February 24, 2011
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Daktronics elects Bruce Tobin to its Board of Directors
Former Finance Executive at 3M brings extensive international and financial expertise to Daktronics
BROOKINGS, S.D. – February 25, 2011 – Daktronics, Inc. (Nasdaq-DAKT) announced today its Board of Directors has elected Bruce W. Tobin as an independent director of the Company, to replace Dr. Duane E. Sander who has resigned from the board. This brings the number of directors back to nine, including six independent directors. Mr. Tobin will serve as a member of the audit committee.
Mr. Tobin, who will be retiring from 3M on March 31st, began his career with 3M in 1974 where he served in various capacities, most recently Vice President Finance for International and Corporate Staff Services. He holds a Bachelor of Science in Management from the University of South Dakota.
“Bruce brings a tremendous amount of international and financial experience to Daktronics’ Board of Directors,” said Chairman Dr. Aelred Kurtenbach. “We are very pleased to have Bruce on our Board.”
About Daktronics
Daktronics has strong leadership positions in, and is one of the world’s largest suppliers of electronic scoreboards, computer-programmable displays, large screen video displays and control systems. The Company excels in the control of large display systems, including those that require integration of complex multiple displays showing real-time information, graphics, animation and video. Daktronics designs, manufactures, markets and services display systems for customers around the world, in sport, business and transportation applications. For more information, visit the Company’s world wide web site at: http://www.daktronics.com, e-mail the Company at investor@daktronics.com, call (605)692-0200 or toll-free (800)843-5843 in the U.S., or write to the Company at 201 Daktronics Drive, PO Box 5128 Brookings, S.D. 57006-5128.
Safe Harbor Statement
Cautionary Notice: In addition to statements of historical fact, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to enjoy the protection of that Act. These forward-looking statements reflect the Company’s expectations or beliefs concerning future events. The Company cautions that these and similar statements involve risk and uncertainties which could cause actual results to differ materially from our expectation, including, but not limited to, changes in economic and market conditions, management of growth, timing and magnitude of future contracts, parts shortages and longer lead times, fluctuations in margins, the introduction of new products and technology, and other risks noted in the company’s SEC filings, includ
ing its Annual Report on Form 10-K for its 2010 fiscal year. Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
For more information contact:
INVESTOR RELATIONS:
Bill Retterath
Chief Financial Officer
Tel (605) 692-0200
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