MENU
Investors Menu

News Releases

« Back to News Releases
Dycom Industries, Inc. Announces Fiscal 2015 First Quarter Results And Provides Guidance For The Next Fiscal Quarter
PR Newswire
PALM BEACH GARDENS, Fla.

PALM BEACH GARDENS, Fla., Nov. 24, 2014 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the first quarter ended October 25, 2014.

The Company reported:

  • Contract revenues of $510.4 million for the quarter ended October 25, 2014, compared to $512.7 million for the quarter ended October 26, 2013.
  • Adjusted EBITDA – Non-GAAP of $66.4 million, or 13.0% of revenue, for the quarter ended October 25, 2014, compared to $63.2 million, or 12.3% of revenue, for the quarter ended October 26, 2013.
  • Net income of $20.8 million, or $0.59 per common share diluted, for the quarter ended October 25, 2014, compared to $18.7 million, or $0.54 per common share diluted, for the quarter ended October 26, 2013.

The Company also announced its outlook for the second quarter of fiscal 2015. The Company currently expects total revenue for the second quarter of fiscal 2015 to range from $410 million to $430 million and diluted earnings per share to range from $0.07 to $0.14.

The Company has defined Adjusted EBITDA – Non-GAAP as earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets, stock-based compensation expense, and certain non-recurring items. See the accompanying table which presents a reconciliation of GAAP to Non-GAAP financial information.

A conference call to review the Company's results will be hosted at 9:00 a.m. (ET), Tuesday, November 25, 2014; call (800) 230-1059 (United States) or (612) 288-0329 (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 related materials, will be available at http://www.dycomind.com under the heading "Events." The conference call materials will be available at approximately 7:00 a.m. (ET) on November 25, 2014. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and the conference call materials will be available at http://www.dycomind.com until Friday, December 26, 2014.

For additional detail on selected financial information including organic revenue, customer metrics, and certain other selected financial data and Non-GAAP measures, please refer to the Trend Schedule on Dycom's website at http://www.dycomind.com in the Investor Center. The Trend Schedule will be available at approximately 7:00 a.m. (ET) on November 25, 2014.

Dycom is a leading provider of specialty contracting services throughout the United States and in Canada. 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.

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that the presentation of certain Non-GAAP financial measures in this press release provides information that is useful to investors because it allows for a more direct comparison of the Company's performance for the period with the Company's performance in the comparable prior-year period. The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results.

Fiscal 2015 first quarter results are preliminary and are unaudited. This press release contains 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. The most significant of these risks and uncertainties are described in our Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and include business and economic conditions and trends 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, preliminary purchase price allocations of businesses acquired, expected benefits and synergies of acquisitions, the future impact of any acquisitions or dispositions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, and the other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements.

---Tables Follow---

 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

October 25, 2014 and July 26, 2014

Unaudited

         
   

October 25, 2014

 

July 26, 2014

ASSETS

 

(Dollars in thousands)

CURRENT ASSETS:

       

Cash and equivalents

 

$                  16,459

 

$              20,672

Accounts receivable, net

 

296,832

 

272,741

Costs and estimated earnings in excess of billings

256,951

 

230,569

Inventories

 

47,003

 

49,095

Deferred tax assets, net

 

21,022

 

19,932

Other current assets

 

14,467

 

12,727

Total current assets

 

652,734

 

605,736

         

PROPERTY AND EQUIPMENT, NET

 

206,139

 

205,413

GOODWILL

 

269,465

 

269,088

INTANGIBLE ASSETS, NET

 

117,824

 

116,116

OTHER

 

15,995

 

16,001

TOTAL NON-CURRENT ASSETS

 

609,423

 

606,618

TOTAL ASSETS

 

$             1,262,157

 

$         1,212,354

         

LIABILITIES AND STOCKHOLDERS' EQUITY

       

CURRENT LIABILITIES:

       

Accounts payable

 

$                  66,422

 

$              63,318

Current portion of debt

 

11,719

 

10,938

Billings in excess of costs and estimated earnings

14,027

 

13,882

Accrued insurance claims

 

33,525

 

32,260

Other accrued liabilities

 

86,905

 

76,134

Total current liabilities

 

212,598

 

196,532

         

LONG-TERM DEBT

 

455,640

 

446,863

ACCRUED INSURANCE CLAIMS

 

36,189

 

33,782

DEFERRED TAX LIABILITIES, NET NON-CURRENT

43,018

 

45,361

OTHER LIABILITIES

 

5,211

 

4,882

Total liabilities

 

752,656

 

727,420

         

Total Stockholders' Equity

 

509,501

 

484,934

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$             1,262,157

 

$         1,212,354

         

 

 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

         
   

Three Months

 

Three Months

   

Ended

 

Ended

   

October 25, 2014

 

October 26, 2013

   

(Dollars in thousands, except per share amounts)

         

Contract revenues 

 

$         510,389

 

$        512,720

         

Costs of earned revenues, excluding depreciation and amortization

403,468

 

410,119

General and administrative expenses (a)

44,696

 

43,075

Depreciation and amortization

 

22,930

 

23,552

Total 

 

471,094

 

476,746

         

Interest expense, net

 

(6,749)

 

(6,886)

Other income, net

 

1,795

 

2,012

Income before income taxes

 

34,341

 

31,100

         

Provision for income taxes

 

13,534

 

12,440

         

Net income

 

$           20,807

 

$          18,660

         

Earnings per common share:

     
         

Basic earnings per common share

$               0.61

 

$              0.56

         

Diluted earnings per common share

$               0.59

 

$              0.54

         
         

Shares used in computing income per common share:

     

   Basic

 

34,010,147

 

33,423,678

         

   Diluted

 

35,117,673

 

34,638,998

         

(a) Includes stock-based compensation expense of $3.9 million and $3.5 million for the three months ended October 25, 2014 and October 26, 2013, respectively.

 

 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

Unaudited

         

The below table presents the Non-GAAP financial measure of Adjusted EBITDA for the three months ended October 25, 2014 and October 26, 2013 and a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure.

         
   

Three Months

 

Three Months

   

Ended

 

Ended

   

October 25, 2014

 

October 26, 2013

   

(Dollars in thousands)

Reconciliation of net income to Adjusted EBITDA - Non-GAAP:

     

Net income

$      20,807

 

$      18,660

Interest expense, net

6,749

 

6,886

Provision for income taxes

13,534

 

12,440

Depreciation and amortization expense

22,930

 

23,552

Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA")

64,020

 

61,538

Gain on sale of fixed assets

(1,523)

 

(1,865)

Stock-based compensation expense

3,890

 

3,506

Adjusted EBITDA - Non-GAAP

$      66,387

 

$      63,179

                       
         

 

SOURCE Dycom Industries, Inc.


News Releases