Daktronics Inc. announces annual dividend
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Brookings, S.D. - June 1, 2005 - The Board of Directors of Daktronics, Inc. (Nasdaq - DAKT), today declared its first annual cash dividend. The dividend of ten cents per share is payable June 28, 2005 to shareholders of record as of the close of business on June 14, 2005.
"In light of our cash flow over the past few years and our confidence in our ability to continue to increase cash flow over the long-term, the Board of Directors initiated an annual dividend. The Board of Directors determined that paying a cash dividend is appropriate for managing our capital and building shareholder value. We are pleased to provide our shareholders with an additional form of return on their investment," said Jim Morgan, President and CEO.
Earlier today, Daktronics announced its year-end results for fiscal 2005, which included record cash flow performance for the fiscal year. The Company estimates that the ten-cent per share cash dividend will use approximately $2 million of cash.
While Daktronics intends to pay regular annual dividends for the foreseeable future, all subsequent dividends will be reviewed annually and declared by the Board at its discretion. The company also intends to continue to use cash flow to fund company growth, including potential acquisitions and investment in opportunities consistent with the long-term growth objectives of the company.
Daktronics has strong leadership positions in, and is one of the world's largest suppliers of, electronic scoreboards, computer-programmable displays, and large screen video display 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 worldwide web site at http://www.daktronics.com, email the Company at investor@daktronics.com, call toll-free 1-800-DAKTRONICS (800-325-8766) in the U.S., or write to the Company at 331 32nd Avenue, P.O. Box 5128, Brookings, SD 57006-5128.
Cautionary Notice: In addition to statements of historical fact, this news release contains forward-looking statements reflecting the Company's expectations or beliefs concerning future events which could materially affect company performance in the future. The Company cautions that these and similar statements involve risk and uncertainties including changes in economic and market conditions, management of growth, timing and magnitude of future contracts, and other risks noted in the company's SEC filings which may cause actual results to differ materially. 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.
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news release: NR02797