Daktronics Posts 85-percent Drop In 1Q Profit

BROOKINGS, S.D. (AP) — Daktronics Inc. reported a slightly bigger fiscal first-quarter profit than expected Tuesday but missed sales forecasts, sending shares down in morning trading.

The company, which makes large video displays and electronic scoreboards, said its net income plunged 85 percent to $1.4 million, or 3 cents per share, from $9.7 million, or 24 cents per share, in the year-earlier quarter.

Sales slumped 30 percent to $113.5 million.

On average, analysts expected earnings of a penny per share on sales of $119.4 million, according to Thomson Reuters.

Shares lost 62 cents, or 6.8 percent, to $8.29 in morning trading.

Looking ahead, the company said the weak economy and a typical seasonal slowdown in the sports market will keep sales lower in the next few quarters. It expects revenue to continue declining from fiscal first-quarter levels in both the second and third quarters.

Analysts expected second-quarter revenue to tick up to $124.9 million.