Dycom Announces Fiscal 2010 Second Quarter Results
PALM BEACH GARDENS, Fla., Feb. 23 /PRNewswire-FirstCall/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the second quarter ended January 23, 2010. The Company reported:
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See the accompanying table which presents a reconciliation of the Non-GAAP financial measures to the most directly comparable GAAP financial measures. |
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The Company also reported:
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Non-GAAP income from continuing operations for the six months ended January 23, 2010 excludes a $2.0 million pre-tax charge in cost of earned revenues for the pending settlement of a wage and hour class action claim and a $1.1 million non-cash charge to income tax expense for a valuation allowance against a deferred tax asset recorded during the first quarter of fiscal 2010. Non-GAAP income from continuing operations for the six months ended January 24, 2009 excludes a pre-tax gain of approximately $1.3 million related to the buyback of $4.65 million aggregate principal amount of the Company's senior subordinated notes, a pre-tax goodwill impairment charge of $94.4 million, and a pre-tax write-off of $0.6 million of deferred financing costs in connection with the replacement of the Company's credit facility during the prior year. |
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See the accompanying table which presents a reconciliation of the Non-GAAP financial measures to the most directly comparable GAAP financial measures. |
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A Tele-Conference call to review the Company's results will be hosted at 9 a.m. (ET), Wednesday, February 24, 2010; Call 800-288-8974 (United States) or 612-332-0430 (International) and request "Dycom Results" conference call. A live webcast of the conference call, along with a slide presentation, will be available at http://www.dycomind.com under the heading "Investors" and subheading "Event Details." If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and the slide presentation will be available at http://www.dycomind.com until Friday, March 26, 2010.
Dycom is a leading provider of specialty contracting services throughout the United States. These services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities including telecommunications providers, and other construction and maintenance services to electric utilities and others.
Fiscal 2010 second quarter results are preliminary and are unaudited. This press release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements are based on management's current expectations, estimates and projections. Forward-looking statements are subject to risks and uncertainties that may cause actual results in the future to differ materially from the results projected or implied in any forward-looking statements contained in this press release. Such risks and uncertainties include: business and economic conditions in the telecommunications industry affecting our customers, the adequacy of our insurance and other reserves and allowances for doubtful accounts, whether the carrying value of our assets may be impaired, the impact of any future acquisitions, the anticipated outcome of other contingent events, including litigation, liquidity needs and the availability of financing, as well as other risks detailed in our filings with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements.
---Tables Follow---NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
January 23, 2010 and July 25, 2009
Unaudited
January 23, July 25,
2010 2009
---- ----
($ in 000's)
ASSETS
Current Assets:
Cash and equivalents $135,928 $104,707
Accounts receivable, net 90,786 116,968
Costs and estimated earnings in excess of billings 42,855 67,111
Deferred tax assets, net 13,425 15,779
Income taxes receivable 9,122 7,016
Inventories 10,814 8,303
Other current assets 13,516 7,323
------ -----
Total current assets 316,446 327,207
Property and equipment, net 142,559 142,132
Goodwill 157,851 157,851
Intangible assets, net 52,875 56,056
Other 10,078 10,211
------ ------
Total $679,809 $693,457
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $23,980 $28,977
Current portion of debt 348 926
Billings in excess of costs and estimated earnings 408 151
Accrued insurance claims 25,911 27,386
Other accrued liabilities 45,010 52,590
------ ------
Total current liabilities 95,657 110,030
Long-term debt 135,350 135,377
Accrued insurance claims 29,451 29,759
Deferred tax liabilities, net non-current 23,581 22,910
Other liabilities 4,752 4,758
Stockholders' Equity 391,018 390,623
------- -------
Total $679,809 $693,457
======== ========NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
January 23, January 24, January 23, January 24,
2010 2009 2010 2009
---- ---- ---- ----
(In 000's, except per share amounts)
Contract revenues $216,331 $245,522 $475,447 $579,489
---------- ---------- ---------- ----------
Cost of earned
revenues, excluding
depreciation and
amortization 180,936 205,860 390,908 474,506
General and
administrative
expenses (1) 23,898 21,535 47,401 49,074
Depreciation and
amortization 15,516 16,817 30,707 33,429
Goodwill impairment
charge - 94,429 - 94,429
---------- ---------- ---------- ----------
Total 220,350 338,641 469,016 651,438
Interest income 22 40 58 174
Interest expense (3,541) (4,099) (7,084) (8,151)
Other income, net 903 1,832 2,008 2,234
---------- ---------- ---------- ----------
Income (loss) from
continuing
operations before
income taxes (6,635) (95,346) 1,413 (77,692)
Provision (benefit)
for income taxes (2,670) (17,393) 1,855 (10,324)
---------- ---------- ---------- ----------
Loss from continuing
operations (3,965) (77,953) (442) (67,368)
Loss from
discontinued
operations, net of
tax - - - (37)
---------- ---------- ---------- ----------
Net loss $(3,965) $(77,953) $(442) $(67,405)
========== ========== ========== ==========
Loss per common
share - Basic and
Diluted:
Loss from continuing
operations $(0.10) $(1.98) $(0.01) $(1.71)
Loss from
discontinued
operations - - - -
---------- ---------- ---------- ----------
Net loss $(0.10) $(1.98) $(0.01) $(1.71)
========== ========== ========== ==========
Shares used in
computing loss per
common share - Basic
and Diluted 39,069,364 39,379,470 39,029,822 39,350,611
========== ========== ========== ==========
(1) Includes stock-based compensation expense of $0.7 million and $1.7
million for the three and six months ended January 23, 2010, respectively,
and $0.3 million and $1.9 million for the three and six months ended
January 24, 2009, respectively. NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
January 23, January 24, January 23, January 24,
2010 2009 2010 2009
---- ---- ---- ----
(In 000's, except per share amounts)
Pre-Tax Reconciling Items:
Charge for
pending wage and
hour class action
settlement $- $- $(2,000) $-
Goodwill
impairment charge - (94,429) - (94,429)
Gain on debt
extinguishment,
net - 1,300 - 1,300
Write-off of
deferred
financing costs - - - (551)
---------- ---------- ---------- ----------
Total Pre-Tax
Reconciling Items $- $(93,129) $(2,000) $(93,680)
Tax-effect of Pre-
Tax Reconciling
items - 16,880 923 17,101
Other Reconciling Item:
Valuation
allowance on
deferred tax
asset - - (1,090) -
---------- ---------- ---------- ----------
Total Reconciling
Items, net of tax $- $(76,249) $(2,167) $(76,579)
========== ========== ========== ==========
GAAP loss from
continuing
operations $(3,965) $(77,953) $(442) $(67,368)
Adjustment for
Reconciling Items
above, net of tax - 76,249 2,167 76,579
---------- ---------- ---------- ----------
Non-GAAP income
(loss) from
continuing
operations $(3,965) $(1,704) $1,725 $9,211
========== ========== ========== ==========
Earnings (loss) per
common share from
continuing operations:
Basic loss per
share from
continuing
operations - GAAP $(0.10) $(1.98) $(0.01) $(1.71)
Adjustment for
Reconciling Items
above, net of tax - 1.94 0.06 1.95
---------- ---------- ---------- ----------
Basic earnings
(loss) per common
share from
continuing
operations - Non-
GAAP $(0.10) $(0.04) $0.04 $0.23
========== ========== ========== ==========
Diluted loss per
share from
continuing
operations - GAAP $(0.10) $(1.98) $(0.01) $(1.71)
Adjustment for
Reconciling Items
above, net of tax - 1.94 0.06 1.95
---------- ---------- ---------- ----------
Diluted earnings
(loss) per common
share from
continuing
operations- Non-
GAAP $(0.10) $(0.04) $0.04 $0.23
========== ========== ========== ==========
Shares used in computing
GAAP earnings (loss)
per common share from
continuing operations
and adjustment for
Reconciling items above:
Basic 39,069,364 39,379,470 39,029,822 39,350,611
========== ========== ========== ==========
Diluted 39,069,364 39,379,470 39,029,822 39,350,611
========== ========== ========== ==========
Shares used in computing
Non-GAAP earnings (loss)
per common share from
continuing operations:
Basic 39,069,364 39,379,470 39,029,822 39,350,611
========== ========== ========== ==========
Diluted 39,069,364 39,379,470 39,185,239 39,430,966
========== ========== ========== ==========
Earnings (loss) per share amounts may not add due to rounding.
SOURCE Dycom Industries, Inc.
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