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Daktronics, Inc. Announces Fourth Quarter And Fiscal 2013 Results

Stocks in this article: DAKT

BROOKINGS, S.D., May 29, 2013 (GLOBE NEWSWIRE) -- Daktronics, Inc. (Nasdaq:DAKT) today reported fiscal 2013 fourth quarter net sales of $124.5 million and net income of $1.8 million, or $0.04 per diluted share, compared to net sales of $112.0 million and a net loss of $(0.5) million, or $(0.01) per diluted share, for the fourth quarter of fiscal 2012. Fiscal 2013 fourth quarter orders were $113.8 million compared to $115.0 million for the fourth quarter of fiscal 2012. Backlog at the end of the fiscal 2013 fourth quarter was $141.3 million, compared with a backlog of $122.8 million a year earlier and $149.1 million at the end of the third quarter of fiscal 2013.

Net sales, net income and earnings per diluted share for the fiscal year ended April 27, 2013 were $518.3 million, $22.8 million and $0.53 per diluted share, respectively. This compares to $489.5 million, $8.5 million and $0.20 per diluted share, respectively, for the same period in fiscal 2012.

Free cash flow, defined as cash provided by operations less net purchases of property and equipment, was $41.3 million through the fourth quarter of fiscal 2013, compared to $3.7 million for the same period in fiscal 2012. Cash and marketable securities at the end of the fourth quarter of fiscal 2013 were $64.7 million, which compares to $55.9 million at the end of the fiscal 2012 fourth quarter.

"Our fourth quarter and fiscal 2013 financial performance improved over fiscal 2012. We are pleased with the improvements in our operating income and plan to continue working on increasing operating income in fiscal 2014," said Jim Morgan, president and chief executive officer.

For the quarter, gross profit levels were lower compared to the prior quarters of fiscal 2013 due in part to several large projects that generated revenue with lower than typical margins due to the competitive pricing on the projects. In addition, we had unexpected warranty expenses in the quarter which reduced gross profit margin by approximately three percentage points as compared to fourth quarter fiscal 2012. Offsetting the decline were gross profit level improvements in our Schools & Theatres business unit. Operating expenses for the quarter were down compared to the fourth quarter of fiscal 2012.

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