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Supplemental Consolidating Financial Statements
3 Months Ended
Oct. 29, 2011
Condensed Consolidating Financial Statements [Abstract] 
Supplemental Consolidating Financial Statements
18. Supplemental Consolidating Financial Statements
 
As of October 29, 2011, the outstanding aggregate principal amount of the Company’s 2021 Notes was $187.5 million. The 2021 Notes were issued by Dycom Investments, Inc. (the “Issuer”) in fiscal 2011 as further discussed in Note 10. The following condensed consolidating financial statements present, in separate columns, financial information for (i) Dycom Industries, Inc. (“Parent”) on a parent only basis, (ii) the Issuer, (iii) the guarantor subsidiaries for the 2021 Notes on a combined basis, (iv) other non-guarantor subsidiaries on a combined basis, (v) the eliminations and reclassifications necessary to arrive at the information for the Company on a consolidated basis, and (vi) the Company on a consolidated basis. The condensed consolidating financial statements are presented in accordance with the equity method. Under this method, the investments in subsidiaries are recorded at cost and adjusted for the Company’s share of subsidiaries’ cumulative results of operations, capital contributions, distributions and other equity changes. Intercompany charges (income) between the Parent and subsidiaries are recognized in the condensed consolidating financial statements during the period incurred and the settlement of intercompany balances is reflected in the condensed consolidating statement of cash flows based on the nature of the underlying transactions.
 
Each guarantor and non-guarantor subsidiary is wholly-owned, directly or indirectly, by the Issuer and the Parent. The Notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary and Parent. There are no contractual restrictions limiting transfers of cash from guarantor and non-guarantor subsidiaries to Issuer or Parent, within the meaning of Rule 3-10 of Regulation S-X.
 
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
OCTOBER 29, 2011
                    
   
Parent
  
Issuer
  
Subsidiary Guarantors
  
Non-Guarantor Subsidiaries
  
Eliminations and Reclassifications
  
Dycom Consolidated
 
   
(Dollars in thousands)
 
ASSETS
                  
CURRENT ASSETS:
                  
Cash and equivalents
 $-  $-  $51,262  $50  $-  $51,312 
Accounts receivable, net
  -   -   137,254   3,238   -   140,492 
Costs and estimated earnings in excess of billings
  -   -   99,058   2,368   -   101,426 
Inventories
  -   -   25,660   56   -   25,716 
Deferred tax assets, net
  1,458   -   14,610   168   (265)  15,971 
Income taxes receivable
  3,493   -   -   -   -   3,493 
Other current assets
  5,570   51   4,877   742   -   11,240 
Total current assets
  10,521   51   332,721   6,622   (265)  349,650 
                          
PROPERTY AND EQUIPMENT, NET
  9,206   -   117,931   21,029   (550)  147,616 
GOODWILL
  -   -   174,849   -   -   174,849 
INTANGIBLE ASSETS, NET
  -   -   54,589   -   -   54,589 
DEFERRED TAX ASSETS, NET NON-CURRENT
  -   54   8,067   178   (8,299)  - 
INVESTMENT IN SUBSIDIARIES
  708,038   1,393,445   -   -   (2,101,483)  - 
INTERCOMPANY RECEIVABLES
  -   -   857,200   744   (857,944)  - 
OTHER
  6,319   4,652   1,966   266   -   13,203 
TOTAL NON-CURRENT ASSETS
  723,563   1,398,151   1,214,602   22,217   (2,968,276)  390,257 
TOTAL
 $734,084  $1,398,202  $1,547,323  $28,839  $(2,968,541) $739,907 
                          
 LIABILITIES AND STOCKHOLDERS' EQUITY
 
                     
                          
CURRENT LIABILITIES:
                        
Accounts payable
 $150  $-  $35,673  $388  $-  $36,211 
Current portion of debt
  -   -   177   -   -   177 
Billings in excess of costs and estimated earnings
  -   -   456   -   -   456 
Accrued insurance claims
  607   -   24,966   86   -   25,659 
Deferred tax liabilities
  -   193   4   68   (265)  - 
Other accrued liabilities
  2,468   3,975   43,463   1,390   -   51,296 
Total current liabilities
  3,225   4,168   104,739   1,932   (265)  113,799 
                          
LONG-TERM DEBT
  -   187,500   55   -   -   187,555 
ACCRUED INSURANCE CLAIMS
  726   -   23,402   75   -   24,203 
DEFERRED TAX LIABILITIES, NET NON-CURRENT
  737   -   48,502   2,539   (8,299)  43,479 
INTERCOMPANY PAYABLES
  359,459   498,496   -   -   (857,955)  - 
OTHER LIABILITIES
  2,770   -   930   4   -   3,704 
Total liabilities
  366,917   690,164   177,628   4,550   (866,519)  372,740 
Total stockholders' equity
  367,167   708,038   1,369,695   24,289   (2,102,022)  367,167 
TOTAL
 $734,084  $1,398,202  $1,547,323  $28,839  $(2,968,541) $739,907 
                          
 
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
JULY 30, 2011
                    
   
Parent
  
Issuer
  
Subsidiary Guarantors
  
Non-Guarantor Subsidiaries
  
Eliminations and Reclassifications
  
Dycom Consolidated
 
   
(Dollars in thousands)
 
ASSETS
                  
CURRENT ASSETS:
                  
Cash and equivalents
 $-  $-  $44,608  $158  $-  $44,766 
Accounts receivable, net
  -   -   136,168   2,384   -   138,552 
Costs and estimated earnings in excess of billings
  -   -   89,120   1,735   -   90,855 
Inventories
  -   -   20,488   70   -   20,558 
Deferred tax assets, net
  1,458   -   14,596   168   (265)  15,957 
Income taxes receivable
  8,685   -   -   -   -   8,685 
Other current assets
  2,492   9   7,505   932   -   10,938 
Total current assets
  12,635   9   312,485   5,447   (265)  330,311 
                          
PROPERTY AND EQUIPMENT, NET
  8,880   -   119,722   21,399   (562)  149,439 
GOODWILL
  -   -   174,849   -   -   174,849 
INTANGIBLE ASSETS, NET
  -   -   56,279   -   -   56,279 
DEFERRED TAX ASSETS, NET NON-CURRENT
  -   54   8,067   179   (8,300)  - 
INVESTMENT IN SUBSIDIARIES
  695,073   1,373,992   -   -   (2,069,065)  - 
INTERCOMPANY RECEIVABLES
  -   -   859,629   -   (859,629)  - 
OTHER
  6,924   4,745   1,907   301   -   13,877 
TOTAL NON-CURRENT ASSETS
  710,877   1,378,791   1,220,453   21,879   (2,937,556)  394,444 
TOTAL
 $723,512  $1,378,800  $1,532,938  $27,326  $(2,937,821) $724,755 
                          
 LIABILITIES AND STOCKHOLDERS' EQUITY                      
                          
CURRENT LIABILITIES:
                        
Accounts payable
 $159  $-  $38,847  $393  $-  $39,399 
Current portion of debt
  -   -   232   -   -   232 
Billings in excess of costs and estimated earnings
  -   -   749   -   -   749 
Accrued insurance claims
  606   -   25,413   73   -   26,092 
Deferred tax liabilities
  -   193   4   68   (265)  - 
Other accrued liabilities
  5,651   1,106   43,340   1,944   -   52,041 
Total current liabilities
  6,416   1,299   108,585   2,478   (265)  118,513 
                          
LONG-TERM DEBT
  -   187,500   74   -   -   187,574 
ACCRUED INSURANCE CLAIMS
  716   -   22,569   59   -   23,344 
DEFERRED TAX LIABILITIES, NET NON-CURRENT
  737   -   45,123   2,363   (8,300)  39,923 
INTERCOMPANY PAYABLES
  361,067   494,928   -   3,646   (859,641)  - 
OTHER LIABILITIES
  2,725   -   820   5   -   3,550 
Total liabilities
  371,661   683,727   177,171   8,551   (868,206)  372,904 
Total stockholders' equity
  351,851   695,073   1,355,767   18,775   (2,069,615)  351,851 
TOTAL
 $723,512  $1,378,800  $1,532,938  $27,326  $(2,937,821) $724,755 
                          
 
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED OCTOBER 29, 2011
                    
   
Parent
  
Issuer
  
Subsidiary Guarantors
  
Non-Guarantor Subsidiaries
  
Eliminations and Reclassifications
  
Dycom Consolidated
 
   
(Dollars in thousands)
 
REVENUES:
                  
Contract revenues
 $-  $-  $313,818  $5,757  $-  $319,575 
                          
EXPENSES:
                        
Costs of earned revenues, excluding depreciation and amortization
  -   -   250,893   4,294   -   255,187 
General and administrative
  6,407   147   16,404   2,400   -   25,358 
Depreciation and amortization
  787   -   13,861   1,322   (12)  15,958 
Intercompany charges (income), net
  (7,964)  -   7,496   468   -   - 
Total
  (770)  147   288,654   8,484   (12)  296,503 
                          
Interest income
  -   -   17   -   -   17 
Interest expense
  (770)  (3,414)  (6)  -   -   (4,190)
Other income, net
  -   -   3,061   (102)  -   2,959 
                          
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES
  -   (3,561)  28,236   (2,829)  12   21,858 
                          
PROVISION (BENEFIT) FOR INCOME TAXES
  -   (1,440)  11,476   (1,144)  -   8,892 
                          
NET INCOME (LOSS)  BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES
  -   (2,121)  16,760   (1,685)  12   12,966 
                          
EQUITY IN EARNINGS OF SUBSIDIARIES
  12,966   15,087   -   -   (28,053)  - 
                          
NET INCOME (LOSS)
 $12,966  $12,966  $16,760  $(1,685) $(28,041) $12,966 
                          
 
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED OCTOBER 30, 2010
                    
   
Parent
  
Issuer
  
Subsidiary Guarantors
  
Non-Guarantor Subsidiaries
  
Eliminations and Reclassifications
  
Dycom Consolidated
 
   
(Dollars in thousands)
 
REVENUES:
                  
Contract revenues
 $-  $-  $259,168  $2,416  $-  $261,584 
                          
EXPENSES:
                        
Costs of earned revenues, excluding depreciation and amortization
  -   -   207,107   2,215   -   209,322 
General and administrative
  5,257   136   15,308   2,124   -   22,825 
Depreciation and amortization
  778   -   13,646   1,203   (11)  15,616 
Intercompany charges (income), net
  (6,900)  -   6,823   77   -   - 
Total
  (865)  136   242,884   5,619   (11)  247,763 
                          
Interest income
  -   -   28   -   -   28 
Interest expense
  (865)  (2,840)  (2)  -   -   (3,707)
Other income, net
  -   -   1,761   (4)  -   1,757 
                          
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS (LOSSES) OF SUBSIDIARIES
  -   (2,976)  18,071   (3,207)  11   11,899 
                          
PROVISION (BENEFIT) FOR INCOME TAXES
  -   (1,274)  7,799   (1,373)  -   5,152 
                          
NET INCOME (LOSS)  BEFORE EQUITY IN EARNINGS (LOSSES) OF SUBSIDIARIES
  -   (1,702)  10,272   (1,834)  11   6,747 
                          
EQUITY IN EARNINGS OF SUBSIDIARIES
  6,747   8,449   -   -   (15,196)  - 
                          
NET INCOME (LOSS)
 $6,747  $6,747  $10,272  $(1,834) $(15,185) $6,747 
                          
 
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED OCTOBER 29, 2011
                    
   
Parent
  
Issuer
  
Subsidiary Guarantors
  
Non-Guarantor Subsidiaries
  
Eliminations and Reclassifications
  
Dycom Consolidated
 
   
(Dollars in thousands)
 
                    
Net cash provided by (used in) operating activities
 $(4,705) $798  $24,882  $(1,542) $-  $19,433 
                          
Cash flows from investing activities:
                        
Capital expenditures
  (1,257)  -   (18,144)  (1,456)  -   (20,857)
Proceeds from sale of assets
  -   -   6,401   16   -   6,417 
Changes in restricted cash
  550   -   -   -   -   550 
Capital contributions to subsidiaries
  -   3,867   -   -   (3,867)  - 
Net cash provided by (used in) investing activities
  (707)  3,867   (11,743)  (1,440)  (3,867)  (13,890)
                          
Cash flows from financing activities:
                        
Principal payments on capital lease obligations
  -   -   (75)  -   -   (75)
Exercise of stock options and other
  940   -   -   -   -   940 
Restricted stock tax withholdings
  (37)  -   -   -   -   (37)
Intercompany funding
  4,334   (4,665)  (6,410)  2,874   3,867   - 
Excess tax benefit from share-based awards
  175   -   -   -   -   175 
Net cash provided by (used in) financing activities
  5,412   (4,665)  (6,485)  2,874   3,867   1,003 
                          
Net increase (decrease) in cash and equivalents
  -   -   6,654   (108)  -   6,546 
                          
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD
  -   -   44,608   158   -   44,766 
                          
CASH AND EQUIVALENTS AT END OF PERIOD
 $-  $-  $51,262  $50  $-  $51,312 
                          
 
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED OCTOBER 30, 2010
                    
   
Parent
  
Issuer
  
Subsidiary Guarantors
  
Non-Guarantor Subsidiaries
  
Eliminations and Reclassifications
  
Dycom Consolidated
 
   
(Dollars in thousands)
 
                         
Net cash provided by (used in) operating activities
 $(2,057) $(4,216) $26,453  $(1,114) $-  $19,066 
                          
Cash flows from investing activities:
                        
Capital expenditures
  (274)  -   (11,984)  (1,191)  -   (13,449)
Proceeds from sale of assets
  -   -   2,068   5   -   2,073 
Changes in restricted cash
  25   -   -   -   -   25 
Capital contributions to subsidiaries
  -   (2,455)  -   -   2,455   - 
Net used in investing activities
  (249)  (2,455)  (9,916)  (1,186)  2,455   (11,351)
                          
Cash flows from financing activities:
                        
Repurchases of common stock
  (31,036)  -   -   -   -   (31,036)
Principal payments on long-term debt
  -   -   (29)  -   -   (29)
Debt issuance costs
  (29)  -   -   -   -   (29)
Exercise of stock options and other
  19   -   -   -   -   19 
Intercompany funding
  33,352   6,671   (39,742)  2,174   (2,455)  - 
Net cash provided by (used in) financing activities
  2,306   6,671   (39,771)  2,174   (2,455)  (31,075)
                          
Net decrease in cash and equivalents
  -   -   (23,234)  (126)  -   (23,360)
                          
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD
  -   -   102,858   462   -   103,320 
                          
CASH AND EQUIVALENTS AT END OF PERIOD
 $-  $-  $79,624  $336  $-  $79,960