BROOKINGS, S.D., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Daktronics, Inc. (Nasdaq – DAKT) announced today it will release its third quarter fiscal 2024 financial results on Wednesday, February 28, 2024 before the market opens. The Company will host a conference call and webcast for all interested parties at 10:00 AM CT that day. Reece A. Kurtenbach, Chief Executive Officer, and Sheila M. Anderson, Chief Financial Officer, will host the conference call, which will contain forward-looking statements and other mater ...

Daktronics, Inc. (NASDAQ:DAKT) Q2 2024 Earnings Conference Call December 5, 2023 11:00 AM ET Company Participants Sheila Anderson - Chief Financial Officer Reece Kurtenbach - President and Chief Executive Officer Conference Call Participants BJ Cook - Singular Research Operator Good day, ladies and gentlemen, and welcome to the Daktronics Fiscal Year 2024 Second Quarter Earnings Results Conference Call. As a reminder, this conference is being recorded today, Tuesday, December 5, 2023, and is available on th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 28, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___. Commission File Number: 0-23246 Daktronics, Inc. (Exact Name of Registrant as Specified in its Charter) South Dakota 46-0306862 (State or Other ...

Daktronics, Inc. (NASDAQ:DAKT) Q1 2024 Earnings Conference Call September 6, 2023 11:00 AM ET Company Participants Sheila Anderson - Chief Financial Officer and Treasurer Reece Kurtenbach - President and Chief Executive Officer Conference Call Participants BJ Cook - Singular Research Operator Good day, ladies and gentlemen, and welcome to the Daktronics Fiscal Year 2024 First Quarter Earnings Results Conference Call. As a reminder, this conference is being recorded today, Wednesday, September 6, and is avai ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Daktronics reported a significant financial turnaround for Q1 FY2024, with record net sales of **$232.5 million**, a **35.3%** increase, leading to a **$19.2 million** net income and **$19.3 million** in operating cash flow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$508.0 million** as of July 29, 2023, driven by higher cash and new long-term debt, while shareholders' equity improved to **$221.0 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | July 29, 2023 | April 29, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $45,775 | $23,982 | | Accounts receivable, net | $125,613 | $109,979 | | Inventories | $144,794 | $149,448 | | Total current assets | $386,658 | $342,657 | | **Total Assets** | **$508,018** | **$468,104** | | **Liabilities & Equity** | | | | Total current liabilities | $204,417 | $210,163 | | Long-term debt, net | $41,422 | $17,750 | | Total liabilities | $286,971 | $267,226 | | **Total Shareholders' Equity** | **$221,047** | **$200,878** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net sales grew **35.3%** to **$232.5 million** for the three months ended July 29, 2023, with gross profit margin more than doubling to **30.6%**, yielding a **$19.2 million** net income Quarterly Statement of Operations (in thousands, except per share data) | Metric | Three Months Ended July 29, 2023 | Three Months Ended July 30, 2022 | | :--- | :--- | :--- | | Net sales | $232,531 | $171,920 | | Gross profit | $71,147 | $25,794 | | Gross Profit Margin | 30.6% | 15.0% | | Operating income (loss) | $40,216 | $(5,519) | | Net income (loss) | $19,196 | $(5,326) | | Diluted EPS | $0.42 | $(0.12) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company generated **$19.3 million** in cash from operating activities for Q1 FY2024, a significant improvement from the prior year, increasing total cash to **$54.4 million** Cash Flow Summary (in thousands) | Activity | Three Months Ended July 29, 2023 | Three Months Ended July 30, 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $19,250 | $(22,815) | | Net cash used in investing activities | $(5,706) | $(10,372) | | Net cash provided by financing activities | $16,356 | $24,128 | | **Net increase (decrease) in cash** | **$29,660** | **$(8,979)** | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail new accounting standard adoption, strong revenue growth in Live Events and High School Park and Recreation, and new financing including a **$25 million** convertible note, which resulted in a **$7.3 million** non-cash charge and a **31.7%** effective tax rate - As of July 29, 2023, the company had remaining performance obligations of **$386.6 million**, with approximately **$320.9 million** expected to be recognized as revenue over the next 12 months[50](index=50&type=chunk) - On May 11, 2023, the company closed on a new **$75 million** senior credit facility and issued a **$25 million** convertible note, terminating its prior credit agreement[58](index=58&type=chunk)[62](index=62&type=chunk) - The convertible note is accounted for under the fair value option, and a **$7.3 million** non-cash expense was recorded due to the increase in its fair value, primarily driven by the rise in the company's stock price[66](index=66&type=chunk)[67](index=67&type=chunk)[115](index=115&type=chunk) - The effective tax rate for the quarter was **31.7%**, compared to **15.8%** in the prior year, with the increase attributed to the non-taxable fair value adjustment of the convertible note[75](index=75&type=chunk)[117](index=117&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes record quarterly net sales of **$232.5 million** and a gross profit margin surge to **30.6%** to higher production and a stable supply chain, with product order backlog decreasing to **$323.7 million** - Product order backlog was **$323.7 million** as of July 29, 2023, a decrease from **$469.1 million** a year prior, attributed to faster order fulfillment due to stabilized supply chains and increased capacity[102](index=102&type=chunk) Net Sales by Segment (in thousands) | Segment | Q1 FY2024 | Q1 FY2023 | % Change | | :--- | :--- | :--- | :--- | | Commercial | $46,883 | $40,118 | 16.9% | | Live Events | $91,999 | $56,383 | 63.2% | | High School Park and Recreation | $56,234 | $35,809 | 57.0% | | Transportation | $21,369 | $19,540 | 9.4% | | International | $16,046 | $20,070 | (20.0)% | | **Total** | **$232,531** | **$171,920** | **35.3%** | - The increase in gross profit percentage to **30.6%** is attributed to record sales volume over a fixed manufacturing cost structure, past strategic pricing actions, stabilization of input costs, and fewer operational disruptions compared to the prior year[107](index=107&type=chunk) - Cash flow from operations improved by **$42.1 million** year-over-year, driven by a **$24.5 million** increase in net income and a **$7.3 million** non-cash fair value charge on the convertible debt[118](index=118&type=chunk)[119](index=119&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk profile remains largely unchanged, except for increased interest rate risk exposure from new ABL and Delayed Draw Loan facilities - The company entered into new credit facilities (ABL and Delayed Draw Loan) during the quarter, which are subject to interest rate risks, with no other material changes in exposure to interest rate, foreign currency, or commodity risks[133](index=133&type=chunk)[134](index=134&type=chunk) [Controls and Procedures](index=32&type=section&id=Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of July 29, 2023, due to a material weakness in internal control over financial reporting related to revenue contracts - The CEO and CFO concluded that disclosure controls and procedures were not effective as of July 29, 2023, due to a material weakness in internal control over financial reporting[135](index=135&type=chunk) - The material weakness relates to the ineffective operation of transactional level controls for revenue contracts recognized over time, stemming from insufficient training of control operators[137](index=137&type=chunk) - A remediation plan is underway, which involves providing additional training to revenue control operators on the expected level of precision for executing these controls[138](index=138&type=chunk) [Part II. Other Information](index=32&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions in the normal course of business, with no expected material adverse effect on its financial condition or operations - Management believes that the disposition of ongoing legal matters will not have a material adverse effect on the company's financial condition or results of operations[140](index=140&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for FY2023 - Investors are referred to the risk factors described in the Annual Report on Form 10-K for the fiscal year ended April 29, 2023, as there have been no material updates[141](index=141&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities,%20Use%20of%20Proceeds,%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company did not repurchase any shares of its common stock during Q1 FY2024 - No shares of common stock were repurchased by the company during the first quarter of fiscal 2024[142](index=142&type=chunk)

Daktronics, Inc. (NASDAQ:DAKT) Q4 2023 Earnings Conference Call July 12, 2023 4:00 PM ET Company Participants Sheila Anderson - CFO and Treasurer Reece Kurtenbach - President and CEO Conference Call Participants BJ Cook - Singular Research Operator Good day, and thank you for standing by, and welcome to Daktronics Fourth Quarter and Yearend 2023 Financial Results. At this time all participants are in listen-only mode. After the speakers' presentation there'll be a question-and-answer session. [Operator Inst ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended April 29, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ___ to ___. Commission File Number: 0-23246 Daktronics, Inc. Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 28, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___. Commission File Number: 0-23246 Daktronics, Inc. (Exact Name of Registrant as Specified in its Charter) South Dakota 46-0306862 (State or Other ...

Daktronics, Inc. (NASDAQ:DAKT) Q3 2023 Earnings Conference Call March 8, 2023 11:00 AM ET Company Participants Reece Kurtenbach - President and Chief Executive Officer Sheila Anderson - Chief Financial Officer and Treasurer Conference Call Participants Operator Good day, ladies and gentlemen. And welcome to Daktronics Fiscal Year 2023 Third Quarter Earnings Conference Call. As a reminder, this conference is being recorded today, Wednesday, March 8, and is available on the company's website at www.daktronics ...

Daktronics, Inc. (NASDAQ:DAKT) Q2 2023 Results Conference Call December 12, 2022 11:00 AM ET Company Participants Kevin McDermott - Lead Independent Director Reece Kurtenbach - Chairman, President and CEO Sheila Anderson - Chief Financial Officer Conference Call Participants Operator Good day, ladies and gentlemen, and welcome to Daktronics Fiscal Year 2023 Second Quarter Earnings Results Conference Call. As a reminder, this conference is being recorded today, Monday, December 12, and is available on the co ...