(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
DAKTRONICS, INC. | ||||||||
By: /s/ Sheila M. Anderson | ||||||||
Sheila M. Anderson, Chief Financial Officer | ||||||||
Date: September 6, 2023 |
Exhibit No. | Description | |||||||
104 | Cover page Interactive Data File (embedded within the Inline XBRL document) |
Three Months Ended | |||||||||||
July 29, 2023 | July 30, 2022 | ||||||||||
Net sales | $ | 232,531 | $ | 171,920 | |||||||
Cost of sales | 161,384 | 146,126 | |||||||||
Gross profit | 71,147 | 25,794 | |||||||||
Operating expenses: | |||||||||||
Selling | 12,929 | 14,433 | |||||||||
General and administrative | 9,599 | 9,441 | |||||||||
Product design and development | 8,403 | 7,439 | |||||||||
30,931 | 31,313 | ||||||||||
Operating income (loss) | 40,216 | (5,519) | |||||||||
Nonoperating (expense) income: | |||||||||||
Interest (expense) income, net | (4,234) | (60) | |||||||||
Change in fair value of convertible note | (7,260) | — | |||||||||
Other expense, net | (626) | (747) | |||||||||
Income (loss) before income taxes | 28,096 | (6,326) | |||||||||
Income tax expense (benefit) | 8,900 | (1,000) | |||||||||
Net income (loss) | $ | 19,196 | $ | (5,326) | |||||||
Weighted average shares outstanding: | |||||||||||
Basic | 45,645 | 45,097 | |||||||||
Diluted | 46,198 | 45,097 | |||||||||
Earnings (loss) per share: | |||||||||||
Basic | $ | 0.42 | $ | (0.12) | |||||||
Diluted | $ | 0.42 | $ | (0.12) |
July 29, 2023 | April 29, 2023 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 45,775 | $ | 23,982 | |||||||
Restricted cash | 8,575 | 708 | |||||||||
Marketable securities | 539 | 534 | |||||||||
Accounts receivable, net | 125,613 | 109,979 | |||||||||
Inventories | 144,794 | 149,448 | |||||||||
Contract assets | 50,539 | 46,789 | |||||||||
Current maturities of long-term receivables | 970 | 1,215 | |||||||||
Prepaid expenses and other current assets | 9,848 | 9,676 | |||||||||
Income tax receivables | 5 | 326 | |||||||||
Total current assets | 386,658 | 342,657 | |||||||||
Property and equipment, net | 72,080 | 72,147 | |||||||||
Long-term receivables, less current maturities | 153 | 264 | |||||||||
Goodwill | 3,332 | 3,239 | |||||||||
Intangibles, net | 1,090 | 1,136 | |||||||||
Debt issuance costs | — | 3,866 | |||||||||
Investment in affiliates and other assets | 27,866 | 27,928 | |||||||||
Deferred income taxes | 16,839 | 16,867 | |||||||||
TOTAL ASSETS | $ | 508,018 | $ | 468,104 |
July 29, 2023 | April 29, 2023 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Current portion of long-term debt | $ | 1,500 | $ | — | |||||||
Accounts payable | 62,449 | 67,522 | |||||||||
Contract liabilities | 89,318 | 91,549 | |||||||||
Accrued expenses | 31,992 | 36,005 | |||||||||
Warranty obligations | 13,644 | 12,228 | |||||||||
Income taxes payable | 5,514 | 2,859 | |||||||||
Total current liabilities | 204,417 | 210,163 | |||||||||
Long-term warranty obligations | 20,926 | 20,313 | |||||||||
Long-term contract liabilities | 14,541 | 13,096 | |||||||||
Other long-term obligations | 5,463 | 5,709 | |||||||||
Long-term debt, net | 41,422 | 17,750 | |||||||||
Deferred income taxes | 202 | 195 | |||||||||
Total long-term liabilities | 82,554 | 57,063 | |||||||||
SHAREHOLDERS' EQUITY: | |||||||||||
Preferred Shares, no par value, authorized 50,000 shares; no shares issued and outstanding | — | — | |||||||||
Common Stock, no par value, authorized 115,000,000 shares; 45,644,800 and 45,488,595 shares issued at July 29, 2023 and April 29, 2023, respectively | 63,684 | 63,023 | |||||||||
Additional paid-in capital | 50,816 | 50,259 | |||||||||
Retained earnings | 122,606 | 103,410 | |||||||||
Treasury Stock, at cost, 1,907,445 shares at January 23, 2023 and April 30, 2022, respectively | (10,285) | (10,285) | |||||||||
Accumulated other comprehensive loss | (5,774) | (5,529) | |||||||||
TOTAL SHAREHOLDERS' EQUITY | 221,047 | 200,878 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 508,018 | $ | 468,104 |
Three Months Ended | |||||||||||
July 29, 2023 | July 30, 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | 19,196 | $ | (5,326) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 4,669 | 4,025 | |||||||||
Loss (gain) on sale of property, equipment and other assets | 11 | (361) | |||||||||
Share-based compensation | 557 | 511 | |||||||||
Equity in loss of affiliates | 690 | 890 | |||||||||
Provision (recovery) for doubtful accounts, net | (65) | 177 | |||||||||
Deferred income taxes, net | 12 | 12 | |||||||||
Non-cash impairment changes | 442 | — | |||||||||
Change in fair value of convertible note | 7,260 | — | |||||||||
Change in operating assets and liabilities | (13,522) | (22,743) | |||||||||
Net cash provided by (used in) operating activities | 19,250 | (22,815) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | (4,547) | (10,655) | |||||||||
Proceeds from sales of property, equipment and other assets | 27 | 365 | |||||||||
Proceeds from sales or maturities of marketable securities | — | 999 | |||||||||
Purchases of equity and loans to equity investees | (1,186) | (1,081) | |||||||||
Net cash used in investing activities | (5,706) | (10,372) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Borrowings on notes payable | 40,000 | 92,098 | |||||||||
Payments on notes payable | (17,750) | (67,970) | |||||||||
Principal payments on long-term obligations | (102) | — | |||||||||
Debt issuance cost | (5,838) | — | |||||||||
Proceed from exercise of stock options | 46 | — | |||||||||
Net cash provided by financing activities | 16,356 | 24,128 | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (240) | 80 | |||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 29,660 | (8,979) | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||||||||||
Beginning of period | 24,690 | 18,008 | |||||||||
End of period | $ | 54,350 | $ | 9,029 |
Three Months Ended | |||||||||||||||||||||||
(in thousands) | July 29, 2023 | July 30, 2022 | Dollar Change | Percent Change | |||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Commercial | $ | 46,883 | $ | 40,118 | $ | 6,765 | 16.9 | % | |||||||||||||||
Live Events | 91,999 | 56,383 | 35,616 | 63.2 | |||||||||||||||||||
High School Park and Recreation | 56,234 | 35,809 | 20,425 | 57.0 | |||||||||||||||||||
Transportation | 21,369 | 19,540 | 1,829 | 9.4 | |||||||||||||||||||
International | 16,046 | 20,070 | (4,024) | (20.0) | |||||||||||||||||||
$ | 232,531 | $ | 171,920 | $ | 60,611 | 35.3 | % | ||||||||||||||||
Orders: (1) | |||||||||||||||||||||||
Commercial | $ | 32,434 | $ | 47,678 | $ | (15,244) | (32.0) | % | |||||||||||||||
Live Events | 52,203 | 51,753 | 450 | 0.9 | |||||||||||||||||||
High School Park and Recreation | 35,739 | 37,579 | (1,840) | (4.9) | |||||||||||||||||||
Transportation | 18,985 | 15,704 | 3,281 | 20.9 | |||||||||||||||||||
International | 19,269 | 17,509 | 1,760 | 10.1 | |||||||||||||||||||
$ | 158,630 | $ | 170,223 | $ | (11,593) | (6.8) | % |
Three Months Ended | |||||||||||
July 29, 2023 | July 30, 2022 | ||||||||||
Net cash provided by (used in) operating activities | $ | 19,250 | $ | (22,815) | |||||||
Purchases of property and equipment | (4,547) | (10,655) | |||||||||
Proceeds from sales of property and equipment | 27 | 365 | |||||||||
Free cash flow | $ | 14,730 | $ | (33,105) |
Three Months Ended | |||||||||||
July 29, 2023 | July 30, 2022 | ||||||||||
Net income (loss) | $ | 19,196 | $ | (5,326) | |||||||
Change in fair value of convertible note | 7,260 | — | |||||||||
Debt issuance costs expensed due to fair value of convertible note, net of taxes | 2,290 | — | |||||||||
Adjusted net income (loss) | $ | 28,746 | $ | (5,326) |
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