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): November 21, 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))

Item 2.02 Results of Operations and Financial Condition.

On November 21, 2011, Dycom Industries, Inc. (the “Company”) issued a press release reporting fiscal 2012 first quarter results.  Additionally, on November 22, 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 Current Report on Form 8-K and are incorporated herein by reference.

The press release and slide presentation contain the financial measures of Adjusted EBITDA and certain amounts relating to organic revenue, which are Non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets and stock-based compensation expense. The Company believes these Non-GAAP financial measures provide information that is useful to the Company’s investors. The Company believes that this information is helpful in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate impact on the Company’s results of operations in any particular period. Additionally, the Company uses these Non-GAAP financial measures to evaluate its past performance and prospects for future performance. Adjusted EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income, operating cash flows, or a measure of earnings. Organic revenue is not a recognized term under GAAP and does not purport to be an alternative to GAAP contract revenue. Because all companies do not use identical calculations, the presentation of these Non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

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 the Securities Act of 1933 (the “Securities Act”) if such subsequent filing specifically references this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure.

On November 21, 2011, the Company issued a press release reporting fiscal 2012 first quarter results.  Additionally, on November 22, 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 Current Report on Form 8-K and are incorporated herein by reference.

The press release and slide presentation contain the financial measures of Adjusted EBITDA and certain amounts relating to organic revenue, which are Non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets and stock-based compensation expense. The Company believes these Non-GAAP financial measures provide information that is useful to the Company’s investors. The Company believes that this information is helpful in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate impact on the Company’s results of operations in any particular period. Additionally, the Company uses these Non-GAAP financial measures to evaluate its past performance and prospects for future performance. Adjusted EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income, operating cash flows, or a measure of earnings. Organic revenue is not a recognized term under GAAP and does not purport to be an alternative to GAAP contract revenue. Because all companies do not use identical calculations, the presentation of these Non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

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 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 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 2012 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 Current Report on 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.

2

Item 9.01 Financial Statement and Exhibits.

(d) Exhibits

99.1	Press release dated November 21, 2011 by Dycom Industries, Inc. announcing fiscal 2012 first quarter results.
99.2	Slide presentation relating to the webcast and conference call held on November 22, 2011 regarding the Company’s fiscal 2012 first quarter results.

3

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: November 22, 2011

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

4

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

 November 21, 2011

DYCOM INDUSTRIES, INC. ANNOUNCES FISCAL 2012 FIRST QUARTER RESULTS

Palm Beach Gardens, Florida, November 21, 2011 – Dycom Industries, Inc. (NYSE: DY) announced today its results for the first quarter ended October 29, 2011.

The Company reported:

·   contract revenues of $319.6million for the quarter ended October 29, 2011, compared to $261.6 million for the quarter ended October 30, 2010, an increase of 16.6% after adjusting for revenues from businesses acquired in fiscal 2011;

·   Adjusted EBITDA (Non-GAAP) of $40.4million for the quarter ended October 29, 2011, compared to $30.5 million for the quarter ended October 30, 2010; and

·   net income of $13.0million, or $0.38per common share diluted, for the quarter ended October 29, 2011, compared to $6.7 million, or $0.18 per common share diluted, for the quarter ended October 30, 2010.

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

A Tele-Conference call and slide presentation to review the Company’s results will be hosted at 9 a.m. (ET), Tuesday, November 22, 2011; call 800-230-1059 (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 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 November 22, 2011. 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 Thursday, December 22, 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.

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 2012 first 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 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, 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 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
October 29, 2011 and July 30, 2011
Unaudited
	October 29,		July 30,
	2011		2011
ASSETS	(Dollars in thousands)
Current Assets:
Cash and equivalents	$	51,312	$	44,766
Accounts receivable, net		140,492		138,552
Costs and estimated earnings in excess of billings		101,426		90,855
Inventories		25,716		20,558
Deferred tax assets, net		15,971		15,957
Income taxes receivable		3,493		8,685
Other current assets		11,240		10,938
Total current assets		349,650		330,311
Property and equipment, net		147,616		149,439
Goodwill		174,849		174,849
Intangible assets, net		54,589		56,279
Other		13,203		13,877
Total	$	739,907	$	724,755
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	36,211	$	39,399
Current portion of debt		177		232
Billings in excess of costs and estimated earnings		456		749
Accrued insurance claims		25,659		26,092
Other accrued liabilities		51,296		52,041
Total current liabilities		113,799		118,513
Long-term debt		187,555		187,574
Accrued insurance claims		24,203		23,344
Deferred tax liabilities, net non-current		43,479		39,923
Other liabilities		3,704		3,550
Stockholders' Equity		367,167		351,851
Total	$	739,907	$	724,755

NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
	Three Months			Three Months
	Ended			Ended
	October 29,			October 30,
	2011			2010
	(Dollars in thousands, except per share amounts)
Contract revenues	$	319,575		$	261,584
Cost of earned revenues, excluding depreciation and amortization		255,187			209,322
General and administrative expenses (1)		25,358			22,825
Depreciation and amortization		15,958			15,616
Total		296,503			247,763
Interest income		17			28
Interest expense		(4,190	)		(3,707	)
Other income, net		2,959			1,757
Income before income taxes		21,858			11,899
Provision for income taxes		8,892			5,152
Net income	$	12,966		$	6,747
Earnings per common share:
Basic earnings per common share	$	0.39		$	0.18
Diluted earnings per common share	$	0.38		$	0.18
Shares used in computing income per common share:
Basic		33,508,193			37,465,142
Diluted		34,216,451			37,567,946
(1) Includes stock-based compensation expense of $1.3 million and $0.8 million for the three months ended October 29, 2011 and October 30, 2010, respectively.

NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited
The below table presents the Non-GAAP financial measure of Adjusted EBITDA for the three months ended October 29, 2011 and October 30, 2010 and a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure.
	Three Months			Three Months
	Ended			Ended
	October 29,			October 30,
	2011			2010
	(Dollars in thousands)
Reconciliation of Net income to Adjusted EBITDA:
Net income	$	12,966		$	6,747
Interest expense, net		4,173			3,679
Provision for income taxes		8,892			5,152
Depreciation and amortization expense		15,958			15,616
Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA")		41,989			31,194
Gain on sale of fixed assets		(2,918	)		(1,530	)
Stock-based compensation expense		1,326			791
Adjusted EBITDA	$	40,397		$	30,455

NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited
(continued)
The reconciliation of contract revenues adjusted for revenues from businesses acquired in fiscal 2011, and the change from the comparable prior year period, is presented below:
	Contract Revenues - GAAP		Revenues from businesses acquired in 2011			Contract Revenues - Non-GAAP		% Growth - GAAP			% Growth - Non-GAAP
	(Dollars in thousands)
Three Months Ended October 29, 2011	$	319,575	$	(14,468	)	$	305,107		22.2	%		16.6	%
Three Months Ended October 30, 2010	$	261,584	$	-		$	261,584

EX-99.2

Exhibit 99.2

Fiscal 2012

1st Quarter Presentation

November 22, 2011

1

Participants

Steven E. Nielsen
President & Chief Executive Officer

Timothy R. Estes

Chief Operating 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 2012 first 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.All statements, other than statements of historical facts, contained in this presentation, including
statements regarding our future financial position, future revenue, prospects, plans and objectives of
management, are forward-looking statements.Words such as “believe,” “expect,” “anticipate,” “estimate,”
“intend,” “forecast,” “may,” “should,” “could,” “project,” “looking ahead” 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 30, 2011,
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. We believe that the
presentation of certain Non-GAAP financial measures provides information that is useful to investors because it
allows for a more direct comparison of our performance for the period with our performance in the comparable
prior-year periods. 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 as slides 11 through 13 of this
presentation. We caution that Non-GAAP financial measures should be considered in addition to, but not as a
substitute for, our reported GAAP results.

3

Q1-2012 Overview

nContract revenue of $319.6 million as compared to $261.6 million in the prior year
quarter

nContract revenue grew organically 16.6%, the highest level of organic growth in over
7 years, and included $3.7 million of storm restoration services

nAdjusted EBITDA of $40.4 million in Q1-12 grew 32.6% compared to Q1-11

nNet income of $0.38 per share diluted compared to $0.18 per share diluted in Q1-11

nBacklog increased sequentially for the fourth consecutive quarter

Note: The organic revenue percentage of 16.6% excludes revenues from businesses acquired in fiscal 2011. See “Regulation G
Disclosure” slides 11-13 for a reconciliation of GAAP to Non-GAAP financial measures.

4

nTop 5 customers from Q1-12 represented 59.9% of
revenue in Q1-12 compared to 60.0% of revenue
in Q1-11

ØCenturyLink became Dycom’s second largest
customer with over 62% organic growth

ØVerizon’s organic growth exceeded 77% year-
over-year

ØWindstream, Dycom’s fifth largest customer in
Q1-12, grew organically in excess 40%

nOrganic revenue growth of 15.2%, excluding revenue
from storm restoration services of $3.7 million and
businesses acquired in Q2-11 of $14.5 million:

ØRevenue from Top 5 customers up 14.7%

ØCombined revenue from other customers up
16.0%

nRecently acquired companies, Communication
Services and NeoCom, contributed aggregate
revenues of $14.5 million during the quarter

* For comparison purposes, CenturyLink includes combined revenues from CenturyTel, Inc. and Qwest Communications International, Inc. for each period presented. Additionally,
Windstream Corporationincludes revenues from Kentucky Data Link, Inc. for each period presented.

Note:See “Regulation G Disclosure” slides 11 -13 for a reconciliation of GAAP to Non-GAAP financial measures.

5

Backlog and Awards

Current Awards and Extensions

Customers	Description	Area	Approximate Term (in years)
nCharter	Installation Services	United States	1
nTime Warner Cable	Installation Services	New Jersey, New York, North Carolina	1-3
nTDS Telecommunications	Construction and Maintenance Services	Tennessee	3
nFrontier Communications	Construction and Maintenance Services	Tennessee	2
nRural Broadband Customers	Construction Services	North Carolina, Tennessee, Kentucky, Virginia, New Mexico	1-2

Currently expect to perform at least $200 million of additional broadband related stimulus projects
during the remainder of fiscal 2012 through fiscal 2014

6

Summary Results

	Q1-11	Q1-12
Net Income (in millions)	$ 6.7	$ 13.0
Fully Diluted EPS	$0.18	$0.38

Organic revenue growth of 15.2%

Adjusted EBITDA growth from improved operating leverage

EPS of $0.38 per common share diluted

Note: The organic revenue percentage of 15.2% excludes storm restoration
services of $3.7 million and revenues from businesses acquired in Q2-11 of
$14.5 million. See “Regulation G Disclosure” slides 11-13 for a
reconciliation of GAAP to Non-GAAP financial measures.

7

Selected Information

(a)Amounts may not foot due to rounding.

Q1-12

Q1-11

Change (a)

($ in millions)

Contract Revenues

$319.6

$261.6

$58.0

Cost of Earned Revenues

$255.2

79.9%

$209.3

80.0%

$45.9

(0.2)%

General & Administrative

$25.4

7.9%

$22.8

8.7%

$2.5

(0.8)%

Depreciation & Amortization

$16.0

5.0%

$15.6

6.0%

$0.3

(1.0)%

Interest expense

$4.2

1.3%

$3.7

1.4%

$0.5

(0.1)%

Other Income, net

$3.0

0.9%

$1.8

0.7%

$1.2

0.3%

Net Income

$13.0

4.1%

$6.7

2.6%

$6.2

1.5%

Adjusted EBITDA

$40.4

12.6%

$30.5

11.6%

$9.9

1.0%

Organic revenue growth of 15.2%,
excluding revenue from storm restoration services
and businesses acquired in Q2-11

nContract award activity, including
broadband stimulus projects, and
growth within existing contracts

nImproved pricing environment

Adjusted EBITDA growth

nIncreased 100 bps year-over-year

nImproved labor efficiency and greater
leverage of general & administrative
costs

Note:See “Regulation G Disclosure” slides 11-13 for a reconciliation of GAAP to Non-GAAP financial measures.

8

Cash Flow and Liquidity

Operating and Investing Cash Flows
support growth

nImproved operating cash flows

nCapital expenditures, net of disposals,
of $14.4 million

Balance Sheet Strength

nAmple liquidity from cash on hand and
$179.8 million of availability under
Senior Credit Agreement

9

Summary

nEnd market opportunities driving organic growth

}Industry participants aggressively extending or deploying
fiber networks to provide wireless backhaul services

}Broadband stimulus funding meaningfully increasing network
construction for rural service providers

}Cable operators deploying fiber to small and medium
businesses

}Wireless carriers upgrading from 3G to 4G technologies

}Telephone companies deploying FTTX to enable video
offerings

nCapital structure optimized to significantly benefit our
shareholders

10

Looking Ahead

nNormal seasonal operating patterns and low double digit organic revenue growth
excluding fiscal 2011 revenue from storm restoration services

nMargins and earnings which reflect operating efficiencies at higher revenue levels

nStrong cash flows dedicated as projected returns direct towards supporting organic
growth, accretive acquisition opportunities and share repurchases as permitted by
regulatory requirements

nConfident that trends will continue to improve for a sustained period

Q2 - 2012:

nOrganic revenue which grows mid to high-teens as a percent of revenue year-over-year

nGross margins which improve slightly year over year and are impacted sequentially by
seasonal weather conditions

nGeneral and administrative expenses which decline slightly on a sequential basis

nDepreciation and amortization sequentially in line

nOther income which decreases slightly year-over-year

nFully diluted share count which increases modestly on a sequential basis

11

Appendix: Regulation G Disclosure

The above table presents the Non-GAAP financial measure of Adjusted EBITDA for the three months ended October 29, 2011 and October 30, 2010.
Adjusted EBITDA is a Non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. 
The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets, and stock-
based compensation expense.  The Company believes this Non-GAAP financial measure provides information that is useful to the Company’s
investors. The Company believes that this information is helpful in understanding period-over-period operating results separate and apart from items
that may, or could, have a disproportionate positive or negative impact on the Company’s results of operations in any particular period. Additionally,
the Company uses this Non-GAAP financial measure to evaluate its past performance and prospects for future performance. Adjusted EBITDA is not a
recognized term under GAAP and does not purport to be an alternative to net income, operating cash flows, or a measure of earnings. Because all
companies do not use identical calculations, this presentation of Non-GAAP financial measures may not be comparable to other similarly titled
measures of other companies.  These tables present a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure.

12

Appendix: Regulation G Disclosure

(a) Year-over-year growth 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.

(b) For comparison purposes, CenturyLink includes combined revenues from CenturyTel, Inc. and Qwest Communications International, Inc. for each period presented.
Additionally, Windstream Corporation includes revenues from Kentucky Data Link, Inc. for each period presented.

Amounts may not foot due to rounding.

13

Amounts may not foot due to rounding.

(a) Non-GAAP adjustments in Q1-12 reflect storm restoration revenues($3.7 million) and revenues from businesses acquired during Q2-11 ($14.5 million). Non-GAAP
adjustments in Q4-11 reflect storm restoration revenues($14.1 million) and revenues from businesses acquired during Q2-11 ($14.1 million). Non-GAAP adjustments
in Q3-11 and 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. 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.

Fiscal 2012

1st Quarter Presentation

November 22, 2011