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 1937
Date of Report (Date of earliest event reported): January 26, 2008
Daktronics, Inc.
(Exact name of registrant as specified in its charter)
|
South Dakota |
0-23246 |
46-0306862 |
|
(State or other jurisdiction |
(Commission |
(I.R.S. Employer |
|
Incorporation or organization |
File Number) |
Identification Number) |
331 32nd Ave
Brookings, SD 57006
(Address of principal executive office) (zip code)
(605) 697-4000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
|
Item 2.02 |
Results of Operations and Financial Condition |
On February 13, 2008, Daktronics, Inc. (the “Registrant”) issued a press release announcing financial results for the third quarter ending January 26, 2008. A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
The information furnished in this report, including the exhibit, shall not be incorporated by reference into Daktronics’ filings with the Securities and Exchange Commission under the Securities Act of 1933 and shall not be deemed “filed” with the SEC for purposes of Section 18 of the Securities Act of 1934.
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Item 9.01 |
Financial Statements and Exhibits: |
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(c) Exhibits. The following exhibit is furnished as part of this Report: |
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99.1 |
News Release dated February 13, 2008 issued by Registrant regarding third quarter fiscal 2008 results |
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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William R. Retterath, Chief Financial Officer |
Date: February 13, 2008
EXHIBIT INDEX
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Exhibit No. |
Description |
Daktronics, Inc. Announces Third Quarter Fiscal 2008 Results
Financial Highlights Include:
• Sales for the quarter exceed expectations, up 15% year to date
• Opportunities increasing internationally
• Net sales and earnings for the fourth quarter expected to increase over fiscal 07
Brookings, S.D. – Feb. 13, 2008 - Daktronics, Inc. (Nasdaq - DAKT) today reported fiscal 2008 third quarter net sales of $118.2 million and net income of $5.4 million, or $0.13 per diluted share, compared with third quarter net sales of $106.7 million and net income of $7.0 million, or $0.17 per diluted share for the third quarter of fiscal 2007. Backlog at the end of the third quarter was approximately $138 million, compared with a backlog of approximately $98 million at the end of the third quarter of fiscal 2007, and $119 million at the end of the second quarter of fiscal 2008.
Net sales, net income and earnings per share for the nine months ending January 26, 2008, were $370.6 million, $20.5 million and $0.49 per diluted share, respectively, compared to $322.4 million, $20.9 million and $0.51 per diluted share, respectively, for the same period in fiscal 2007.
“The fact that we exceeded our top line estimates is indicative that our focus on streamlining manufacturing is on track as we were able to respond to the opportunity during the quarter,” said Jim Morgan, chief executive officer. Order bookings for the quarter were also strong and are up more than 20 percent for the fiscal year. Our net income is down for both the quarter and year to date on higher net sales, emphasizing the need to take additional steps to get the business operating at the levels it should for the long-term.”
Morgan continued, “In the Live Events segment, orders for the quarter included three large professional sports facilities contracts totaling more than $40 million, plus a verbal commitment on a university sports facility in excess of $9 million. Our pipeline is strong, and we expect to end the year with a strong backlog in this area.”
Morgan added, “Sales in the Commercial segment for the third quarter of fiscal 2008 were up 35% over the same quarter of fiscal 2007 as both of our commercial factories performed very well. For the year, revenues are up 40%. This revenue growth is led by the digital billboard business. The reseller and national accounts business remain strong as well.”
“Our Schools and Theatres segment, along with the transportation segment, continued to perform as expected and remain solid businesses with good long-term growth expectations. The quarter included a multi-million dollar Vortek hoist system order, which was very exciting for our new Vortek business.”
“Our International saw sales grow more than 20 percent for the third quarter. More importantly, with our backlog and some orders that we consider highly probable, we are expecting the fourth quarter to be a record revenue quarter for international. We are very pleased to be working with JCDecaux on its first major rollout of digital billboards in Europe. It would appear that Europe is poised for growth in digital billboards. We have been investing in our infrastructure in Europe for the past four years, and we expect our operating margins to improve there as our revenues grow,” said Morgan.
“Our gross margins were strong prior to taking into account higher than expected warranty costs during the quarter, which exceeded $1.0 million”, said Bill Retterath, chief financial officer. “These excess costs were incurred on a few installations primarily related to new or unique products or design changes. They are also
indicative of our commitment to customer satisfaction. We expect some limited pressure on gross margins in the fourth quarter as a result of the larger sports projects we booked recently.”
Retterath added, “Operating expenses were more than expected for the quarter. We had higher than expected costs on health insurance and other payroll related items along with higher professional fees. We have taken additional steps to right size the organization from an operating expense perspective but have more work to do. In the last month, we eliminated a significant number of open positions in an effort to curtail the rate of hiring, and we expect to eliminate more open positions in the next few weeks. Offsetting this, we still need to invest in areas that are critical to our growth expectations, with a focus on process and system improvements to operate more efficiently in the future.”
“Non-operating income included extra interest costs related to sales tax audits concluded during the quarter, a $2.8 million gain on the sale of our interest in Arena Media Networks and a larger than expected loss on our share of earnings in FuelCast Networks as we expanded the network and saw sales less than expected. We expect this to turn around in calendar year 2008 as FuelCast further develops its advertising revenues,” concluded Retterath.
Business Outlook
The company is providing financial guidance for the fourth quarter of fiscal 2008. Daktronics expects that net sales for the fourth quarter of fiscal 2008 will be in the range of $130 million to $138 million and net earnings will be in the range of $0.12 to $0.19 per share. As in the past, this guidance is subject to a number of factors that could cause it to vary.
Webcast Information
The company will host a conference call and webcast to discuss its financial results today at 10:00 am (Central Time). This call will be broadcast live at http://investor.daktronics.com and available for replay shortly after the event.
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About Daktronics |
Daktronics has strong leadership positions in, and is the world’s largest supplier of, large screen video displays, electronic scoreboards, LED text and graphics displays, and related control systems. The company excels in the control of display systems, including those that require integration of multiple complex 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, Schools and Theaters and Transportation segments. 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) 697-4000 or toll-free (800) 843-5843 in the United States or write to the company at 331 32nd Ave. 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, and other risks noted in the company’s SEC filings, including its Annual Report on Form 10-K for its 2007 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.
-- END –
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For more information contact: |
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INVESTOR RELATIONS: |
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Bill Retterath, Chief Financial Officer |
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(605) 692-0200 |
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Investor@daktronics.com |
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Financial tables are included on the following pages.
Daktronics, Inc. and Subsidiaries
Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
|
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|||||||||||||||||
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Three Months Ended |
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Nine Months Ended |
|
|||||||||||
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January 26, |
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January 27, |
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January 26, |
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January 27, |
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|||||
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2008 |
|
|
2007 |
|
|
2008 |
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|
2007 |
|
|||||
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Net sales |
$ |
118,201 |
|
|
$ |
106,731 |
|
|
$ |
370,560 |
|
|
$ |
322,414 |
|
|||
|
Cost of goods sold |
|
83,019 |
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|
|
74,375 |
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|
|
259,299 |
|
|
|
228,196 |
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|||
|
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Gross profit |
|
35,182 |
|
|
|
32,356 |
|
|
|
111,261 |
|
|
|
94,218 |
|
||
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Operating expenses: |
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|
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|
|
|
|
|
|
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|
|
|
|
|
|||
|
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Selling |
|
16,379 |
|
|
|
13,692 |
|
|
|
46,385 |
|
|
|
38,666 |
|
||
|
|
General and administrative |
|
6,868 |
|
|
|
5,231 |
|
|
|
19,304 |
|
|
|
13,587 |
|
||
|
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Product design and development |
|
4,943 |
|
|
|
3,611 |
|
|
|
14,965 |
|
|
|
11,166 |
|
||
|
|
|
|
28,190 |
|
|
|
22,534 |
|
|
|
80,654 |
|
|
|
63,419 |
|
||
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Operating income |
|
6,992 |
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|
|
9,822 |
|
|
|
30,607 |
|
|
|
30,799 |
|
||
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|
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|
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||
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Nonoperating income (expense): |
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|
|
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|
|
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|||
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Interest income |
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448 |
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|
304 |
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|
1,295 |
|
|
|
1,459 |
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||
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Interest expense |
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(515 |
) |
|
|
(232 |
) |
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|
(1,265) |
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|
|
(313 |
) |
||
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Other income (expense), net |
|
2,015 |
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(63 |
) |
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1,510 |
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(604 |
) |
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Income before income taxes |
|
8,940 |
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|
|
9,831 |
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32,147 |
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|
|
31,341 |
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|||
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Income tax expense |
|
3,557 |
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|
|
2,804 |
|
|
|
11,643 |
|
|
|
10,435 |
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||
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Net income |
$ |
5,383 |
|
|
$ |
7,027 |
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|
$ |
20,504 |
|
|
$ |
20,906 |
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Weighted average shares outstanding: |
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|||
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Basic |
|
39,936 |
|
|
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39,290 |
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39,832 |
|
|
|
39,148 |
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Diluted |
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41,266 |
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41,479 |
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41,380 |
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41,304 |
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Earnings per share: |
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Basic |
$ |
0.13 |
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|
$ |
0.18 |
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|
$ |
0.51 |
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|
$ |
0.53 |
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Diluted |
$ |
0.13 |
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|
$ |
0.17 |
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$ |
0.49 |
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|
$ |
0.51 |
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Cash dividend paid per share |
$ |
- |
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|
$ |
- |
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|
$ |
0.07 |
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$ |
0.06 |
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--MORE--
Daktronics, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands)
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January 26, |
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|
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||||||
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2008 |
|
April 28, |
|
||||||
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|
(unaudited) |
|
2007 |
|
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ASSETS |
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CURRENT ASSETS: |
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|||||||
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Cash and cash equivalents |
$ |
3,379 |
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$ |
2,590 |
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||||||
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Restricted cash |
|
738 |
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|
-- |
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||||||
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Accounts receivable, less allowance for doubtful accounts |
|
66,187 |
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|
56,692 |
|
||||||
|
|
Inventories |
|
52,305 |
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|
45,835 |
|
||||||
|
|
Costs and estimated earnings in excess of billings |
|
24,875 |
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|
22,314 |
|
||||||
|
|
Current maturities of long-term receivables |
|
8,293 |
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|
6,831 |
|
||||||
|
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Prepaid expenses and other |
|
4,108 |
|
|
5,044 |
|
||||||
|
|
Deferred income taxes |
|
8,073 |
|
|
7,761 |
|
||||||
|
|
Income taxes receivable |
|
-- |
|
|
731 |
|
||||||
|
|
Rental equipment available for sale |
|
-- |
|
|
188 |
|
||||||
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Total current assets |
|
167,958 |
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|
147,986 |
|
||||
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|
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|
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|
|||||||
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Advertising rights, net |
|
3,454 |
|
|
3,830 |
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|||||||
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Long-term receivables, less current maturities |
|
15,999 |
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|
11,211 |
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|||||||
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Investments in affiliates |
|
3,797 |
|
|
8,762 |
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|||||||
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Goodwill |
|
4,733 |
|
|
4,408 |
|
|||||||
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Intangible and other assets |
|
3,178 |
|
|
3,391 |
|
|||||||
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Deferred income taxes |
|
-- |
|
|
136 |
|
|||||||
|
|
|
31,161 |
|
|
31,738 |
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PROPERTY AND EQUIPMENT: |
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|
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|
|||||||
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Land |
|
3,275 |
|
|
3,275 |
|
||||||
|
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Buildings |
|
48,055 |
|
|
36,822 |
|
||||||
|
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Machinery and equipment |
|
44,954 |
|
|
38,420 |
|
||||||
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Office furniture and equipment |
|
43,872 |
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|
37,520 |
|
||||||
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Equipment held for rental |
|
3,625 |
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|
2,600 |
|
||||||
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Demonstration equipment |
|
7,482 |
|
|
5,939 |
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||||||
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Transportation equipment |
|
6,360 |
|
|
6,669 |
|
||||||
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|
|
|
157,623 |
|
|
131,245 |
|
||||||
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|
Less accumulated depreciation |
|
58,901 |
|
|
45,119 |
|
||||
|
|
|
|
|
|
98,722 |
|
|
86,126 |
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||||
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TOTAL ASSETS |
$ |
297,841 |
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$ |
265,850 |
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--MORE--
Daktronics, Inc. and Subsidiaries
Consolidated Balance Sheets (continued)
(in thousands)
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|
January 26, |
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2008 |
|
April 28, |
|
||||
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(Unaudited) |
|
2007 |
|
||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
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|
|||||
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|||||
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CURRENT LIABILITIES: |
|
|
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|
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|
|||||
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Notes payable, bank |
$ |
13,414 |
|
$ |
24,615 |
|
||||
|
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Accounts payable |
|
33,562 |
|
|
26,094 |
|
||||
|
|
Accrued expenses and warranty obligations |
|
27,282 |
|
|
21,849 |
|
||||
|
|
Current maturities of long-term debt and marketing obligations |
|
1,039 |
|
|
1,002 |
|
||||
|
|
Billings in excess of costs and estimated earnings |
|
21,476 |
|
|
18,293 |
|
||||
|
|
Customer deposits |
|
10,675 |
|
|
5,857 |
|
||||
|
|
Deferred revenue |
|
7,269 |
|
|
5,333 |
|
||||
|
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Income taxes payable |
|
196 |
|
|
39 |
|
||||
|
|
|
|
Total current liabilities |
|
114,913 |
|
|
103,082 |
|
||
|
|
|
|
|
|
|
|
|||||
|
Long-term debt, less current maturities |
|
70 |
|
|
592 |
|
|||||
|
Long-term marketing obligations, less current maturities |
|
662 |
|
|
473 |
|
|||||
|
Long-term warranty obligations and other payables |
|
3,201 |
|
|
5,366 |
|
|||||
|
Deferred income taxes |
|
2,629 |
|
|
2,629 |
|
|||||
|
|
|
6,562 |
|
|
9,060 |
|
|||||
|
TOTAL LIABILITIES |
|
121,475 |
|
|
112,142 |
|
|||||
|
|
|
|
|
|
|
|
|||||
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|||||
|
|
Common stock |
|
24,942 |
|
|
21,954 |
|
||||
|
|
Additional paid-in capital |
|
9,637 |
|
|
7,431 |
|
||||
|
|
Retained earnings |
|
142,202 |
|
|
124,469 |
|
||||
|
|
Treasury stock, at cost |
|
(9 |
) |
|
(9 |
) |
||||
|
|
Accumulated other comprehensive loss |
|
(406 |
) |
|
(137 |
) |
||||
|
TOTAL SHAREHOLDERS’ EQUITY |
|
176,366 |
|
|
153,708 |
|
|||||
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
297,841 |
|
$ |
265,850 |
|
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--MORE--
Daktronics, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
|
|
|
|
|
Nine Months Ended |
|||||||||
|
|
|
|
|
January 26, 2008 |
|
January 27, 2007 |
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
||||||||
|
|
Net income |
$ |
20,504 |
|
|
$ |
20,906 |
|
|||||
|
|
Adjustments to reconcile net income to net cash provided |
|
|
|
|
|
|
|
|||||
|
|
by operating activities: |
|
|
|
|
|
|
|
|||||
|
|
|
Depreciation |
|
15,389 |
|
|
|
8,835 |
|
||||
|
|
|
Amortization |
|
236 |
|
|
|
371 |
|
||||
|
|
|
(Gain) loss on sale of property and equipment |
|
(11 |
) |
|
|
4 |
|
||||
|
|
|
Gain on sale of equity investment |
|
(2,878 |
) |
|
|
-- |
|
||||
|
|
|
Stock-based compensation |
|
1,939 |
|
|
|
1,457 |
|
||||
|
|
|
Equity in earnings and losses of affiliates |
|
1,604 |
|
|
|
1,275 |
|
||||
|
|
|
Provision for doubtful accounts |
|
363 |
|
|
|
(166 |
) |
||||
|
|
|
Deferred income taxes, net |
|
(176 |
) |
|
|
(694 |
) |
||||
|
|
|
Change in operating assets and liabilities |
|
(1,535 |
) |
|
|
(22,105 |
) |
||||
|
|
|
|
Net cash provided by operating activities |
|
35,435 |
|
|
|
9,883 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
||||||
|
|
Purchase of property and equipment |
|
(28,372 |
) |
|
|
(46,576 |
) |
|||||
|
|
Cash consideration paid for equity method investments |
|
(750 |
) |
|
|
(13,800 |
) |
|||||
|
|
Proceeds from sale of equity investment |
|
7,000 |
|
|
|
-- |
|
|||||
|
|
Sales of marketable securities, net |
|
-- |
|
|
|
8,310 |
|
|||||
|
|
Proceeds from sale of property and equipment |
|
425 |
|
|
|
62 |
|
|||||
|
|
|
Net cash used in investing activities |
|
(21,697 |
) |
|
|
(52,004 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||||||
|
|
Borrowings on notes payable |
|
104,108 |
|
|
|
35,387 |
|
|||||
|
|
Payments on notes payable |
|
(115,308 |
) |
|
|
(16,170 |
) |
|||||
|
|
Proceeds from exercise of stock options and warrants |
|
1,639 |
|
|
|
1,083 |
|
|||||
|
|
Excess tax benefits from stock-based compensation |
|
324 |
|
|
|
926 |
|
|||||
|
|
Principal (payments) proceeds on long-term debt |
|
(538 |
) |
|
|
(69 |
) |
|||||
|
|
Dividend paid |
|
(2,770 |
) |
|
|
(2,339 |
) |
|||||
|
|
|
Net cash (used) provided in financing activities |
|
(12,545 |
) |
|
|
18,818 |
|
||||
|
|
|
|
|
|
|
|
|
||||||
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
|
(404 |
) |
|
|
(127 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
789 |
|
|
|
(23,430 |
) |
||||||
|
|
|
|
|
|
|
|
|
||||||
|
CASH AND CASH EQUIVIALENTS BEGINNING OF PERIOD |
|
2,590 |
|
|
|
26,921 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
CASH AND CASH EQUIVALENTS END OF PERIOD |
$ |
3,379 |
|
|
$ |
3,491 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
--MORE--
Daktronics, Inc. and Subsidiaries
Sales and Orders By Segment
(in thousands)
(unaudited)
|
|
|
|||||||||||||||||||
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|||||||||||||
|
|
|
|
January 26, |
|
|
January 27, |
|
|
January 26, |
|
|
January 27, |
|
|||||||
|
|
|
|
2008 |
|
|
2007 |
|
|
2008 |
|
|
2007 |
|
|||||||
|
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Commercial |
$ |
51,667 |
|
|
$ |
38,173 |
|
|
$ |
134,918 |
|
|
$ |
96,626 |
|
||||
|
|
Live Events |
|
32,547 |
|
|
|
39,878 |
|
|
|
127,922 |
|
|
|
138,171 |
|
||||
|
|
Schools & Theatres |
|
12,431 |
|
|
|
12,157 |
|
|
|
49,104 |
|
|
|
38,783 |
|
||||
|
|
Transportation |
|
8,751 |
|
|
|
5,919 |
|
|
|
26,879 |
|
|
|
18,821 |
|
||||
|
|
International |
|
12,805 |
|
|
|
10,604 |
|
|
|
31,737 |
|
|
|
30,013 |
|
||||
|
|
Net Sales |
$ |
118,201 |
|
|
$ |
106,731 |
|
|
$ |
370,560 |
|
|
$ |
322,414 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Orders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Commercial |
$ |
41,087 |
|
|
$ |
29,747 |
|
|
$ |
127,256 |
|
|
$ |
113,897 |
|
||||
|
|
Live Events |
|
65,201 |
|
|
|
26,349 |
|
|
|
148,240 |
|
|
|
127,864 |
|
||||
|
|
Schools & Theatres |
|
11,579 |
|
|
|
7,998 |
|
|
|
47,977 |
|
|
|
32,920 |
|
||||
|
|
Transportation |
|
9,144 |
|
|
|
8,791 |
|
|
|
24,269 |
|
|
|
22,301 |
|
||||
|
|
International |
|
11,108 |
|
|
|
5,178 |
|
|
|
36,053 |
|
|
|
22,306 |
|
||||
|
|
Segment Operating Income |
$ |
138,119 |
|
|
$ |
78,063 |
|
|
$ |
383,795 |
|
|
$ |
319,288 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
--END--