Dycom Industries, Inc.
The Company reported net income of $21.6 million, or $0.51 per common share diluted, on total contract revenues of $234.7 million as compared to net income of $14.5 million, or $0.35 per common share diluted, on total contract revenues of $177.5 million for the corresponding period ended October 30, 1999. These results represent a year-over-year increase of 45.7% in earnings per common share diluted and 32.2% in total contract revenues.
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 information set forth herein includes the results of Fugal for all periods presented. Additionally, at its quarterly Board of Directors meeting, Steven Nielsen was appointed as Chairman, replacing Thomas Pledger, who retired as Chairman of the Board and as a director. Mr. Nielsen will continue as Dycom's President and Chief Executive Officer.
A Tele-Conference call to review the Company's results and address its outlook will be hosted at 9:00 a.m. EST, Tuesday, November 28, 2000; Call 1-800-230-1085 and request "Dycom Earnings Report." A live webcast of the conference call will be available at http://www.dycomind.com/. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast will also be available at http://www.dycomind.com/ until the second quarter's conference call is posted to the web site.
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.
---Tables Follow--- DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS October 28, 2000 and July 29, 2000 October 28, July 29, ($ in 000s) 2000 2000 ASSETS Current Assets: Cash and equivalents $109,528 $105,702 Accounts receivable, net 144,929 144,292 Costs & earnings in excess of billings 51,548 52,301 Deferred tax assets, net 5,977 6,039 Inventories 12,645 14,564 Other current assets 3,810 1,531 Total current assets 328,437 324,429 Property and Equipment, net 109,428 101,093 Intangible assets, net 86,950 85,783 Other Assets 3,216 2,695 Total $528,031 $514,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $35,829 $42,923 Notes payable - current 2,701 2,594 Billings in excess of costs & earnings 6 6 Accrued self-insured claims 4,583 4,232 Income taxes payable 13,684 5,916 Customer advances 13,479 11,763 Other current liabilities 34,485 47,325 Total current liabilities 104,767 114,759 Notes payable - non-current 7,933 9,106 Self-insured claims - non-current 6,398 5,554 Deferred tax liabilities, net 4,369 4,257 Other liabilities 2,346 2,346 Stockholders' Equity 402,218 377,978 Total $528,031 $514,000 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES STATEMENTS OF OPERATIONS ($ in 000s except EPS) Three Months Ended October 28, October 30, 2000 1999 (1) Contract revenues earned $234,690 $177,487 Cost of earned revenues 172,987 132,102 General & administrative expenses 18,135 14,810 Depreciation & amortization 9,133 7,491 Total costs and expenses 200,255 154,403 Interest income, net 1,303 743 Other income 277 222 Profit before income taxes 36,015 24,049 Provision for income taxes 14,397 9,500 Net income $21,618 $14,549 Earnings per common share: (2) Basic $0.51 $0.35 Diluted $0.51 $0.35 Shares used in computing earnings per common share: (2) Basic 41,989 41,262 Diluted 42,649 41,832
(1) Reported amounts have been restated to reflect the merger with Niels Fugal Sons Company in a transaction accounted for as a pooling of interests.
(2) 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: Steven E. Nielsen, President and CEO, or Richard L. Dunn,
Senior Vice President and CFO, 561-627-7171
Website: http://www.dycomind.com/