Dycom Industries, Inc.
The Company reported net income for the second quarter ended January 27, 2001, of $13.1 million, or $0.31 per common share diluted, on total contract revenues of $195.8 million as compared to net income of $14.4 million, or $0.34 per common share diluted, on total contract revenues of $177.2 million for the corresponding period ended January 29, 2000. These results represent a year over year decrease of 8.8% in earnings per common share diluted and an increase of 10.5% in total contract revenues. For the six months ended January 27, 2001, net income was $34.7 million, or $0.81 per common share diluted, on total contract revenues of $430.5 million as compared to net income of $28.9 million, or $.69 per common share diluted, on total contract revenues of $354.7 million for the corresponding period ended January 29, 2000. These results represent a year over year increase of 17.4% in earnings per common share diluted and an increase of 21.4% 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.
A Tele-Conference call to review the Company's results and address its outlook will be hosted at 9:00 a.m. EST, Tuesday, February 27, 2001; Call 1-800-288-8974 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 Tuesday March 13, 2001.
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--- NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS January 27, 2001 and July 29, 2000 January 27, July 29, ($ in 000's) 2001 2000 ASSETS Current Assets: Cash and equivalents $82,151 $105,702 Accounts receivable, net 138,608 144,292 Costs & earnings in excess of billings 37,666 52,301 Deferred tax assets, net 6,510 6,039 Inventories 11,857 14,564 Other current assets 5,407 1,531 Total current assets 282,199 324,429 Property and Equipment, net 116,406 101,093 Intangible assets, net 145,032 85,783 Other Assets 2,893 2,695 Total $546,530 $514,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $29,978 $42,923 Notes payable - current 2,719 2,594 Billings in excess of costs & earnings 2,582 6 Accrued self-insured claims 4,618 4,232 Income taxes payable 521 5,916 Customer advances 11,340 11,763 Other current liabilities 37,186 47,325 Total current liabilities 88,944 114,759 Notes payable - non-current 7,895 9,106 Self-insured claims - non-current 6,306 5,554 Deferred tax liabilities, net 4,844 4,257 Other liabilities 2,922 2,346 Stockholders' Equity 435,619 377,978 Total $546,530 $514,000 NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES STATEMENTS OF OPERATIONS ($ in 000's except EPS) Three Months Ended Six Months Ended January January January January 27, 29, 27, 29, 2001 2000 (1) 2001 2000 (1) Contract revenues earned $195,765 $177,212 $430,456 $354,700 Cost of earned revenues 147,236 131,705 320,223 263,806 General & administrative expenses 18,187 15,348 36,322 30,159 Depreciation & amortization 9,852 7,418 18,985 14,908 Total costs and expenses 175,275 154,471 375,530 308,873 Interest income, net 1,105 829 2,408 1,573 Other income 593 317 869 539 Profit before income taxes 22,188 23,887 58,203 47,939 Provision for income taxes 9,097 9,492 23,494 18,992 Net income $13,091 $14,395 34,709 28,947 Earnings per common share: (2) Basic $0.31 $0.35 0.82 0.70 Diluted $0.31 $0.34 0.81 0.69 Shares used in computing earnings per common share: (2) Basic 42,250 41,448 42,120 41,355 Diluted 42,731 42,012 42,699 41,914
(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, both of Dycom Industries, 561-627-7171
Website: http://www.dycomind.com/