Dycom Industries, Inc.
The Company reported profit before income taxes for the fourth quarter ended July 29, 2000, of $35,580,000, an increase of 44% over the comparable quarter of fiscal 1999. For the quarter ended July 29, 2000, the Company reported net income of $21,590,000, or $0.51 per common share diluted, on total contract revenues of $239,310,000 as compared to net income of $14,748,000, or $0.36 per common share diluted, on total contract revenues of $152,455,000 for the corresponding period ended July 31, 1999.
For the year ended July 29, 2000, net income before merger-related expenses described below was $67,396,000, or $1.59 per common share diluted, on total contract revenues of $806,270,000 as compared to net income of $40,103,000, or $1.06 per common share diluted, on total contract revenues of $501,155,000 for the corresponding period ended July 31, 1999. Net income, after merger-related expenses, for the year ended July 29, 2000, was $65,032,000, or $1.54 per common share diluted.
During March 2000, the Company completed a merger with Niels Fugal Sons Company ("Fugal") in a business combination accounted for as a pooling of interests; and, accordingly, the Company's historical financial statements include the results of Fugal for all periods presented. As a consequence of the transaction the Company incurred merger-related expenses of approximately $2.4 million. All reported amounts have also been restated to reflect a three-for-two common stock split distributed to shareholders on February 16, 2000.
As reported in the Company's Form 8-K filed on October 7, 1999, the Company has adopted a 52/53 week fiscal year beginning in fiscal 2000. Therefore, the Company's fourth quarter ended on July 29, 2000.
Additionally, Thomas Pledger, Executive Chairman of Dycom Industries, Inc., has announced his retirement as an executive of the company effective as of August 28, 2000. Mr. Pledger will, however, remain as chairman of the board of directors of Dycom.
Dycom is a leading provider of engineering, construction, and maintenance services to telecommunication providers throughout the United States. Additionally, the Company provides similar services related to the installation of integrated voice, data, and video local and wide area networks within office buildings and similar structures. Dycom also provides underground utility locating and mapping and electric utility construction services.
This press release may contain forward-looking statements. These statements are based on Dycom's expectations and are subject to risks and uncertainties that may cause the actual results in the future to differ significantly from the results expressed or implied in any forward-looking statements contained in this press release. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
A Tele-Conference call will be hosted at 9:00 a.m. EDT, Tuesday, August 29, 2000; call 1-800-450-0788 and request "Dycom Earnings Report."
---Tables Follow---
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
July 29, 2000 and July 31, 1999
July 29, July 31,
($ in 000s) 2000 1999 (1)(2)
ASSETS
Current Assets:
Cash and equivalents $105,702 $ 97,995
Accounts receivable, net 144,292 104,482
Costs & earnings in excess of billings 52,301 32,879
Deferred tax assets, net 6,039 3,336
Inventories 14,564 10,499
Other current assets 1,531 1,829
Total current assets 324,429 251,020
Property and Equipment, net 101,093 83,641
Goodwill, net 85,783 59,287
Other Assets 2,695 5,724
Total $514,000 $399,672
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $42,923 $ 21,177
Notes payable - current 2,594 3,316
Billings in excess of costs & earnings 6 438
Accrued self-insured claims 4,232 3,729
Income taxes payable 5,916 5,028
Customer advances 11,763 24,577
Other current liabilities 47,325 24,674
Total current liabilities 114,759 82,939
Notes payable - non-current 9,106 10,200
Self-insured claims - non-current 5,554 4,823
Deferred tax liabilities, net 4,257 2,455
Other liabilities 2,346 1,813
Stockholders' Equity 377,978 297,442
Total $514,000 $399,672
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS
(in 000s except EPS) Three Months Ended Year Ended
July 29, July 31, July 29, July 31,
2000 1999 (1)(2) 2000 1999 (1)(2)
Contract revenues earned $239,310 $152,455 $806,270 501,155
Cost of earned revenues 177,082 106,703 600,489 365,480
General & administrative
expenses 17,247 14,086 65,478 48,915
Depreciation &
amortization 9,004 7,525 31,759 21,606
Total costs and expenses 203,333 128,314 697,726 436,001
Interest, net 968 398 3,448 387
Merger-related expenses --- --- (2,364) ---
Other income (expense) (1,365) 98 (395) 1,049
Profit before income taxes 35,580 24,637 109,233 66,590
Provision for income taxes 13,990 9,889 44,201 26,487
Net income $21,590 $14,748 $65,032 40,103
Earnings per
common share: (3)
Basic $0.52 $0.36 $1.56 $1.08
Diluted $0.51 $0.36 $1.54 $1.06
Shares used in computing
earnings
per common share: (3)
Basic 41,872 40,571 41,581 37,247
Diluted 42,660 41,301 42,315 37,911
(1) Certain prior year amounts have been reclassified in order to conform to current year presentation.
(2) Reported amounts have been restated to reflect the merger with Niels Fugal Sons Company in a transaction accounted for as a pooling of interests.
(3) The earnings per common share have been restated to reflect a three- for-two common stock split distributed to shareholders on February 16, 2000.
SOURCE: Dycom Industries, Inc.
Contact: Thomas R. Pledger, Chairman of the Board of Directors and
Executive Chairman, or Steven E. Nielsen, President and CEO, or Richard L.
Dunn, Senior Vice President and CFO, all of Dycom Industries, Inc.,
561-627-7171
Website: http://www.dycomind.com/
