DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
JANUARY 28, 2012

	Parent		Issuer		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
ASSETS
CURRENT ASSETS:
Cash and equivalents	$	-	$	-	$	85,313	$	882	$	-		$	86,195
Accounts receivable, net		-		-		100,379		2,319		-			102,698
Costs and estimated earnings in excess of billings		-		-		82,490		1,003		-			83,493
Inventories		-		-		30,217		46		-			30,263
Deferred tax assets, net		1,132		-		14,361		165		(265	)		15,393
Income taxes receivable		4,437		-		-		-		-			4,437
Other current assets		7,139		37		4,827		638		-			12,641
Total current assets		12,708		37		317,587		5,053		(265	)		335,120

PROPERTY AND EQUIPMENT, NET		8,970		-		127,002		20,893		(550	)		156,315
GOODWILL		-		-		174,849		-		-			174,849
INTANGIBLE ASSETS, NET		-		-		52,972		-		-			52,972
DEFERRED TAX ASSETS, NET NON-CURRENT		-		54		8,067		179		(8,300	)		-
INVESTMENT IN SUBSIDIARIES		711,523		1,402,334		-		-		(2,113,857	)		-
INTERCOMPANY RECEIVABLES		-		-		856,532		3,084		(859,616	)		-
OTHER		6,081		4,549		1,986		230		-			12,846
TOTAL NON-CURRENT ASSETS		726,574		1,406,937		1,221,408		24,386		(2,982,323	)		396,982
TOTAL ASSETS	$	739,282	$	1,406,974	$	1,538,995	$	29,439	$	(2,982,588	)	$	732,102

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable	$	2,550	$	-	$	28,809	$	243	$	-		$	31,602
Current portion of debt		-		-		167		-		-			167
Billings in excess of costs and estimated earnings		-		-		1,307		-		-			1,307
Accrued insurance claims		622		-		24,300		77		-			24,999
Deferred tax liabilities		-		193		4		68		(265	)		-
Other accrued liabilities		3,333		739		35,766		1,517		-			41,355
Total current liabilities		6,505		932		90,353		1,905		(265	)		99,430

LONG-TERM DEBT		-		187,500		-		-		-			187,500
ACCRUED INSURANCE CLAIMS		728		-		21,857		57		-			22,642
DEFERRED TAX LIABILITIES, NET NON-CURRENT		737		-		48,594		1,852		(8,300	)		42,883
INTERCOMPANY PAYABLES		352,609		507,019		-		-		(859,628	)		-
OTHER LIABILITIES		2,808		-		939		5		-			3,752
Total liabilities		363,387		695,451		161,743		3,819		(868,193	)		356,207
Total stockholders' equity		375,895		711,523		1,377,252		25,620		(2,114,395	)		375,895
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	739,282	$	1,406,974	$	1,538,995	$	29,439	$	(2,982,588	)	$	732,102

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 ASSETS	$	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 LIABILITIES AND STOCKHOLDERS' EQUITY	$	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 JANUARY 28, 2012

	Parent			Issuer			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract revenues	$	-		$	-		$	264,275		$	3,132		$	-		$	267,407

EXPENSES:
Costs of earned revenues, excluding depreciation and amortization		-			-			217,730			2,509			-			220,239
General and administrative		6,171			148			15,429			2,527			-			24,275
Depreciation and amortization		768			-			13,692			1,068			-			15,528
Intercompany charges (income), net		(7,701	)		-			7,548			153			-			-
Total		(762	)		148			254,399			6,257			-			260,042

Interest income		-			-			8			-			-			8
Interest expense		(768	)		(3,413	)		(4	)		-			-			(4,185	)
Other income (expense), net		6			-			2,352			(1	)		-			2,357

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES		-			(3,561	)		12,232			(3,126	)		-			5,545

PROVISION (BENEFIT) FOR INCOME TAXES		-			(1,392	)		4,675			(1,223	)		-			2,060

NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES		-			(2,169	)		7,557			(1,903	)		-			3,485

EQUITY IN EARNINGS OF SUBSIDIARIES		3,485			5,654			-			-			(9,139	)		-

NET INCOME (LOSS)	$	3,485		$	3,485		$	7,557		$	(1,903	)	$	(9,139	)	$	3,485

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JANUARY 28, 2012

	Parent			Issuer			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract revenues	$	-		$	-		$	578,092		$	8,889		$	-		$	586,981

EXPENSES:
Costs of earned revenues, excluding depreciation and amortization		-			-			468,623			6,803			-			475,426
General and administrative		12,578			295			31,832			4,928			-			49,633
Depreciation and amortization		1,556			-			27,552			2,390			(12	)		31,486
Intercompany charges (income), net		(15,666	)		-			15,044			622			-			-
Total		(1,532	)		295			543,051			14,743			(12	)		556,545

Interest income		-			-			25			-			-			25
Interest expense		(1,538	)		(6,827	)		(10	)		-			-			(8,375	)
Other income (expense), net		6			-			5,413			(102	)		-			5,317

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES		-			(7,122	)		40,469			(5,956	)		12			27,403

PROVISION (BENEFIT) FOR INCOME TAXES		-			(2,832	)		16,151			(2,367	)		-			10,952

NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES		-			(4,290	)		24,318			(3,589	)		12			16,451

EQUITY IN EARNINGS OF SUBSIDIARIES		16,451			20,741			-			-			(37,192	)		-

NET INCOME (LOSS)	$	16,451		$	16,451		$	24,318		$	(3,589	)	$	(37,180	)	$	16,451

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED JANUARY 29, 2011

	Parent			Issuer			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract revenues	$	-		$	-		$	216,162		$	2,041		$	-		$	218,203

EXPENSES:
Costs of earned revenues, excluding depreciation and amortization		-			-			179,705			1,916			-			181,621
General and administrative		5,011			137			14,866			1,821			-			21,835
Depreciation and amortization		785			-			13,701			1,312			(11	)		15,787
Intercompany charges (income), net		(6,600	)		-			6,520			80			-			-
Total		(804	)		137			214,792			5,129			(11	)		219,243

Interest income		-			-			34			-			-			34
Interest expense		(804	)		(2,963	)		(6	)		-			-			(3,773	)
Loss on debt extinguishment		-			(5,738	)		-			-			-			(5,738	)
Other income, net		-			-			2,207			-			-			2,207

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN LOSSES OF SUBSIDIARIES		-			(8,838	)		3,605			(3,088	)		11			(8,310	)

PROVISION (BENEFIT) FOR INCOME TAXES		-			(4,896	)		3,596			(1,916	)		-			(3,216	)

NET INCOME (LOSS) BEFORE EQUITY IN LOSSES OF SUBSIDIARIES		-			(3,942	)		9			(1,172	)		11			(5,094	)

EQUITY IN LOSSES OF SUBSIDIARIES		(5,094	)		(1,152	)		-			-			6,246			-


NET INCOME (LOSS)	$	(5,094	)	$	(5,094	)	$	9		$	(1,172	)	$	6,257		$	(5,094	)

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JANUARY 29, 2011

	Parent			Issuer			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract revenues	$	-		$	-		$	475,330		$	4,457		$	-		$	479,787

EXPENSES:
Costs of earned revenues, excluding depreciation and amortization		-			-			386,812			4,131			-			390,943
General and administrative		10,268			272			30,175			3,945			-			44,660
Depreciation and amortization		1,564			-			27,346			2,515			(22	)		31,403
Intercompany charges (income), net		(13,502	)		-			13,345			157			-			-
Total		(1,670	)		272			457,678			10,748			(22	)		467,006

Interest income		-			-			63			-			-			63
Interest expense		(1,670	)		(5,802	)		(9	)		-			-			(7,481	)
Loss on debt extinguishment		-			(5,738	)		-			-			-			(5,738	)
Other income, net		-			-			3,968			(4	)		-			3,964

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS (LOSSES) OF SUBSIDIARIES		-			(11,812	)		21,674			(6,295	)		22			3,589

PROVISION (BENEFIT) FOR INCOME TAXES		-			(6,171	)		11,396			(3,289	)		-			1,936

NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS (LOSSES) OF SUBSIDIARIES		-			(5,641	)		10,278			(3,006	)		22			1,653

EQUITY IN EARNINGS (LOSSES) OF SUBSIDIARIES		1,653			7,294			-			-			(8,947	)		-


NET INCOME (LOSS)	$	1,653		$	1,653		$	10,278		$	(3,006	)	$	(8,925	)	$	1,653

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JANUARY 28, 2012

	Parent			Issuer			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)

Net cash provided by (used in) operating activities	$	(1,992	)	$	(4,490	)	$	78,123		$	(790	)	$	-		$	70,851

Cash flows from investing activities:
Capital expenditures		(1,723	)		-			(39,406	)		(2,309	)		-			(43,438	)
Proceeds from sale of assets		-			-			8,908			34			-			8,942
Changes in restricted cash		550			-			-			-			-			550
Capital contributions to subsidiaries		-			6,501			-			-			(6,501	)		-
Net cash provided by (used in) investing activities		(1,173	)		6,501			(30,498	)		(2,275	)		(6,501	)		(33,946	)

Cash flows from financing activities:
Principal payments on capital lease obligations		-			-			(140	)		-			-			(140	)
Exercise of stock options and other		4,013			-			-			-			-			4,013
Restricted stock tax withholdings		(328	)		-			-			-			-			(328	)
Excess tax benefit from share-based awards		979			-			-			-			-			979
Intercompany funding		(1,499	)		(2,011	)		(6,780	)		3,789			6,501			-
Net cash provided by (used in) financing activities		3,165			(2,011	)		(6,920	)		3,789			6,501			4,524

Net increase in cash and equivalents		-			-			40,705			724			-			41,429

CASH AND EQUIVALENTS AT BEGINNING OF PERIOD		-			-			44,608			158			-			44,766

CASH AND EQUIVALENTS AT END OF PERIOD	$	-		$	-		$	85,313		$	882		$	-		$	86,195

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JANUARY 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	$	(252	)	$	(5,163	)	$	54,841		$	(1,870	)	$	-		$	47,556

Cash flows from investing activities:
Capital expenditures		(494	)		-			(18,391	)		(2,362	)		-			(21,247	)
Proceeds from sale of assets		-			-			5,499			55			-			5,554
Cash paid for acquisitions		-			(27,500	)		(9,000	)		-			-			(36,500	)
Changes in restricted cash		25			-			-			-			-			25
Capital contributions to subsidiaries		-			(19,574	)		-			-			19,574			-
Net used in investing activities		(469	)		(47,074	)		(21,892	)		(2,307	)		19,574			(52,168	)

Cash flows from financing activities:
Proceeds from long-term debt		-			187,500			-			-			-			187,500
Principal payments on long-term debt		-			(86,960	)		(141	)		-			-			(87,101	)
Debt issuance costs		(422	)		(3,933	)		-			-			-			(4,355	)
Repurchases of common stock		(34,239	)		-			-			-			-			(34,239	)
Exercise of stock options and other		506			-			-			-			-			506
Restricted stock tax withholdings		(196	)		-			-			-			-			(196	)
Excess tax benefit from share-based awards		180			-			-			-			-			180
Intercompany funding		34,892			(44,370	)		24,742			4,310			(19,574	)		-
Net cash provided by financing activities		721			52,237			24,601			4,310			(19,574	)		62,295

Net increase in cash and equivalents		-			-			57,550			133			-			57,683

CASH AND EQUIVALENTS AT BEGINNING OF PERIOD		-			-			102,858			462			-			103,320

CASH AND EQUIVALENTS AT END OF PERIOD	$	-		$	-		$	160,408		$	595		$	-		$	161,003