Attached files
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| EX-99.2 - EXHIBIT99-2 - DYCOM INDUSTRIES INC | exhibit99-2.htm |
| EX-99.3 - EXHIBIT99-3 - DYCOM INDUSTRIES INC | exhibit99-3.htm |
| 8-K - FORM8-K - DYCOM INDUSTRIES INC | form8-k.htm |
Exhibit 99.1
N E W
S R E L E A S E
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FOR IMMEDIATE
RELEASE
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Contact:
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Steven
E. Nielsen, President and CEO
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|
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H.
Andrew DeFerrari, Senior Vice President and
CFO
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(561)
627-7171
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| Palm Beach Gardens, Florida | August 24, 2010 |
DYCOM
ANNOUNCES FISCAL 2010 FOURTH QUARTER RESULTS
Palm
Beach Gardens, Florida, August 24, 2010--Dycom Industries, Inc. (NYSE: DY)
announced today its results for the fourth quarter ended July 31,
2010. Dycom utilizes a 52/53 week fiscal year ending on the last
Saturday in July; as a result, the fourth quarter of fiscal 2010 contained 14
weeks compared to 13 weeks in the fourth quarter of fiscal 2009.
The
Company reported:
|
·
|
contract
revenues of $281.5 million for the quarter ended July 31, 2010, compared
to $269.7 million for the quarter ended July 25, 2009, which after
adjusting for the incremental week in the fourth quarter of fiscal 2010
were $261.4 million, a decrease of 3.1%;
and
|
|
·
|
income
from continuing operations of $4.6 million, or $0.12 per common share
diluted, for the quarter ended July 31, 2010, compared to $6.7 million, or
$0.17 per common share diluted, for the quarter ended July 25,
2009.
|
The
Company also reported:
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·
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contract
revenues of $988.6 million for the fiscal year ended July 31, 2010,
compared to $1,106.9 million for the fiscal year ended July 25, 2009,
which after adjusting for the incremental week in the fourth quarter of
fiscal 2010 were $968.5 million, a decrease of
12.5%;
|
|
·
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income
from continuing operations on a GAAP basis of $5.8 million, or $0.15 per
common share diluted, for the fiscal year ended July 31, 2010, compared to
a loss of $(53.1) million, or $(1.35) per common share diluted, for the
fiscal year ended July 25, 2009;
and
|
|
·
|
income
from continuing operations on a Non-GAAP basis of $6.8 million, or $0.17
per common share diluted, for the fiscal year ended July 31, 2010,
compared to Non-GAAP income from continuing operations of $20.9 million,
or $0.53 per common share diluted, for the fiscal year ended July 25,
2009.
|
Non-GAAP
income from continuing operations for the fiscal year ended July 31, 2010
excludes a $1.6 million pre-tax charge in cost of earned revenues for the
settlement of a wage and hour class action claim, a $1.1 million non-cash charge
to income tax expense for a valuation allowance against a deferred tax asset
recorded during the first quarter of fiscal 2010, and a $1.0 million reduction
to income tax expense related to the reversal of certain income tax liabilities
no longer required. For the fiscal year ended July 25, 2009, Non-GAAP
income from continuing operations excludes a pre-tax goodwill impairment charge
of $94.4 million, a pre-tax gain of approximately $3.0 million related to the
buyback of $14.65 million aggregate principal amount of the Company’s senior
subordinated notes, the write-off of $0.6 million of deferred financing costs in
connection with the replacement of the Company’s credit facility during the
prior year, and a reduction of interest and income tax expenses of $0.3 million
and $1.4 million, respectively, related to the reversal of certain income tax
related liabilities no longer required.
See the
accompanying tables which present a reconciliation of Non-GAAP income from
continuing operations to GAAP income from continuing operations and a
reconciliation of contract revenues for the fourth quarter and fiscal 2010
adjusted for the incremental week in the fourth quarter of fiscal
2010.
A Tele-Conference call to review the
Company’s results will be hosted at 9 a.m. (ET), Wednesday, August 25,
2010; Call 800-230-1059 (United States) or 612-234-9959 (International)
ten minutes before the conference call begins and ask for the “Dycom Results”
conference call. A live webcast of the conference call, along with a
slide presentation, will be available at http://www.dycomind.com
under the heading “Events.” If you are unable to attend the
conference call at the scheduled time, a replay of the live webcast and the
slide presentation will be available at http://www.dycomind.com
until Friday, September 24, 2010.
Dycom is
a leading provider of specialty contracting services throughout the United
States. These services include engineering, construction, maintenance
and installation services to telecommunications providers, underground facility
locating services to various utilities including telecommunications providers,
and other construction and maintenance services to electric and gas utilities
and others.
Fiscal
2010 fourth quarter and annual results are preliminary and are
unaudited. This press release may contain forward-looking statements
as contemplated by the 1995 Private Securities Litigation Reform
Act. These statements are based on management’s current expectations,
estimates and projections. Forward-looking statements are subject to
risks and uncertainties that may cause actual results in the future to differ
materially from the results projected or implied in any forward-looking
statements contained in this press release. Such risks and
uncertainties include business and economic conditions in the telecommunications
industry affecting our customers, the adequacy of our insurance and other
reserves and allowances for doubtful accounts, whether the carrying value of our
assets may be impaired, the impact of any future acquisitions, the anticipated
outcome of other contingent events, including litigation, liquidity needs, the
availability of financing and the other risks detailed in our filings with the
Securities and Exchange Commission. The Company does not undertake to
update forward-looking statements.
---Tables
Follow---
1
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NYSE:
"DY"
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||||||||
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DYCOM
INDUSTRIES, INC. AND SUBSIDIARIES
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||||||||
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CONSOLIDATED
BALANCE SHEETS
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||||||||
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July
31, 2010 and July 25, 2009
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||||||||
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Unaudited
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||||||||
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July
31,
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July
25,
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|||||||
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2010
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2009
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|||||||
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($
in 000's)
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||||||||
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ASSETS
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||||||||
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Current
Assets:
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||||||||
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Cash
and equivalents
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$ | 103,320 | $ | 104,707 | ||||
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Accounts
receivable, net
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110,117 | 116,968 | ||||||
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Costs
and estimated earnings in excess of billings
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66,559 | 67,111 | ||||||
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Deferred
tax assets, net
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14,944 | 15,779 | ||||||
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Income
taxes receivable
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3,626 | 7,016 | ||||||
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Inventories
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16,058 | 8,303 | ||||||
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Other
current assets
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8,137 | 7,323 | ||||||
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Total
current assets
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322,761 | 327,207 | ||||||
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Property
and equipment, net
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136,028 | 142,132 | ||||||
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Goodwill
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157,851 | 157,851 | ||||||
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Intangible
assets, net
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49,625 | 56,056 | ||||||
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Other
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13,291 | 10,211 | ||||||
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Total
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$ | 679,556 | $ | 693,457 | ||||
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LIABILITIES
AND STOCKHOLDERS' EQUITY
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||||||||
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Current
Liabilities:
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||||||||
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Accounts
payable
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$ | 25,881 | $ | 28,977 | ||||
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Current
portion of debt
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47 | 926 | ||||||
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Billings
in excess of costs and estimated earnings
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376 | 151 | ||||||
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Accrued
insurance claims
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28,086 | 27,386 | ||||||
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Other
accrued liabilities
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42,813 | 52,590 | ||||||
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Total
current liabilities
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97,203 | 110,030 | ||||||
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||||||||
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Long-term
debt
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135,350 | 135,377 | ||||||
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Accrued
insurance claims
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24,844 | 29,759 | ||||||
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Deferred
tax liabilities, net non-current
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24,159 | 22,910 | ||||||
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Other
liabilities
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3,445 | 4,758 | ||||||
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Stockholders'
Equity
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394,555 | 390,623 | ||||||
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Total
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$ | 679,556 | $ | 693,457 | ||||
2
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NYSE:
"DY"
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||||||||||||||||
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DYCOM
INDUSTRIES, INC. AND SUBSIDIARIES
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||||||||||||||||
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CONSOLIDATED
STATEMENTS OF OPERATIONS
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||||||||||||||||
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Unaudited
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||||||||||||||||
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Three
Months
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Three
Months
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Twelve
Months
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Twelve
Months
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|||||||||||||
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Ended
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Ended
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Ended
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Ended
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|||||||||||||
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July
31,
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July
25,
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July
31,
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July
25,
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|||||||||||||
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2010
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2009
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2010
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2009
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|||||||||||||
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(In
000's, except per share amounts)
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||||||||||||||||
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Contract
revenues
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$ | 281,541 | $ | 269,691 | $ | 988,623 | $ | 1,106,900 | ||||||||
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Cost
of earned revenues, excluding depreciation and
amortization
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227,823 | 213,646 | 810,064 | 894,885 | ||||||||||||
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General
and administrative expenses (1)
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26,442 | 25,381 | 98,140 | 98,732 | ||||||||||||
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Depreciation
and amortization
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17,049 | 15,843 | 63,607 | 65,435 | ||||||||||||
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Goodwill
impairment charge
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- | - | - | 94,429 | ||||||||||||
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Total
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271,314 | 254,870 | 971,811 | 1,153,481 | ||||||||||||
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Interest
income
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12 | 26 | 97 | 261 | ||||||||||||
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Interest
expense
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(3,802 | ) | (3,429 | ) | (14,272 | ) | (14,743 | ) | ||||||||
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Other
income, net
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1,634 | 765 | 8,093 | 6,564 | ||||||||||||
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Income
(loss) from continuing operations before income taxes
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8,071 | 12,183 | 10,730 | (54,499 | ) | |||||||||||
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Provision
(benefit) for income taxes
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3,428 | 5,477 | 4,881 | (1,405 | ) | |||||||||||
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Income
(loss) from continuing operations
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4,643 | 6,706 | 5,849 | (53,094 | ) | |||||||||||
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Income
(loss) from discontinued operations, net of tax
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- | (78 | ) | - | (86 | ) | ||||||||||
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Net
income (loss)
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$ | 4,643 | $ | 6,628 | $ | 5,849 | $ | (53,180 | ) | |||||||
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Income
(loss) per common share - Basic:
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||||||||||||||||
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Income
(loss) from continuing operations
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$ | 0.12 | $ | 0.17 | $ | 0.15 | $ | (1.35 | ) | |||||||
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Income
(loss) from discontinued operations
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- | - | - | - | ||||||||||||
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Net
income (loss)
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$ | 0.12 | $ | 0.17 | $ | 0.15 | $ | (1.35 | ) | |||||||
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Income
(loss) per common share - Diluted:
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||||||||||||||||
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Income
(loss) from continuing operations
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$ | 0.12 | $ | 0.17 | $ | 0.15 | $ | (1.35 | ) | |||||||
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Income
(loss) from discontinued operations
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- | - | - | - | ||||||||||||
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Net
income (loss)
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$ | 0.12 | $ | 0.17 | $ | 0.15 | $ | (1.35 | ) | |||||||
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Shares
used in computing income (loss) per common share:
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||||||||||||||||
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Basic
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38,655,934 | 38,987,751 | 38,931,029 | 39,254,813 | ||||||||||||
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Diluted
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38,716,447 | 39,133,159 | 38,996,866 | 39,254,813 | ||||||||||||
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(1)
Includes stock-based compensation expense of $0.9 million and $3.4 million
for the three and twelve months ended July 31, 2010, respectively, and
$1.1 million and $3.9 million for the three and twelve months ended July
25, 2009, respectively.
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||||||||||||||||
3
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NYSE:
"DY"
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||||||||
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DYCOM
INDUSTRIES, INC. AND SUBSIDIARIES
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||||||||
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RECONCILIATION
OF GAAP TO NON-GAAP INFORMATION
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||||||||
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Unaudited
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||||||||
|
Twelve
Months
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Twelve
Months
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|||||||
|
Ended
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Ended
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|||||||
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July
31,
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July
25,
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|||||||
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2010
|
2009
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|||||||
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(In
000's, except per share amounts)
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||||||||
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Pre-Tax
Reconciling Items increasing (decreasing) income (loss) from continuing
operations:
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||||||||
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Charge
for wage and hour class action settlement
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$ | (1,550 | ) | $ | - | |||
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Goodwill
impairment charge
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- | (94,429 | ) | |||||
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Gain
on debt extinguishment, net
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- | 3,027 | ||||||
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Write-off
of deferred financing costs
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- | (551 | ) | |||||
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Reversal
of interest expense on certain income tax liabilities
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- | 268 | ||||||
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Total
Pre-Tax Reconciling Items
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$ | (1,550 | ) | $ | (91,685 | ) | ||
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Tax-effect
of Pre-Tax Reconciling Items
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714 | 16,308 | ||||||
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Other
Reconciling Items increasing (decreasing) income (loss) from continuing
operations:
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||||||||
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Valuation
allowance on deferred tax asset
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(1,090 | ) | - | |||||
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Reversal
of certain income tax liabilities
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999 | 1,358 | ||||||
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Total
Reconciling Items, net of tax
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$ | (927 | ) | $ | (74,019 | ) | ||
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GAAP
income (loss) from continuing operations
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$ | 5,849 | $ | (53,094 | ) | |||
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Adjustment
for Reconciling Items above, net of tax
|
927 | 74,019 | ||||||
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Non-GAAP
income from continuing operations
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$ | 6,776 | $ | 20,925 | ||||
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Earnings
(loss) per common share from continuing operations:
|
||||||||
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Basic
earnings (loss) per share from continuing operations -
GAAP
|
$ | 0.15 | $ | (1.35 | ) | |||
|
Adjustment
for Reconciling Items above, net of tax
|
0.02 | 1.89 | ||||||
|
Basic
earnings per common share from continuing operations -
Non-GAAP
|
$ | 0.17 | $ | 0.53 | ||||
|
Diluted
earnings (loss) per share from continuing operations -
GAAP
|
$ | 0.15 | $ | (1.35 | ) | |||
|
Adjustment
for Reconciling Items above, net of tax
|
0.02 | 1.89 | ||||||
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Diluted
earnings per common share from continuing operations-
Non-GAAP
|
$ | 0.17 | $ | 0.53 | ||||
|
Earnings
per share amounts may not add due to rounding.
|
||||||||
|
Shares
used in computing GAAP earnings (loss) per common share from continuing
operations and adjustment for Reconciling Items above:
|
||||||||
|
Basic
|
38,931,029 | 39,254,813 | ||||||
|
Diluted
|
38,996,866 | 39,254,813 | ||||||
|
Shares
used in computing Non-GAAP earnings per common share from continuing
operations:
|
||||||||
|
Basic
|
38,931,029 | 39,254,813 | ||||||
|
Diluted
|
38,996,866 | 39,284,817 | ||||||
4
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NYSE:
"DY"
|
||||||||||||||||||||
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DYCOM
INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
|
RECONCILIATION
OF GAAP TO NON-GAAP INFORMATION
|
||||||||||||||||||||
|
Unaudited
|
||||||||||||||||||||
|
The
reconciliation of the percentage change in contract revenues adjusted for
the incremental week in the fourth quarter and fiscal 2010 to the change
not taking into effect such incremental week is presented
below:
|
||||||||||||||||||||
|
Contract
Revenues - GAAP
|
Incremental
week of revenue as a result of the Company's 52/53 week year(1)
|
Contract
Revenues - Non-GAAP
|
%
Growth
(Decline) - GAAP
|
%
Decline
- Non-GAAP
|
||||||||||||||||
|
Three
Months Ended July 31, 2010
|
$ | 281,541 | $ | (20,110 | ) | $ | 261,431 | 4.4 | % | (3.1 | )% | |||||||||
|
Three
Months Ended July 25, 2009
|
$ | 269,691 | $ | - | $ | 269,691 | ||||||||||||||
|
Twelve
Months Ended July 31, 2010
|
$ | 988,623 | $ | (20,110 | ) | $ | 968,513 | (10.7 | )% | (12.5 | )% | |||||||||
|
Twelve
Months Ended July 25, 2009
|
$ | 1,106,900 | $ | - | $ | 1,106,900 | ||||||||||||||
|
(1)
Calculated as fourth quarter of fiscal 2010 contract revenues divided by
14 weeks.
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||||||||||||||||||||
5