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Daktronics, Inc. Announces Second Quarter Fiscal 2014 Results

Stocks in this article: DAKT

BROOKINGS, S.D., Nov. 19, 2013 (GLOBE NEWSWIRE) -- Daktronics, Inc. (Nasdaq:DAKT) today reported fiscal 2014 second quarter net sales of $161.6 million and net income of $11.8 million, or $0.27 per diluted share, compared to net sales of $149.9 million and net income of $11.5 million, or $0.27 per diluted share, for the second quarter of fiscal 2013. Fiscal 2014 second quarter orders were $127.0 million compared to $110.3 million for the second quarter of fiscal 2013. Backlog at the end of the fiscal 2014 second quarter was $132 million, compared with a backlog of $128 million a year earlier and $167 million at the end of the first quarter of fiscal 2014.

Net sales, net income and earnings per share for the six months ended October 26, 2013 were $300.4 million, $17.5 million and $0.41 per diluted share, respectively. This compares to $282.8 million, $18.2 million and $0.43 per diluted share, respectively, for the same period in fiscal 2013.

Free cash flow, defined as cash provided by operations less net purchases of property and equipment, was $24.5 million for the first six months of fiscal 2014, compared to $29.8 million for the same period in fiscal 2013. Cash and marketable securities at the end of the second quarter of fiscal 2014 were $77.6 million, which compares to $64.7 million at the end of fiscal 2013 and $79.1 million at the end of the second quarter of fiscal 2013.

"We are pleased with our order level for the quarter and success in manufacturing, delivering, and installing a number of projects. Our resources were highly utilized as we achieved the highest level of sales in a quarter since fiscal 2009. Order bookings during the second quarter of fiscal 2014 increased 15 percent compared to last year same quarter. This allows us to enter into the third quarter with a higher backlog as compared to last year at this same time," said Reece Kurtenbach, president and chief executive officer.

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