EX-99.1 2 ex99-1_112404.txt PRESS RELEASE [DYCOM INDUSTRIES, INC. LETTERHEAD] [GRAPHIC OMITTED] NEWS RELEASE ------------ 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 November 22, 2004 DYCOM ANNOUNCES FISCAL 2005 FIRST QUARTER EARNINGS AND PROVIDES GUIDANCE FOR THE SECOND QUARTER OF FISCAL 2005 Palm Beach Gardens, Florida, November 22, 2004--Dycom Industries, Inc. (NYSE Symbol: "DY") announced its results today for the first quarter ended October 30, 2004. The Company reported net income for the quarter ended October 30, 2004 of $15.6 million, or $0.32 per common share diluted, versus net income for the quarter ended October 25, 2003 of $13.9 million, or $0.29 per common share diluted. Total contract revenues for the quarter ended October 30, 2004 were $263.2 million compared to total contract revenues of $196.0 million for the quarter ended October 25, 2003, an increase of 34.3%. Dycom also announced its outlook for the second quarter of fiscal 2005. The Company currently expects revenue for the second quarter of fiscal 2005 to range from $200 million to $220 million and diluted earnings per share to range from $0.14 to $0.19. A Tele-Conference call to review the Company's results and address its outlook will be hosted at 9:00 a.m. (ET), Tuesday, November 23, 2004; Call 877-209-0397 (United States) or 612-332-0634 (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, December 23, 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. NYSE: "DY" DYCOM INDUSTRIES, INC AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS October 30, 2004 and July 31, 2004 Unaudited
October 30, July 31, ($ in 000's) 2004 2004 ----------- -------- ASSETS Current Assets: Cash and equivalents $ 37,480 $ 51,393 Accounts receivable, net 158,600 131,927 Costs and estimated earnings in excess of billings 64,138 58,175 Deferred tax assets, net 13,006 11,923 Income tax receivable - 6,988 Inventories 6,247 5,353 Other current assets 14,215 10,275 ------------ ------------ Total current assets 293,686 276,034 Property and equipment, net 101,979 100,353 Intangible assets, net 259,736 259,319 Deferred tax assets, net non-current 2,927 5,561 Other 9,813 10,568 ------------ ------------ Total $ 668,141 $ 651,835 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 36,647 $ 34,348 Notes and capital leases payable 3,812 4,163 Billings in excess of costs and estimated earnings 361 142 Accrued self-insured claims 26,750 22,297 Income taxes payable 1,594 - Other accrued liabilities 34,281 41,528 ------------ ------------ Total current liabilities 103,445 102,478 Notes and capital leases payable 6,292 7,094 Accrued self-insured claims 22,050 22,473 Other liabilities 744 829 Stockholders' Equity 535,610 518,961 ------------ ------------ Total $ 668,141 $ 651,835 ============ ============
NYSE: "DY" DYCOM INDUSTRIES. INC AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited
Three Months Three Months Ended Ended October 30, October 25, (In 000's, except Earnings per share) 2004 2003 ----------- ----------- Contract revenues earned $ 263,166 $ 196,021 Cost of earned revenues, excluding depreciation 208,670 147,050 General and administrative 17,982 17,508 Depreciation and amortization 11,265 9,334 ----------- ----------- Total costs and expenses 237,917 173,892 ----------- ----------- Interest (expense)/income, net (46) 318 Other income, net 594 846 ----------- ----------- Income before income taxes 25,797 23,293 Provision for income taxes 10,176 9,366 ----------- ----------- Net income $ 15,621 $ 13,927 =========== =========== Earnings per common share: Basic earnings per share $ 0.32 $ 0.29 =========== =========== Diluted earnings per share $ 0.32 $ 0.29 =========== =========== Shares used in computing earnings per common share: Basic 48,604 48,029 =========== =========== Diluted 49,170 48,486 =========== ===========