8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

Date of Report (Date of earliest event reported): March 1, 2011

DYCOM INDUSTRIES, INC.

(Exact name of Registrant as specified in its charter)

Florida	001-10613	59-1277135
(State or other jurisdiction) of incorporation)	(Commission file number)	(I.R.S. employer identification no.)

11770 U.S. Highway One, Suite 101

Palm Beach Gardens, Florida 33408

(Address of principal executive offices) (Zip Code)

(561) 627-7171

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))

TABLE OF CONTENTS

	Item 2.02 Results of Operations and Financial Condition.
	Item 7.01 Regulation FD Disclosure.
	Item 9.01 Financial Statement and Exhibits.
SIGNATURES
EX-99.1
EX-99.2

2

Item 2.02 Results of Operations and Financial Condition.

On March 1, 2011, Dycom Industries, Inc. (the “Company”) issued a press release reporting fiscal 2011 second quarter results. Additionally, on March 2, 2011, the Company made available a slide presentation to be discussed during the Company’s webcast and conference call referred to in such press release. A copy of the press release and slide presentation are furnished as Exhibits 99.1 and 99.2, respectively, to this report on Form 8-K and are incorporated herein by reference.

The press release and slide presentation include certain Non-GAAP items that are set forth in the GAAP reconciliation schedules provided in the release and slide presentation. The Company believes these Non-GAAP financial measures are useful to investors because they allow for a more direct comparison of the Company’s performance for the period with the Company’s performance in the comparable prior-year periods.

The information in the preceding paragraphs, as well as Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure.

On March 1, 2011, Dycom Industries, Inc. (the “Company”) issued a press release reporting fiscal 2011 second quarter results. Additionally, on March 2, 2011, the Company made available a slide presentation to be discussed during the Company’s webcast and conference call referred to in such press release. A copy of the press release and slide presentation are furnished as Exhibits to this report on Form 8-K and are incorporated herein by reference.

The press release and slide presentation include certain Non-GAAP items that are set forth in the GAAP reconciliation schedules provided in the release and slide presentation. The Company believes these Non-GAAP financial measures are useful to investors because they allow for a more direct comparison of the Company’s performance for the period with the Company’s performance in the comparable prior-year periods.

The information in the preceding paragraphs, as well as Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Current Report on Form 8-K.

Forward Looking Statements

This Current Report on Form 8-K contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act, including statements with respect to the Company’s fiscal 2011 third and fourth quarter results. 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 Form 8-K. 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 the Company’s other filings with the Securities and Exchange Commission. These filings are available on a web site maintained by the Securities and Exchange Commission at http://www.sec.gov. The Company does not undertake to update forward looking statements except as required by law.

3

Item 9.01 Financial Statement and Exhibits.

99.1	Press release dated March 1, 2011 by Dycom Industries, Inc. announcing the fiscal 2011 second quarter results.
99.2	Slide presentation relating to the webcast and conference call held on March 2, 2011 regarding the Company’s fiscal 2011 second quarter results.

4

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: March 2, 2011

DYCOM INDUSTRIES, INC. (Registrant)
By:	/s/ Richard B. Vilsoet
	Name:	Richard B. Vilsoet
	Title:	Vice President, General Counsel and Secretary

5

EX-99.1

Exhibit 99.1

N E W S    R E L E A S E

FOR IMMEDIATE RELEASE Contact: Steven E. Nielsen, President and CEO

H. Andrew DeFerrari, Senior Vice President and CFO

(561) 627-7171

 Palm Beach Gardens, Florida   March 1, 2011

DYCOM ANNOUNCES FISCAL 2011 SECOND QUARTER RESULTS

Palm Beach Gardens, Florida, March 1, 2011 – Dycom Industries, Inc. (NYSE: DY) announced today its results for the second quarter ended January 29, 2011.  The Company reported:

·   contract revenues of $218.2 million for the quarter ended January 29, 2011, as compared to $216.3 million for the quarter ended January 23, 2010, an increase of 0.9%; and

·   net loss on a GAAP basis of $5.1 million, or $0.14 loss per common share diluted, for the quarter ended January 29, 2011, compared to a net loss of $4.0 million, or $0.10 loss per common share diluted, for the quarter ended January 23, 2010. On a Non-GAAP basis, the net loss for the quarter ended January 29, 2011 was $1.2 million, or $0.03 per common share diluted.  This Non-GAAP net loss excludes a $5.7 million pre-tax loss on debt extinguishment associated with the Company’s tender offer for its senior subordinated notes due 2015, which is described more fully below, and $0.2 million in pre-tax acquisition related costs.

The Company also reported:

·   contract revenues of $479.8 million for the six months ended January 29, 2011, as compared to $475.4 million for the six months ended January 23, 2010, an increase of 0.9%; and

·   net income on a GAAP basis of $1.7 million, or $0.05 per common share diluted, for the six months ended January 29, 2011, compared to a net loss of $0.4 million, or $0.01 loss per common share diluted, for the six months ended January 23, 2010.  On a Non-GAAP basis, net income for the six months ended January 29, 2011 was $5.5 million, or $0.15 per common share diluted, as compared to net income of $1.7 million, or $0.04 per common share diluted, for the six months ended January 23, 2010.  Non-GAAP net income for the six months ended January 29, 2011 excludes a $5.7 million pre-tax loss on debt extinguishment associated with the Company’s tender offer for its senior subordinated notes due 2015, which is described more fully below, and $0.2 million in pre-tax acquisition related costs.  Non-GAAP net income for the si x months ended January 23, 2010 excludes a $2.0 million pre-tax charge in cost of earned revenues for the 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.

See the accompanying tables which present a reconciliation of Non-GAAP net income (loss) to GAAP net income (loss).

During the quarter ended January 29, 2011, Dycom Investments, Inc., a subsidiary of the Company, issued $187.5 million aggregate principal amount of 7.125% senior subordinated notes due 2021 in a private placement.  A portion of the net proceeds was used (1) to fund the Company’s purchase in January 2011 of $86.96 million aggregate principal amount of its outstanding 8.125% senior subordinated notes due 2015 (the “2015 Notes”) pursuant to a tender offer, and (2) to fund the Company’s redemption in February 2011 of the remaining $48.39 million outstanding aggregate principal amount of 2015 Notes at a price equal to 104.063% of the principal amount. The $48.39 million in aggregate principal amount of the 2015 Notes redeemed in February 2011 is included in current portion of debt in the condense d consolidated balance sheet as of January 29, 2011.

Steven Nielsen, President and Chief Executive Officer of the Company stated, “Our second quarter revenues and margins were adversely impacted by difficult weather conditions across the country.  Yet despite these results, we remain confident that business is improving.  During the quarter we grew backlog, lowered our cost of capital through the refinancing of our senior subordinated notes and completed two acquisitions which add to our growth potential.”

A Tele-Conference call and slide presentation to review the Company’s results will be hosted at 9 a.m. (ET), Wednesday, March 2, 2011; call 800-700-7414 (United States) or 651-224-7472 (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 the slide presentation, will be available at http://www.dycomind.com under the heading “Events.”  The slide presentation will be available at approximately 8 a.m. (ET) on Wednesday, March 2, 2011.  If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and the slide pre sentation will be available at http://www.dycomind.com until Friday, April 1, 2011.

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 and gas utilities and others.

Fiscal 2011 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 impair ed, the future impact of any acquisitions, the anticipated outcome of other contingent events, including litigation, liquidity needs, the availability of financing and the 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 29, 2011 and July 31, 2010
Unaudited
		January 29,		July 31,
		2011		2010
		(Dollars in thousands)
ASSETS
Current Assets:
Cash and equivalents	$	161,003	$	103,320
Accounts receivable, net		95,455		110,117
Costs and estimated earnings in excess of billings		55,843		66,559
Deferred tax assets, net		14,843		14,944
Income taxes receivable		5,557		3,626
Inventories		16,106		16,058
Other current assets		13,796		8,137
Total current assets		362,603		322,761
Property and equipment, net		130,000		136,028
Goodwill		173,329		157,851
Intangible assets, net		61,234		49,625
Other		14,520		13,291
Total	$	741,686	$	679,556
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	20,562	$	25,881
Current portion of debt		48,859		47
Billings in excess of costs and estimated earnings		1,819		376
Accrued insurance claims		26,530		28,086
Other accrued liabilities		39,222		42,813
Total current liabilities		136,992		97,203
Long-term debt		187,666		135,350
Accrued insurance claims		23,174		24,844
Deferred tax liabilities, net non-current		26,019		24,159
Other liabilities		3,711		3,445
Stockholders' Equity		364,124		394,555
Total	$	741,686	$	679,556

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 29,		January 23,		January 29,		January 23,
		2011		2010		2011		2010
		(Dollars in thousands, except per share amounts)
Contract revenues	$	218,203	$	216,331	$	479,787	$	475,447
Cost of earned revenues, excluding depreciation and amortization		181,621		180,936		390,943		390,908
General and administrative expenses (1)		21,835		23,898		44,660		47,401
Depreciation and amortization		15,787		15,516		31,403		30,707
Total		219,243		220,350		467,006		469,016
Interest income		34		22		63		58
Interest expense		(3,773)		(3,541)		(7,481)		(7,084)
Loss on debt extinguishment		(5,738)		-		(5,738)		-
Other income, net		2,207		903		3,964		2,008
Income (loss) before income taxes		(8,310)		(6,635)		3,589		1,413
Provision (benefit) for income taxes		(3,216)		(2,670)		1,936		1,855
Net income (loss)	$	(5,094)	$	(3,965)	$	1,653	$	(442)
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	(0.14)	$	(0.10)	$	0.05	$	(0.01)
Diluted earnings (loss) per common share	$	(0.14)	$	(0.10)	$	0.05	$	(0.01)
Shares used in computing income (loss) per common share:
Basic		35,221,017		39,069,364		36,343,068		39,029,822
Diluted		35,221,017		39,069,364		36,566,672		39,029,822
(1) Includes stock-based compensation expense of $1.0 million and $1.8 million for the three months and six months ended January 29, 2011, respectively, and $0.7 million and $1.7 million for the three and six months ended January 23, 2010, 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 29,		January 23,		January 29,		January 23,
			2011		2010		2011		2010
			(Dollars in thousands, except per share amounts)
Pre-Tax Reconciling Items decreasing net income (loss)
	Loss on debt extinguishment	$	(5,738)	$	-	$	(5,738)	$	-
	Acquisition related costs		(223)		-		(223)		-
	Charge for wage and hour class action settlement		-		-		-		(2,000)
	Valuation allowance on deferred tax asset		-		-		-		(1,090)
Total Reconciling Items		$	(5,961)	$	-	$	(5,961)	$	(3,090)
GAAP net income (loss)		$	(5,094)	$	(3,965)	$	1,653	$	(442)
Adjustment for Reconciling Items above, net of tax			3,875		-		3,875		2,167
Non-GAAP net income (loss)		$	(1,219)	$	(3,965)	$	5,528	$	1,725
Earnings (loss) per common share:
Basic earnings (loss) per common share  - GAAP		$	(0.14)	$	(0.10)	$	0.05	$	(0.01)
Adjustment for Reconciling Items above, net of tax			0.11		-		0.11		0.06
Basic earnings (loss) per common share - Non-GAAP		$	(0.03)	$	(0.10)	$	0.15	$	0.04
Diluted earnings (loss) per common share - GAAP		$	(0.14)	$	(0.10)	$	0.05	$	(0.01)
Adjustment for Reconciling Items above, net of tax			0.11		-		0.11		0.06
Diluted earnings (loss) per common share - Non-GAAP		$	(0.03)	$	(0.10)	$	0.15	$	0.04
Earnings (loss) per share amounts may not add due to rounding.
Shares used in computing GAAP earnings (loss) per common share and adjustment for Reconciling Items above:
Basic			35,221,017		39,069,364		36,343,068		39,029,822
Diluted			35,221,017		39,069,364		36,566,672		39,029,822
Shares used in computing Non-GAAP earnings (loss) per common share:
Basic			35,221,017		39,069,364		36,343,068		39,029,822
Diluted			35,221,017		39,069,364		36,566,672		39,185,239

EX-99.2

Exhibit 99.2

2nd Quarter Presentation

March 2, 2011

1

Participants

Steven E. Nielsen
President & Chief Executive Officer

H. Andrew DeFerrari
Chief Financial Officer

Richard B. Vilsoet
General Counsel

2

Forward-Looking Statements and Non-
GAAP Information

Forward-Looking Statements and Non-
GAAP Information

Fiscal 2011 second quarter results are unaudited. This presentation contains “forward-looking
statements” which are statements relating to future events, future financial performance,
strategies, expectations, and competitive environment.Words such as “believe,” “expect,”
“anticipate,” “estimate,” “intend,” “forecast,” “may,” “should,” “could,” “project” and similar
expressions, as well as statements in future tense, identify forward looking statements. You
should not read forward looking statements as a guarantee of future performance or results.
They will not necessarily be accurate indications of whether or at what time such performance or
results will be achieved.Forward looking statements are based on information available at the
time those statements are made and/or management’s good faith belief at that time with respect
to future events.Such statements are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in or suggested by the forward
looking statements.Important factors that could cause such differences include, but are not
limited to factors described under Item 1A, “Risk Factors” of the Company’s Annual Report on
Form 10-K for the year ended July 31, 2010, and other risks outlined in the Company’s periodic
filings with the Securities and Exchange Commission (“SEC”). The forward-looking statements in
this presentation are expressly qualified in their entirety by this cautionary statement. Except as
required by law, the Company may not update forward-looking statements even though its
situation may change in the future.

This presentation includes certain “Non-GAAP” financial measures as defined by SEC rules. As
required by the SEC we have provided a reconciliation of those measures to the most directly
comparable GAAP measures on the Regulation G slides included on slides 12 through 14 of this
presentation.

3

Q2-2011 Overview

nContract revenue of $218.2 million, increased year-over year but
declined organically 1.6% after adjusting for revenues from acquired
companies

nNon-GAAP loss of $0.03 per share compared to a loss of $0.10 per
share in the prior year

nCapital expenditures, net of proceeds totaled $4.3 million and are
expected to range from $45 million to $50 million for the full fiscal year

nStrong liquidity and operating cash flows

nBacklog increased by $299 million from substantial contract awards

Note:See “Regulation G Disclosure” slides 12-13 for a reconciliation of GAAP to Non-GAAP financial measures.

4

Q2-2011 Transactions

nM & A Activity

NeoCom Solutions, Inc.

ØAcquired in December 2010 for $27.5 million in cash

ØProvider of construction and maintenance services to the wireless industry

ØDycom’s first meaningful participation directly in the wireless communications industry

Communication Services, LLC

ØAcquired in November 2010 for $9.7 million in total consideration

ØProvider of construction and maintenance services to the rural telephone industry

nFinancing Activities

Share repurchases

Ø291,500 shares repurchased for $3.2 million, or $10.99 per share

Debt Refinance

Ø$187.5 million face value of new 10-year 7.125% senior subordinated notes issued in Q2-
11

ØRepurchase of existing 8.125% notes completed in February

ØLowered interest rate on outstanding borrowings, extended debt maturities on a cost
effective basis until 2021 and secured over $41 million in incremental capital

5

Revenue Summary

nTop 5 customers from Q2-11 represented
61.1% of revenue in Q2-11 and 62.9% of
revenue in Q2-10

nContract revenue from non-Top 5
customers increased by 5.7%, with
growth from rural telecommunication
customers

nCommunication Services and NeoCom
contributed aggregate revenues of $5.3
million since acquisition

nExcluding Verizon and revenue from
acquired businesses, organic growth at
4.1% in Q2-11 for all other customers on
a combined basis

* For comparison purposes, CenturyLink includes combined revenues from CenturyTel, Inc. and Embarq Corporation for each period presented.

Note:See “Regulation G Disclosure” slide 12 for a reconciliation of GAAP to Non-GAAP financial measures.

**Organic revenue change excludes revenue from acquired businesses in Q2-11, storm restoration work in Q3-09, Q2-09 and Q1-09 and excludes the impact of an additional week in
Q4-10 to adjust for our 52/53 week fiscal calendar.

6

Backlog and Awards

Current Awards and Extensions

Customers	Area	Description	Approximate Term (in years)
nVerizon	Maryland	Construction and maintenance services	6
nComcast	Colorado	Construction and maintenance services	1
nAT&T	Alabama, North Carolina, Tennessee	Construction and maintenance services	3
nWindstream	Kentucky	Construction and maintenance services	3
nAT&T	California	Locating services	3

7

Summary Results

Fully Diluted EPS - Non-GAAP
Q2-10	Q2-11
$(0.10)	$(0.03)

Note:See “Regulation G Disclosure” slides 12-13 for a reconciliation of GAAP to Non-GAAP financial measures.

0.9%

Total change

(1.6)%

Organic change

8

Selected Information

(a)See “Regulation G Disclosure” slides 13-14 for a reconciliation of GAAP to Non-GAAP financial measures.

(b)Amounts may not foot due to rounding.

	Q2-11	Q2-10	Change (b)
($ in millions)
Contract Revenues	$218.2	$216.3	$1.9	§Cost of earned revenues as a percentage of revenue decreased primarily as a result of improved labor efficiency
Cost of Earned Revenues	$181.6 83.2%	$180.9 83.6%	$0.7 (0.4)%
General & Administrative - - Non-GAAP (a)	$21.6 10.0%	$23.9 11.0%	$(2.3) (1.0)%	§G&A declined substantially from reduced payroll and professional fees
Depreciation & Amortization	$15.8 7.2%	$15.5 7.2%	$0.3 0.1%	§Depreciation and amortization increased primarily from the impact of the acquisitions of Communication Services and NeoCom Solutions
Interest expense	$3.8 1.7%	$3.5 1.6%	$0.2 0.1%	§Increased interest expense from higher debt balances outstanding
Other Income, Net	$2.2 1.0%	$0.9 0.4%	$1.3 0.6%	§Other income, net increased as more assets were sold in the current period at better prices
				§Non-GAAP effective tax rate of 42.1% for the six months ended January 29, 2011

9

Cash Flow and Liquidity

nSolid operating cash flows

nCombined days sales outstanding on trade
receivables and net unbilled revenues were
62 days in Q2-11 (a)

nCapital expenditures, net of disposals at
$4.3 million

nIssuance of $187.5 million 7.125% senior
subordinated notes due 2021

nRepurchaseof remaining 8.125% senior
subordinated notes completed in February
2011

n291,500 shares repurchased for
approximately $3.2 million, or $10.99 per
share, during Q2-11

(a) Days sales outstanding is calculated as the summation of current accounts receivable, plus costs and estimated earnings in excess of billings, less
billings in excess of costs and estimated earnings, divided by average revenue per day during the respective quarter.

10

Summary

nBeginning to the feel the effects of an improving environment

nNotable contract awards which meaningfully increased backlog

nAt the forefront of evolving industry opportunities including those
generated by rural broadband initiatives

nEncouraged by deployment of new technologies by cable operators
which enable them to increase the effective bandwidth of their
networks

nResponding to an increasing number of industry participants
aggressively extending or deploying fiber networks to provide
wireless backhaul services

11

Looking Ahead

nOrganic revenue grows modestly reflecting increased opportunities
offset in part by a shift away from technician intensive services

nMargins and earnings increase faster than revenues

nContinued solid and growing cash flows dedicated to accretive
acquisition opportunities and share repurchases as valuation and
projected returns direct

nConfidence that trends will be improving for a sustained period
supports patience with respect to any individual quarterly result

Q3 - 2011:

nRevenues which grow slightly year over year on an organic basis

nMargins which improve year over year

nPre-tax loss on debt extinguishment of approximately $2.6 million
relating to the remaining repurchase of our 8.125% senior
subordinated notes

nNon-GAAP earnings which continue to improve year over year

12

Appendix: Regulation G Disclosure

Amounts may not foot due to rounding.

(a) Non-GAAP adjustments in Q2-11 reflect revenues from businesses acquired during Q2-11.Non-GAAP adjustments in Q4-10 result from the Company’s 52/53
week fiscal year.The Q4-10 Non-GAAP adjustments reflect the impact of the additional week in Q4-10 and are calculated by dividing contract revenues by 14 weeks.
The result, representing one week of contract revenues, is subtracted from the GAAP-contract revenues to calculate 13 weeks of revenue for Q4-10 on a Non-GAAP
basis for comparison purposes. The Non-GAAP adjustments in Q3-09, Q2-09, and Q1-09 reflect storm restoration revenues recognized during those periods.

(b)Year-over-year growth (decline) percentage is calculated as follows: (i) revenues in the quarterly period less (ii) revenues in the comparative prior year quarter
period; divided by (ii) revenues in the comparative prior year quarter period.

13

Appendix: Regulation G Disclosure

14

Appendix: Regulation G Disclosure

2nd Quarter Presentation

March 2, 2011