EX-12.1 2 ex12-1_052604.txt PRESS RELEASE [GRAPHIC OMITTED] Dycom Industries, Inc. 4440 PGA Boulevard/Palm Beach Gardens, Florida 33410-6543 Wachovia Center/Suite 500/Telephone (561) 627-7171 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 May 24, 2004 DYCOM ANNOUNCES FISCAL 2004 THIRD QUARTER EARNINGS AND PROVIDES GUIDANCE FOR THE NEXT TWO FISCAL QUARTERS Palm Beach Gardens, Florida, May 24, 2004--Dycom Industries, Inc. (NYSE Symbol: "DY") announced its results today for the third quarter ended April 24, 2004. The Company reported net income for the quarter ended April 24, 2004 of $11.2 million, or $0.23 per common share diluted, versus net income for the quarter ended April 26, 2003 of $2.8 million, or $0.06 per common share diluted. Total contract revenues for the quarter ended April 24, 2004 were $219.6 million compared to total contract revenues of $139.7 million for the quarter ended April 26, 2003, an increase of 57.2%. Included in the net income for the third quarter of fiscal 2004 was a charge of $2.3 million ($1.4 million net of tax) related to a reserve recorded in connection with an ongoing federal employment tax audit. Excluding this charge, net income for the quarter ended April 24, 2004 would have been $12.6 million, or $0.26 per common share diluted. For the nine months ended April 24, 2004, the Company reported net income of $41.5 million, or $0.85 per common share diluted, versus net income for the nine months ended April 26, 2003 of $5.8 million, or $0.12 per common share diluted. Total contract revenues for the nine months ended April 24, 2004 were $612.0 million compared to total contract revenues of $435.3 million for the nine months ended April 26, 2003, an increase of 40.6%. Included in the net income for the nine months ended April 24, 2004 was a nonrecurring gain of $11.4 million ($6.8 million net of tax) related to the sale of long-term accounts receivable, and a charge of $2.3 million ($1.4 million net of tax) related to a reserve recorded in connection with an ongoing federal employment tax audit. Excluding these items, net income for the nine months ended April 24, 2004 would have been $36.1 million, or $0.74 per common share diluted. Dycom also announced its outlook for the remainder of fiscal 2004 and the first quarter of fiscal 2005. 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. For the fourth quarter of fiscal 2004, the Company currently expects revenue to range from $235 million to $250 million and diluted earnings per share to range from $0.30 to $0.36. For the first quarter of fiscal 2005, a 13-week quarter, the Company currently expects revenue to range from $235 million to $253 million and diluted earnings per share to range from $0.30 to $0.38. A Tele-Conference call to review the Company's results and address its outlook will be hosted at 9:00 a.m. (ET), Tuesday, May 25, 2004; Call 888-428-4478 (United States) or 651-224-7558 (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, June 24, 2004. 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--- NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS April 24, 2004 and July 26, 2003 Unaudited
April 24, July 26, ($ in 000's) 2004 2003 ----------------- --------------- ASSETS Current Assets: Cash and equivalents $ 48,585 $ 129,852 Accounts receivable, net 127,400 121,980 Costs & estimated earnings in excess of billings 47,336 34,814 Deferred tax assets, net 16,081 8,779 Inventories 4,996 2,670 Other current assets 12,902 7,378 ----------------- -------------- Total current assets 257,300 305,473 Property and Equipment, net 94,383 86,894 Intangible assets, net 258,594 107,345 Deferred tax asset, net 12,754 7,167 Other 10,673 29,664 ----------------- -------------- Total $ 633,704 $ 536,543 ================= =============== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 27,921 $ 22,735 Notes payable 4,758 10 Billings in excess of costs & estimated earnings 1,269 703 Accrued self-insurance claims 27,977 17,677 Income taxes payable 5,974 5,169 Other accrued liabilities 36,005 24,440 ----------------- --------------- Total current liabilities 103,904 70,734 Notes payable 7,553 20 Accrued self-insured claims 20,572 14,175 Other liabilities 1,041 1,274 Stockholders' Equity 500,634 450,340 ----------------- --------------- Total $ 633,704 $ 536,543 ================= ===============
NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited
(In 000's, except EPS) Three Months Ended Nine Months Ended ----------------------------- -------------------------- April 24, April 26, April 24, April 26, 2004 2003 2004 2003 ------------ ----------- ----------- ------------ Contract revenues earned $ 219,562 $ 139,666 $ 611,952 $ 435,300 Cost of earned revenues 174,616 109,266 472,890 344,204 General & administrative expenses 17,762 17,772 54,132 53,496 Depreciation & amortization 10,110 8,885 30,452 30,175 ------------ ----------- ----------- ------------ Total costs and expenses 202,488 135,923 557,474 427,875 ------------ ----------- ----------- ------------ Interest (expense)/income, net (259) 345 (226) 991 Other income, net 1,920 646 3,349 2,349 Gain on sale of long term Accounts Receivable - - 11,359 - ------------ ----------- ----------- ------------ Income before income taxes 18,735 4,734 68,960 10,765 Provision for income taxes 7,558 1,950 27,414 4,977 ------------ ----------- ----------- ------------ Net income $ 11,177 $ 2,784 $ 41,546 $ 5,788 ============ =========== =========== ============ Earnings per common share: Basic earnings per share $ 0.23 $ 0.06 $ 0.86 $ 0.12 ============ =========== =========== ============ Diluted earnings per share $ 0.23 $ 0.06 $ 0.85 $ 0.12 ============ =========== =========== ============ Shares used in computing earnings per common share: Basic 48,510 47,872 48,275 47,868 ============ =========== =========== ============ Diluted 49,083 47,873 48,839 47,871 ============ =========== =========== ============
NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON GAAP INFORMATION Unaudited
(In 000's, except EPS) Three Months Ended Nine Months Ended April 24, 2004 April 24, 2004 ------------------------------------------------- ---------------------------------------- GAAP Non-GAAP GAAP Non-GAAP Net Income Adjustments Net Income Net Income Adjustments Net Income --------------- ----------- ----------- ---------------------------------------- Contract revenues earned $ 219,562 $ $ 219,562 $ 611,952 $ $ 611,952 Cost of earned revenues 174,616 (2,300)(1) 172,316 472,890 (2,300)(1) 470,590 General & administrative expenses 17,762 17,762 54,132 54,132 Depreciation & amortization 10,110 10,110 30,452 30,452 ---------- ---------- --------- ---------- ----------- -------- Total costs and expenses 202,488 (2,300) 200,188 557,474 (2,300) 555,174 ---------- ---------- --------- ---------- ----------- ------- Interest (expense)/income, net (259) (259) (226) (226) Other income, net 1,920 1,920 3,349 3,349 Gain on sale of long term accounts receivable - - 11,359 (11,359)(2) - ---------- ---------- --------- ---------- ----------- ------- Income (loss) before income taxes 18,735 2,300 21,035 68,960 (9,059) 59,901 Provision (benefit) for income taxes 7,558 914(3) 8,472 27,414 (3,630)(3) 23,784 ---------- ---------- --------- ---------- ----------- ------- Net (loss) income $ 11,177 $ 1,386 $ 12,563 $ 41,546 $ (5,429) $ 36,117 ========== ========== ========= ========== =========== ======== Earnings (loss) per common share: Basic earnings (loss) per share $ 0.23 $ 0.03 $ 0.26 $ 0.86 $ (0.11) $ 0.75 ========== ========== ========= ========== =========== ======== Diluted earnings (loss) per share $ 0.23 $ 0.03 $ 0.26 $ 0.85 $ (0.11) $ 0.74 ========== ========== ========= ========== =========== ======== Shares used in computing earnings (loss) per common share: Basic 48,510 48,510 48,510 48,275 48,275 48,275 ========== ========== ========= ========== =========== ======== Diluted 49,083 49,083 49,083 48,839 48,839 48,839 ========== ========== ========= ========== =========== =======
(1) Reserve recorded in connection with an ongoing federal employment tax audit. (2) Gain on sale of long term accounts receivable. (3) Provision (benefit) for income taxes related to adjustments.