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

	Parent		Issuer		Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
ASSETS
CURRENT ASSETS:
Cash and equivalents	$	-	$	-	$	65,353	$	1,357	$	-		$	66,710
Accounts receivable, net		-		-		120,286		1,352		-			121,638
Costs and estimated earnings in excess of billings		-		-		104,797		1,077		-			105,874
Inventories		-		-		29,795		-		-			29,795
Deferred tax assets, net		1,148		-		14,604		165		(264	)		15,653
Income taxes receivable		867		-		-		-		-			867
Other current assets		4,603		23		6,675		977		-			12,278
Total current assets		6,618		23		341,510		4,928		(264	)		352,815

PROPERTY AND EQUIPMENT, NET		8,614		-		130,795		15,627		-			155,036
GOODWILL		-		-		174,849		-		-			174,849
INTANGIBLE ASSETS, NET		-		-		51,364		-		-			51,364
DEFERRED TAX ASSETS, NET NON-CURRENT		-		54		8,067		179		(8,300	)		-
INVESTMENT IN SUBSIDIARIES		721,169		1,410,015		-		-		(2,131,184	)		-
INTERCOMPANY RECEIVABLES		-		-		852,758		2,464		(855,222	)		-
OTHER		6,353		4,444		1,989		195		-			12,981
TOTAL NON-CURRENT ASSETS		736,136		1,414,513		1,219,822		18,465		(2,994,706	)		394,230
TOTAL ASSETS	$	742,754	$	1,414,536	$	1,561,332	$	23,393	$	(2,994,970	)	$	747,045

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	276	$	-	$	32,260	$	751	$	-		$	33,287
Current portion of debt		-		-		121		-		-			121
Billings in excess of costs and estimated earnings		-		-		979		-		-			979
Accrued insurance claims		635		-		24,388		100		-			25,123
Deferred tax liabilities		-		191		3		70		(264	)		-
Other accrued liabilities		5,426		4,164		40,316		1,388		-			51,294
Total current liabilities		6,337		4,355		98,067		2,309		(264	)		110,804

LONG-TERM DEBT		-		187,500		-		-		-			187,500
ACCRUED INSURANCE CLAIMS		715		-		21,741		90		-			22,546
DEFERRED TAX LIABILITIES, NET NON-CURRENT		737		-		49,864		1,710		(8,300	)		44,011
INTERCOMPANY PAYABLES		353,710		501,512		-		-		(855,222	)		-
OTHER LIABILITIES		2,869		-		926		3		-			3,798
Total liabilities		364,368		693,367		170,598		4,112		(863,786	)		368,659
Total stockholders' equity		378,386		721,169		1,390,734		19,281		(2,131,184	)		378,386
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	742,754	$	1,414,536	$	1,561,332	$	23,393	$	(2,994,970	)	$	747,045

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 APRIL 28, 2012

	Parent			Issuer			Subsidiary Guarantors		Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract Revenues	$	-		$	-		$	293,521	$	2,582		$	-		$	296,103

EXPENSES:
Costs of earned revenues, excluding depreciation and amortization		-			-			239,251		2,135			-			241,386
General and administrative		7,476			128			16,899		2,453			-			26,956
Depreciation and amortization		792			-			13,637		1,132			-			15,561
Intercompany charges (income), net		(9,016	)		-			8,906		110			-			-
Total		(748	)		128			278,693		5,830			-			283,903

Interest income (expense), net		(764	)		(3,416	)		2		-			-			(4,178	)
Other income, net		16			-			7,001		610			-			7,627

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES		-			(3,544	)		21,831		(2,638	)		-			15,649

PROVISION (BENEFIT) FOR INCOME TAXES		-			(1,349	)		8,350		(997	)		-			6,004

NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES		-			(2,195	)		13,481		(1,641	)		-			9,645

EQUITY IN EARNINGS OF SUBSIDIARIES		9,645			11,840			-		-			(21,485	)		-

NET INCOME (LOSS)	$	9,645		$	9,645		$	13,481	$	(1,641	)	$	(21,485	)	$	9,645

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

	Parent			Issuer			Subsidiary Guarantors		Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract Revenues	$	-		$	-		$	871,613	$	11,472		$	-		$	883,085

EXPENSES:
Costs of earned revenues, excluding depreciation and amortization		-			-			707,874		8,938			-			716,812
General and administrative		20,054			423			48,731		7,381			-			76,589
Depreciation and amortization		2,347			-			41,190		3,522			(12	)		47,047
Intercompany charges (income), net		(24,682	)		-			23,950		732			-			-
Total		(2,281	)		423			821,745		20,573			(12	)		840,448

Interest income (expense), net		(2,303	)		(10,243	)		18		-						(12,528	)
Other income, net		22			-			12,415		506			-			12,943

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES		-			(10,666	)		62,301		(8,595	)		12			43,052

PROVISION (BENEFIT) FOR INCOME TAXES		-			(4,181	)		24,500		(3,363	)		-			16,956

NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES		-			(6,485	)		37,801		(5,232	)		12			26,096

EQUITY IN EARNINGS OF SUBSIDIARIES		26,096			32,581			-		-			(58,677	)		-

NET INCOME (LOSS)	$	26,096		$	26,096		$	37,801	$	(5,232	)	$	(58,665	)	$	26,096

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED APRIL 30, 2011

	Parent			Issuer			Subsidiary Guarantors		Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract Revenues	$	-		$	-		$	250,533	$	1,830		$	-		$	252,363

EXPENSES:
Costs of earned revenues, excluding depreciation and amortization		-			-			205,221		1,824			-			207,045
General and administrative		5,702			196			15,829		1,951			-			23,678
Depreciation and amortization		815			-			13,356		1,331			(11	)		15,491
Intercompany charges (income), net		(7,291	)		-			7,202		65			24			-
Total		(774	)		196			241,608		5,171			13			246,214

Interest income (expense), net		(774	)		(3,640	)		19		-			-			(4,395	)
Loss on debt extinguishment		-			(2,557	)		-		-			-			(2,557	)
Other income, net		-			-			3,437		63			-			3,500

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES		-			(6,393	)		12,381		(3,278	)		(13	)		2,697

PROVISION (BENEFIT) FOR INCOME TAXES		-			(2,912	)		5,608		(1,488	)		-			1,208

NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES		-			(3,481	)		6,773		(1,790	)		(13	)		1,489

EQUITY IN EARNINGS OF SUBSIDIARIES		1,489			4,970			-		-			(6,459	)		-

NET INCOME (LOSS)	$	1,489		$	1,489		$	6,773	$	(1,790	)	$	(6,472	)	$	1,489

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE NINE MONTHS ENDED APRIL 30, 2011

	Parent			Issuer			Subsidiary Guarantors		Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract Revenues	$	-		$	-		$	725,863	$	6,287		$	-		$	732,150

EXPENSES:
Costs of earned revenues, excluding depreciation and amortization		-			-			592,033		5,954			-			597,987
General and administrative		15,970			467			46,005		5,896			-			68,338
Depreciation and amortization		2,379			-			40,703		3,846			(34	)		46,894
Intercompany charges (income), net		(20,793	)		-			20,547		223			23			-
Total		(2,444	)		467			699,288		15,919			(11	)		713,219

Interest income (expense), net		(2,444	)		(9,442	)		73		-			-			(11,813	)
Loss on debt extinguishment		-			(8,296	)		-		-			-			(8,296	)
Other income, net		-			-			7,405		59			-			7,464

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES		-			(18,205	)		34,053		(9,573	)		11			6,286

PROVISION (BENEFIT) FOR INCOME TAXES		-			(9,083	)		17,004		(4,777	)		-			3,144

NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES		-			(9,122	)		17,049		(4,796	)		11			3,142

EQUITY IN EARNINGS OF SUBSIDIARIES		3,142			12,264			-		-			(15,406	)		-

NET INCOME (LOSS)	$	3,142		$	3,142		$	17,049	$	(4,796	)	$	(15,395	)	$	3,142

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED APRIL 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	$	734		$	(3,178	)	$	71,636		$	(739	)	$	-		$	68,453

Cash flows from investing activities:
Capital expenditures		(2,411	)		-			(56,832	)		(3,547	)		-			(62,790	)
Proceeds from sale of assets		-			-			14,980			5,548			-			20,528
Changes in restricted cash		550			-			-			-			-			550
Capital contributions to subsidiaries		-			6,088			-			-			(6,088	)		-
Net cash provided by (used in) investing activities		(1,861	)		6,088			(41,852	)		2,001			(6,088	)		(41,712	)

Cash flows from financing activities:
Principal payments on long-term debt		-			-			(186	)		-			-			(186	)
Repurchases of common stock		(10,942	)		-			-			-			-			(10,942	)
Exercise of stock options and other		5,299			-			-			-			-			5,299
Restricted stock tax withholdings		(329	)		-			-			-			-			(329	)
Intercompany funding		5,738			(2,910	)		(8,853	)		(63	)		6,088			-
Excess tax benefit from share-based awards		1,361			-			-			-			-			1,361
Net cash provided by (used in) financing activities		1,127			(2,910	)		(9,039	)		(63	)		6,088			(4,797	)

Net increase in cash and equivalents		-			-			20,745			1,199			-			21,944

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

CASH AND EQUIVALENTS AT END OF PERIOD	$	-		$	-		$	65,353		$	1,357		$	-		$	66,710

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED APRIL 30, 2011

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

Net cash provided by (used in) operating activities	$	2,640		$	(5,719	)	$	58,167		$	(2,975	)	$	(23	)	$	52,090

Cash flows from investing activities:
Capital expenditures		(1,277	)		-			(27,641	)		(3,360	)		23			(32,255	)
Proceeds from sale of assets		-			-			9,550			140			-			9,690
Cash paid for acquisitions		-			(27,500	)		(9,000	)		-			-			(36,500	)
Changes in restricted cash		25			-			191			-			-			216
Capital contributions to subsidiaries		-			(21,614	)		-			-			21,614			-
Net cash used in investing activities		(1,252	)		(49,114	)		(26,900	)		(3,220	)		21,637			(58,849	)

Cash flows from financing activities:
Proceeds from long-term debt		-			187,500			-			-			-			187,500
Principal payments on long-term debt		-			(135,350	)		(317	)		-			-			(135,667	)
Debt issuance costs		(456	)		(4,649	)		-			-			-			(5,105	)
Repurchases of common stock		(55,491	)		-			-			-			-			(55,491	)
Exercise of stock options and other		1,174			-			-			-			-			1,174
Restricted stock tax withholdings		(196	)		-			-			-			-			(196	)
Excess tax benefit from share-based awards		251			-			-			-			-			251
Intercompany funding		53,330			7,332			(45,329	)		6,281			(21,614	)		-
Net cash provided by (used in) financing activities		(1,388	)		54,833			(45,646	)		6,281			(21,614	)		(7,534	)

Net increase (decrease) in cash and equivalents		-			-			(14,379	)		86			-			(14,293	)

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

CASH AND EQUIVALENTS AT END OF PERIOD	$	-		$	-		$	88,479		$	548		$	-		$	89,027