News Release

Dycom Announces Fiscal 2001 Second Quarter Earnings
February 26, 2001
PRNewswire
PALM BEACH GARDENS, Fla.

Dycom Industries, Inc. announced its earnings today for the second quarter ended January 27, 2001.

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