-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q4UEtq0NXovPw79oK1fRqmg3iZJgUN+Xr1ZfpAHnJtb8UvVarPaa/GBMymRTQoJf OBVFpl8KMDkISbHUl72ABg== 0000947871-02-000373.txt : 20020414 0000947871-02-000373.hdr.sgml : 20020414 ACCESSION NUMBER: 0000947871-02-000373 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020219 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DYCOM INDUSTRIES INC CENTRAL INDEX KEY: 0000067215 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 591277135 STATE OF INCORPORATION: FL FISCAL YEAR END: 0729 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10613 FILM NUMBER: 02553135 BUSINESS ADDRESS: STREET 1: 4440 PGA BLVD. STE 500 STREET 2: FIRST UNION CENTER CITY: PALM BEACH GARDENS STATE: FL ZIP: 33410 BUSINESS PHONE: 5616277171 MAIL ADDRESS: STREET 1: P O BOX 3524 STREET 2: SUITE 860 CITY: WEST PALM BEACH STATE: FL ZIP: 33402 FORMER COMPANY: FORMER CONFORMED NAME: MOBILE HOME DYNAMICS INC DATE OF NAME CHANGE: 19820302 8-K 1 f8k_021902.txt CURRENT REPORT 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): February 18, 2002 DYCOM INDUSTRIES, INC. (Exact name of registrant as specified in charter) FLORIDA 0-5423 59-1277135 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 4440 PGA Boulevard, Palm Beach Gardens, Florida 33410 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (561) 627-7171 Item 5. Other Events. - ------ On Monday, February 18, 2002, Dycom Industries, Inc. issued a press release announcing its earnings for the second quarter ended Janaury 26, 2002. The press release is attached hereto as Exhibit 99.1 and incorporated by reference herein in its entirety. Item 7. Financial Statements and Exhibits. - ------ (c) Exhibits. Exhibit No. Description - ----------- -------------- 99.1 Press Release, dated February 18, 2002. 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 hereunto duly authorized. DYCOM INDUSTRIES, INC. By /s/ Steven E. Nielsen -------------------------- Name: Steven E. Nielsen Title: President and Chief Executive Officer Date: Feburary 19, 2002 EXHIBIT INDEX Exhibit No. Description - ----------- -------------- 99.1 Press Release, dated February 18, 2002. EX-99.H 3 ex99-1.txt Dycom Announces Fiscal 2002 Second Quarter Earnings PALM BEACH GARDENS, Fla., Feb. 18 /PRNewswire-FirstCall/ -- Dycom Industries, Inc. (NYSE: DY - news) announced its earnings today for the second quarter ended January 26, 2002. The Company reported net income for the second quarter ended January 26, 2002 of $5.0 million, or $0.12 per common share diluted, on total contract revenues of $138.3 million as compared to net income of $13.1 million, or $0.31 per common share diluted, on total contract revenues of $195.8 million for the corresponding period ended January 27, 2001. These results represent a year over year decrease of 61.3% in earnings per common share diluted and a decrease of 29.4% in total contract revenues. For the six months ended January 26, 2002, net income was $13.0 million, or $0.30 per common share diluted, on total contract revenues of $306.1 million as compared to net income of $34.7 million, or $0.81 per common share diluted, on total contract revenues of $430.5 million for the corresponding period ended January 27, 2001. These results represent a year over year decrease of 62.9% in earnings per common share diluted and a decrease of 28.9% in total contract revenues. The Company adopted accounting standard SFAS No. 142 in the first quarter of 2002, eliminating the amortization of goodwill. Prior-year second quarter net income would have been $14.1 million, or $0.33 per common share diluted, if goodwill amortization had not been expensed in that period. On a comparable basis, for the six months ended January 26, 2002, net income decreased 64.3% to $13.0 million, and diluted EPS decreased to $0.30 this year compared to $0.85 a year earlier. The Company will value goodwill for impairment during fiscal 2002 and, if necessary, adjust its carrying value. A Tele-Conference call to review the Company's results and address its outlook will be hosted at 9:00 a.m. ET, Tuesday, February 19, 2002; Call 1-800-450-0786 (United States) or 612-332-0632 (International) and request the "Dycom Earnings" conference call. A live webcast of the conference call will be available at http://www.dycomind.com. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast will also be available at http://www.dycomind.com until Thursday, March 21, 2002. Dycom is a leading provider of engineering, construction, and maintenance services to telecommunication providers throughout the United States. Additionally, the Company provides similar services related to the installation of integrated voice, data, and video local and wide area networks within office buildings and similar structures. Dycom also provides underground utility locating and mapping and electric utility construction services. This press release may contain forward-looking statements. These statements are based on Dycom's expectations and are subject to risks and uncertainties that may cause the actual results in the future to differ significantly from the results expressed or implied in any forward-looking statements contained in this press release. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. ---Tables Follow--- NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS January 26, 2002 and July 28, 2001 January 26, July 28, ($ in 000's) 2002 2001 ASSETS Current Assets: Cash and equivalents $173,319 $130,484 Accounts receivable, net 89,821 122,260 Costs & estimated earnings in excess of billings 25,952 36,980 Deferred tax assets, net 7,690 7,177 Inventories 6,178 7,558 Other current assets 6,459 4,909 Total current assets 309,419 309,368 Property and Equipment, net 97,592 109,564 Intangible assets, net 155,277 154,529 Other 3,238 2,234 Total $565,526 $575,695 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $18,503 $29,294 Notes payable 2,119 2,272 Billings in excess of costs & estimated earnings 1,463 558 Accrued self-insurance claims 6,356 5,796 Income taxes payable -- 1,183 Customer advances 5,002 7,227 Other accrued liabilities 28,214 38,617 Total current liabilities 61,657 84,947 Notes payable 5,776 6,796 Accrued self-insured claims 8,022 6,476 Deferred tax liabilities, net 6,749 6,375 Other liabilities 2,050 2,220 Stockholders' Equity 481,272 468,881 Total $565,526 $575,695 NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES STATEMENTS OF OPERATIONS ($ in 000's except EPS) Three Months Ended Six Months Ended January January January January 26, 27, 26, 27, 2002 2001 2002 2001 Contract revenues earned $138,282 $195,765 $306,097 $430,456 Cost of earned revenues 106,721 147,236 236,945 320,223 General & administrative expenses 15,262 18,187 31,343 36,322 Depreciation & amortization 8,680 9,852 17,721 18,985 Total costs and expenses 130,663 175,275 286,009 375,530 Interest income, net 679 1,105 1,605 2,408 Other income, net 448 593 795 869 Income before income taxes 8,746 22,188 22,488 58,203 Provision for income taxes 3,738 9,097 9,454 23,494 Net income $5,008 $13,091 $13,034 $34,709 Pro forma financial data: (1) Reported net income $13,091 $34,709 Add: Goodwill amortization, net of tax 1,039 1,846 Pro forma net income $14,130 $36,555 Earnings per common share: Basic $0.12 $0.31 $0.30 $0.82 Diluted $0.12 $0.31 $0.30 $0.81 Shares used in computing earnings per common share: Basic 42,926 42,250 42,936 42,120 Diluted 43,061 42,731 43,036 42,699 Pro forma earnings per common share: (1) Reported basic earnings per share $0.31 $0.82 Add: Goodwill amortization, net of tax per basic share 0.02 0.04 Adjusted basic earnings per share $0.33 $0.86 Reported diluted earnings per share $0.31 $0.81 Add: Goodwill amortization, net of tax per diluted share 0.02 0.04 Adjusted diluted earnings per share $0.33 $0.85 (1) In the first quarter of fiscal 2002, the Company adopted SFAS No. 142, "Goodwill and Intangible Assets." SFAS No. 142 eliminates the amortization of goodwill and instead requires that goodwill be tested for impairment. Because we adopted these statements effective at the beginning of fiscal 2002, we do not have goodwill amortization in the current year. Net income in the second quarter of 2001 would have been $14.1 million ($0.33 per diluted share) if goodwill amortization had not been expensed in the prior year's second quarter. Net income for the 6 months ended January 27, 2001 would have been $36.6 million ($0.85 per diluted share) if goodwill amortization had not been expensed for the year then ended. SOURCE: Dycom Industries, Inc. -----END PRIVACY-ENHANCED MESSAGE-----