Mr. Kurtenbach added, "Our orders grew 14.6 percent in the fourth quarter and 8.7 percent for the year, and we have entered fiscal 2025 committed to capture growing market demand, leveraging our recognized leadership position and our strong balance sheet." He continued, "Our critical priorities for fiscal 2025 are to execute a broad digital transformation to modernize our service systems for field service automation, to advance our enterprise performance planning capabilities, and to improve and automate qu ...

Financial Performance - Net sales for Q4 fiscal 2024 reached $215.9 million, a 2.9% increase compared to Q4 fiscal 2023; full-year sales were $818.1 million, an 8.5% increase from the prior year[13] - Gross margin for Q4 improved by 90 basis points to 25.7% from 24.8% in the previous year; full-year gross profit margin increased by 710 basis points to 27.2%, the highest since 2009[13] - Operating income for Q4 grew 6.4% to $19.4 million, while full-year operating income quadrupled to $87.1 million compared to fiscal 2023[13] - Net income for Q4 was $2.5 million, a decrease from $21.4 million in Q4 fiscal 2023; full-year net income was $34.6 million compared to $6.8 million in the previous year[13] - Adjusted operating income for the fourth quarter of fiscal 2024 was $19,427 million, up from $18,263 million in the same quarter of fiscal 2023, representing a year-over-year increase of 6.4%[32] - Gross profit as a percentage of net sales increased to 25.7% in Q4 fiscal 2024 from 24.8% in Q4 fiscal 2023, and for the full fiscal year, it rose to 27.2% from 20.1%[38] - The operating margin for Q4 fiscal 2024 was 9.0%, compared to 8.7% in Q4 fiscal 2023, while the full fiscal year operating margin improved to 10.6% from 2.8%[52] - Adjusted net income for the three months ended April 27, 2024, was $12,766 million, down from $25,872 million in the same period last year[59] Orders and Backlog - Product order backlog was $316.9 million as of April 27, 2024, down from $400.7 million at the end of Q4 fiscal 2023[13] - New product and service orders for Q4 were $205.8 million, a 14.6% increase from $179.5 million in the prior year; full-year orders increased by 8.7% to $740.2 million[13] - Orders for Q4 fiscal 2024 increased by 14.6% compared to Q4 fiscal 2023, with full fiscal year orders up 8.7% driven by strong demand in Live Events and Transportation business units[51] - The Commercial segment's orders decreased by 12.4% to $34,084 million compared to $38,902 million in the prior year[57] Revenue by Segment - Live Events segment saw a revenue increase of 14.6%, reaching $104,906 million compared to $91,530 million in the prior year[57] - The International segment experienced a significant decline of 45.1%, with revenues dropping to $11,394 million from $20,744 million[57] - The Transportation segment reported a revenue increase of 30.6%, reaching $24,173 million from $18,509 million year-over-year[57] Expenses and Cash Flow - Operating expenses for Q4 were $36.0 million, a 6.1% increase from $33.9 million in Q4 fiscal 2023; full-year operating expenses rose to $135.3 million from $130.0 million[16] - Cash, restricted cash, and marketable securities totaled $81.7 million as of April 27, 2024, with long-term debt outstanding at $54.7 million[40] - The company generated $63.2 million from operations in fiscal 2024, significantly up from $15.0 million in fiscal 2023[44] - Total current liabilities decreased to $192,296 million from $210,163 million year-over-year[56] - Long-term debt, net, increased significantly to $53,164 million from $17,750 million in the previous year[60] - Free cash flow is emphasized as a key measure of operating performance, providing useful information for investors[58] Strategic Initiatives - The company launched a new Flip-Chip COB LED display family to enhance its product offerings in the growing narrow-pixel pitch market[2] - Daktronics aims to improve operational effectiveness by enhancing manufacturing utilization and aligning production schedules to lower overall costs[2] - The company is focused on strategic priorities for fiscal 2025 to enhance earnings power and improve its operating model[14] - The company plans to focus on digital transformation initiatives to modernize service systems and improve operational efficiency in fiscal 2025[50] - Management's strategy includes reallocating resources towards markets that generate returns significantly above the cost of capital[37] Tax and Valuation - The effective tax rate for fiscal 2024 was 35.9%, a decrease from 48.7% in fiscal 2023, primarily due to non-deductible expenses and valuation allowances[53] - The company reported a change in fair value of convertible notes amounting to $16,550 million, impacting long-term debt calculations[60] - Inventory levels decreased by 7.7% since the end of fiscal 2023, indicating improved inventory management[40]

Cautionary Notice: In addition to statements of historical fact, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and is intended to enjoy the protection of that Act. These forward-looking statements reflect the Company's expectations or beliefs concerning future events. The Company cautions that these and similar statements involve risk and uncertainties which could cause actual results to differ materially from our expectation ...

Core Points - Daktronics Inc will release its fourth quarter fiscal 2024 financial results on June 26, 2024, before the market opens [1] - A conference call and webcast will be hosted on the same day at 10:00 AM CT for interested parties [1][6] - Participants must pre-register to access the earnings call, receiving dial-in information and a PIN [2][7] Company Overview - Daktronics is the world's largest supplier of large-screen video displays, electronic scoreboards, and related control systems [8] - The company operates in four domestic business units: Live Events, Commercial, High School Park and Recreation, and Transportation, along with one International business unit [8] - Daktronics designs, manufactures, markets, and services display systems globally [8]

Increased durability and reliability combine with lower power consumption in NPP display product BROOKINGS, S.D., May 16, 2024 (GLOBE NEWSWIRE) -- Daktronics (NASDAQ-DAKT) of Brookings, South Dakota, has released its Flip-Chip COB (Chip On Board) LED display technology worldwide. The company's latest addition to its Narrow Pixel Pitch (NPP) product family brings tighter pixel spacings ranging from 1.8 millimeters to 0.9 millimeters with increased durability and reliability combined with lower power consumpt ...

Core Viewpoint - Daktronics has launched its Flip-Chip COB LED display technology, enhancing durability, reliability, and reducing power consumption, which improves customer experience in the LED display market [1][2]. Product Features - The new COB technology offers tighter pixel spacings from 1.8mm to 0.9mm, providing an alternative to traditional SMD and IMD LED options, resulting in lower heat generation and increased reliability [2]. - The COB product features the thinnest and lightest cabinet available in the market, facilitating a fast installation process with a sleek appearance [3]. - Daktronics' 35+ years of experience in coatings and encapsulants has led to a specific encapsulant design that enhances product safety and durability against impact, moisture, dust, static, and oxidation [4]. Reliability and Testing - The company emphasizes product reliability, supported by a dedicated lab for rigorous testing of components to ensure industry-leading reliability in its flip-chip COB LEDs and associated technologies [5]. - The product offers various brightness options tailored for different applications, effectively combating indoor indirect sunlight in environments such as offices and high-ambient brightness lobbies [5]. Market Position - Daktronics positions itself as a leader in the audiovisual systems market, providing large-format LED displays and related technologies for various applications, including sports, business, and transportation [7].

BROOKINGS, S.D., March 08, 2024 (GLOBE NEWSWIRE) -- Daktronics Inc. (NASDAQ:DAKT), a leading global designer and manufacturer of best-in-class dynamic video communication displays and control systems for customers worldwide, announced that Reece Kurtenbach, Chief Executive Officer and Sheila Anderson, Chief Financial Officer will hold a presentation and host one-on-one meetings with investors at the Sidoti Small-Cap Virtual Conference taking place on March 13-14, 2024. The presentation will begin at 10:00 a ...

BROOKINGS, S.D., March 08, 2024 (GLOBE NEWSWIRE) -- Daktronics Inc. (Nasdaq: DAKT), a leading global designer and manufacturer of best-in-class dynamic video communication displays and control systems for customers worldwide, announced that Reece Kurtenbach, Chief Executive Officer and Sheila Anderson, Chief Financial Officer will hold a presentation and host one-on-one meetings with investors at the Sidoti Small-Cap Virtual Conference taking place on March 13-14, 2024. The presentation will begin at 10:00 ...

Daktronics, Inc. (NASDAQ:DAKT) Q3 2024 Earnings Conference Call February 28, 2024 11:00 AM ET Company Participants Carla Gatzke - Corporate Secretary Sheila Anderson - CFO Reece Kurtenbach - President and CEO Conference Call Participants BJ Cook - Singular Research Anja Soderstrom - Sidoti Operator Good day, ladies and gentlemen, and welcome to the Daktronics' Fiscal Year 2024 Third Quarter Earnings Results Conference Call. As a reminder, this conference is being recorded, Wednesday, February 28, 2024, and ...

SAFE HARBOR STATEMENT Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. • Execution drove positive operating income, delivering profitability in a seasonally low-volume period despite lower volume compared to last year's surge of backorder fulfillment Backlog -23% – continue to work down elevated levels from past periods ...