EX-12.1 3 ex12-1_022304.txt PRESS RELEASE EXHIBIT 12.1 [DYCOM LETTERHEAD] N E W S R E L E A S E FOR IMMEDIATE RELEASE Contact: Steven E. Nielsen, President --------------------- and CEO Richard L. Dunn, Senior Vice President and CFO (561) 627-7171 Palm Beach Gardens, Florida February 23, 2004 DYCOM ANNOUNCES FISCAL 2004 SECOND QUARTER EARNINGS AND PROVIDES GUIDANCE FOR THE NEXT TWO FISCAL QUARTERS Palm Beach Gardens, Florida, February 23, 2004--Dycom Industries, Inc. (NYSE Symbol: "DY") announced its results today for the second quarter ended January 24, 2004. The Company reported net income for the quarter ended January 24, 2004 of $16.4 million, or $0.34 per common share diluted, versus a net loss for the quarter ended January 25, 2003 of $1.1 million, or $0.02 per common share diluted. Total contract revenues for the quarter ended January 24, 2004 were $196.4 million compared to total contract revenues of $137.2 million for the quarter ended January 25, 2003, an increase of 43.1%. Included in the net income for the second quarter of fiscal 2004 was a nonrecurring gain of $11.4 million ($6.8 million net of tax) related to the sale of long-term accounts receivable. Excluding this gain, net income for the quarter ended January 24, 2004 would have been $9.6 million, or $0.20 per common share diluted. Dycom also announced that it has been notified by Verizon that it intends to enter into a contract with Dycom pursuant to which Dycom will perform a portion of Verizon's Fiber-to-the Premises (FTTP) buried plant installations. The contract is subject to completion of final documentation. Additionally, Dycom provided its outlook for the third and fourth quarters of fiscal 2004. Dycom utilizes a 52/53 week fiscal year ending on the last Saturday in July. As a result, the fourth quarter of fiscal 2004 will contain 14 weeks. The Company currently expects revenue for the third quarter of fiscal 2004 to range from $185 million to $200 million and diluted earnings per share to range from $0.18 to $0.24. For the fourth quarter of fiscal 2004, the Company currently expects revenue to range from $205 million to $225 million and diluted earnings per share to range from $0.24 to $0.30. 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 24, 2004; Call 888-428-4478 (United States) or 612-288-0329 (International) and request "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 25, 2004. 5 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 contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. Such statements include, but are not limited to, the Company's expectations for revenues and earnings per share. 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 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, whether recent acquisitions can be efficiently integrated into our existing operations, 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 our filings with the Securities and Exchange Commission. ---Tables Follow--- 6 NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS January 24, 2004 and July 26, 2003 Unaudited
January 24, July 26, ($ in 000's) 2004 2003 ------------ ---------- ASSETS Current Assets: Cash and equivalents $ 118,344 $ 129,852 Accounts receivable, net 126,645 121,980 Costs & estimated earnings in excess of billings 40,510 34,814 Deferred tax assets, net 11,595 8,779 Inventories 3,742 2,670 Income tax receivable 2,096 - Other current assets 13,710 7,378 ------------ ---------- Total current assets 316,642 305,473 Property and Equipment, net 98,168 86,894 Intangible assets, net 255,442 107,345 Deferred tax asset, net 12,313 7,167 Other 12,835 29,664 ------------ ---------- Total $ 695,400 $ 536,543 ============ ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 26,049 $ 22,735 Notes payable 4,850 10 Billings in excess of costs & estimated earnings 1,993 703 Accrued self-insurance claims 12,995 11,219 Customer advances - 2 Income taxes payable - 5,169 Other accrued liabilities 50,924 30,896 ------------ ---------- Total current liabilities 96,811 70,734 Notes payable 93,157 20 Accrued self-insured claims 15,790 14,175 Other liabilities 931 1,274 Stockholders' Equity 488,711 450,340 ------------ ---------- Total $ 695,400 $ 536,543 ============ ==========
NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited
($ in 000's except EPS) Three Months Ended Six Months Ended ----------------------------- ------------------------------ January 24, January 25, January 24, January 25, 2004 2003 2004 2003 ---------- ---------- ---------- ----------- Contract revenues earned $ 196,369 $ 137,154 $ 392,390 $ 295,635 Cost of earned revenues 151,224 111,358 298,274 234,938 General & administrative expenses 18,862 17,448 36,370 35,724 Depreciation & amortization 11,009 10,461 20,342 21,290 ---------- ---------- ---------- ----------- Total costs and expenses 181,095 139,267 354,986 291,952 ---------- ---------- ---------- ----------- Interest (expense)/income, net (284) 370 34 645 Other income, net 583 618 1,428 1,703 Gain on sale of long term Accounts Receivable 11,359 - 11,359 - ---------- ---------- ---------- ----------- Income (loss) before income taxes 26,932 (1,125) 50,225 6,031 Provision (benefit) for income taxes 10,490 (14) 19,856 3,027 ---------- ---------- ---------- ----------- Net (loss) income $ 16,442 $ (1,111) $ 30,369 $ 3,004 ========== ========== ========== =========== Earnings (loss) per common share: Basic earnings (loss) per share $ 0.34 $ (0.02) $ 0.63 $ 0.06 ========== ========== ========== =========== Diluted earnings (loss) per share $ 0.34 $ (0.02) $ 0.62 $ 0.06 ========== ========== ========== =========== Shares used in computing earnings (loss) per common share: Basic 48,285 47,870 48,157 47,866 ========== ========== ========== =========== Diluted 48,922 47,870 48,712 47,872 ========== ========== ========== ===========
NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON GAAP INFORMATION Unaudited
($ in 000's except EPS) Three Months Ended Six Months Ended ------------------------------ ----------------------------- January 24, January 25, January 24, January 25, 2004 2003 2004 2003 ------------- ------------ ------------ ------------ Item Gain on sale of long term Accounts Receivable, net of taxes of $4,544 $ 6,815 $ - $ 6,815 $ - GAAP net income (loss) $ 16,442 $ (1,111) $ 30,369 $ 3,004 Adjusted for items above (6,815) - (6,815) - ------------- ------------ ------------ ------------ Non GAAP net income $ 9,627 $ (1,111) $ 23,554 $ 3,004 ============= ============ ============ ============ Earnings (loss) per common share: Basic earnings per share - GAAP $ 0.34 $ (0.02) $ 0.63 $ 0.06 Basic earnings per share - Adjustment for gain on sale of long term Accounts Receivable, net of taxes of $4,544 (0.14) - (0.14) - ------------- ------------ ------------ ------------ Basic earnings per share - Non GAAP $ 0.20 $ (0.02) $ 0.49 $ 0.06 ============= ============ ============ ============ Diluted earnings per share - GAAP $ 0.34 $ (0.02) $ 0.62 $ 0.06 Diluted earnings per share - Adjustment for gain on sale of long term Accounts Receivable, net of taxes of $4,544 (0.14) - (0.14) - ------------- ------------ ------------ ------------ Diluted earnings per share - Non GAAP $ 0.20 $ (0.02) $ 0.48 $ 0.06 ============= ============ ============ ============ Shares used in computing earnings (loss) per common share: Basic 48,285 47,870 48,157 47,866 ============= ============ ============ ============ Diluted 48,922 47,870 48,712 47,872 ============= ============ ============ ============