Daktronics, Inc. Announces Third Quarter Fiscal 2013 Results

BROOKINGS, S.D., Feb. 19, 2013 (GLOBE NEWSWIRE) -- Daktronics, Inc. (Nasdaq:DAKT) today reported fiscal 2013 third quarter net sales of $111.1 million and net income of $2.7 million, or $0.06 per diluted share, compared to net sales of $122.9 million and net income of $1.7 million, or $0.04 per diluted share, for the third quarter of fiscal 2012. Fiscal 2013 third quarter orders were $134.3 million compared to $107.0 million for the third quarter of fiscal 2012. Backlog at the end of the fiscal 2013 third quarter was $149 million, compared with a backlog of $121 million a year earlier and $128 million at the end of the second quarter of fiscal 2013.

Net sales, net income and earnings per share for the nine months ended January 26, 2013 were $393.8 million, $20.9 million and $0.49 per diluted share, respectively. This compares to $377.5 million, $9.0 million and $0.21 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 $26.6 million for the first nine months of fiscal 2013, compared to $(4.1) million for the same period in fiscal 2012. Cash and marketable securities at the end of the third quarter of fiscal 2013 were $50.1 million, which compares to $50.6 million at the end of the fiscal 2012 third quarter.

"We were pleased with our order volume in the third quarter which set us up with a solid backlog going into the fourth quarter. On the sales front, we had anticipated our sales level would be comparable to fiscal 2012 third quarter, but we came in under that primarily due to on-site schedule changes which delayed a couple of large projects. The revenue associated with these delays will be realized in the fourth quarter," said Jim Morgan, president and chief executive officer.

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