News Release

Dycom Announces Fiscal 2001 First Quarter Earnings
November 27, 2000

Dycom Industries, Inc. announced its earnings today for the first quarter ended October 28, 2000.

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 If you are unable to attend the conference call at the scheduled time, a replay of the live webcast will also be available at 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---

                    October 28, 2000 and July 29, 2000

                                                 October 28,     July 29,
  ($ in 000s)                                       2000          2000

  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

  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

                         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