Dycom Industries, Inc. Announces Fiscal 2014 First Quarter Results And Provides Guidance For The Next Fiscal Quarter

PALM BEACH GARDENS, Fla., Nov. 25, 2013 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the first quarter ended October 26, 2013.

The Company reported:

• Contract revenues of $512.7 million for the quarter ended October 26, 2013, compared to contract revenues of $323.3 million for the quarter ended October 27, 2012. Contract revenues for the quarter ended October 26, 2013 grew 10.0% on an organic basis after excluding $157.1 million of revenue from businesses acquired during fiscal 2013.
• Adjusted EBITDA (Non-GAAP) of $63.2 million for the quarter ended October 26, 2013, compared to $40.4 million for the quarter ended October 27, 2012.
• Net income of $18.7 million, or $0.54 per common share diluted, for the quarter ended October 26, 2013, compared to $11.9 million, or $0.35 per common share diluted, for the quarter ended October 27, 2012. On a Non-GAAP basis, net income for the quarter ended October 27, 2012 was $12.3 million, or $0.36 per common share diluted. Non-GAAP net income for the quarter ended October 27, 2012 excludes $0.7 million in pre-tax acquisition related costs.

The Company also announced its outlook for the second quarter of fiscal 2014. The Company currently expects revenue for the second quarter of fiscal 2014 to range from $400.0 million to $420.0 million and diluted earnings per share to range from $0.03 to $0.09.

The Company has defined Adjusted EBITDA (Non-GAAP) as earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets, acquisition related costs, stock-based compensation expense, and certain non-recurring items. See the accompanying tables which present a reconciliation of GAAP to Non-GAAP financial information.

A conference call to review the Company's results will be hosted at 9 a.m. (ET), Tuesday, November 26, 2013; call (800) 230-1074 (United States) or (612) 234-9959 (International) ten minutes before the conference call begins and ask for the "Dycom Results" conference call. A live webcast of the conference call, along with related materials, will be available at http://www.dycomind.com under the heading "Events." The conference call materials will be available at approximately 8 a.m. (ET) on November 26, 2013. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and the conference call materials will be available at http://www.dycomind.com until Thursday, December 26, 2013.

For additional detail on selected financial information including organic revenue, customer metrics, and certain other selected financial data and Non-GAAP measures, please refer to the Trend Schedule on Dycom's website at http://www.dycomind.com in the Investor Center.

Dycom is a leading provider of specialty contracting services throughout the United States and in Canada. 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 and gas utilities and others.

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that the presentation of certain Non-GAAP financial measures in this press release provides information that is useful to investors because it allows for a more direct comparison of the Company's performance for the period with the Company's performance in the comparable prior-year period.  The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results.

Fiscal 2014 first quarter results are preliminary and are unaudited.  This press release contains 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. The most significant of these risks and uncertainties are described in our Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and include business and economic conditions and trends 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, preliminary purchase price allocations of businesses acquired, expected benefits and synergies of acquisitions, future financial and operating results, the future impact of any acquisitions or dispositions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, and the other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements.

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SOURCE Dycom Industries, Inc.