PALM BEACH GARDENS, Fla., Nov. 23 /PRNewswire-FirstCall/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the first quarter ended October 24, 2009. The Company reported:
- contract revenues of $259.1 million for the quarter ended October 24, 2009, compared to $334.0 million for the quarter ended October 25, 2008, a decrease of 22.4%. Included in contract revenues for the quarter ended October 25, 2008 was approximately $15.0 million for storm restoration services. There was no storm restoration services during the quarter ended October 24, 2009;
- income from continuing operations on a GAAP basis of $3.5 million, or $0.09 per common share diluted, for the quarter ended October 24, 2009, compared to $10.6 million, or $0.27 per common share diluted, for the quarter ended October 25, 2008; and
- income from continuing operations on a Non-GAAP basis of $5.8 million, or $0.15 per common share diluted, for the quarter ended October 24, 2009, compared to $10.9 million, or $0.28 per common share diluted, for the quarter ended October 25, 2008.
Non-GAAP income from continuing operations for the quarter ended October 24, 2009 excludes a $2.0 million pre-tax charge in cost of earned revenues for the proposed settlement of a wage and hour class action claim and a $1.1 million non-cash charge to income tax expense for a valuation allowance against a deferred tax asset. Non-GAAP income from continuing operations for the quarter ended October 25, 2008 excludes a pre-tax write-off of $0.6 million of deferred financing costs in connection with the replacement of the Company's credit facility during the prior year.
See the accompanying table which presents a reconciliation of the Non-GAAP financial measures to the most directly comparable GAAP financial measures.
Looking ahead for the second quarter of fiscal 2010, the Company anticipates revenues to be down sequentially reflecting seasonal patterns and slowing capital expenditures by a key customer. The Company expects a modest loss per share in the second quarter of fiscal 2010.
A Tele-Conference call to review the Company's results will be hosted at 9:00 a.m. (ET), Tuesday, November 24, 2009; Call 800-230-1085 (United States) or 612-332-0107 (International) and request "Dycom Results" conference call. A live webcast of the conference call, along with a slide presentation, will be available at http://www.dycomind.com under the heading "Investors" and subheading "Event Details." If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and the slide presentation will be available at http://www.dycomind.com until Thursday, December 24, 2009.
Dycom is a leading provider of specialty contracting services throughout the United States. These services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities including telecommunications providers, and other construction and maintenance services to electric utilities and others.
Fiscal 2010 first quarter results are preliminary and are unaudited. This press release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act, including statements with respect to the Company's fiscal 2010 second quarter results. 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, 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. The Company does not undertake to update forward-looking statements.
NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
October 24, 2009 and July 25, 2009
Unaudited
October 24, July 25,
2009 2009
---- ----
($ in 000's)
ASSETS
Current Assets:
Cash and equivalents $120,483 $104,707
Accounts receivable, net 113,008 116,968
Costs and estimated earnings in excess
of billings 57,500 67,111
Deferred tax assets, net 15,335 15,779
Income taxes receivable 2,144 7,016
Inventories 7,774 8,303
Other current assets 12,724 7,323
------- -------
Total current assets 328,968 327,207
Property and equipment, net 136,811 142,132
Goodwill 157,851 157,851
Intangible assets, net 54,441 56,056
Other 10,264 10,211
-------- --------
Total $688,335 $693,457
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $28,093 $28,977
Current portion of debt 615 926
Billings in excess of costs and
estimated earnings 180 151
Accrued insurance claims 27,084 27,386
Income taxes payable 2,317 -
Other accrued liabilities 39,761 52,590
------ -------
Total current liabilities 98,050 110,030
Long-term debt 135,350 135,377
Accrued insurance claims 31,058 29,759
Deferred tax liabilities, net
non-current 23,892 22,910
Other liabilities 4,936 4,758
Stockholders' Equity 395,049 390,623
-------- --------
Total $688,335 $693,457
======== ========
NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
Three Months Three Months
Ended Ended
October 24, October 25,
2009 2008
---- ----
($ in 000's, except per share amounts)
Contract revenues $259,116 $333,967
-------- --------
Cost of earned revenues,
excluding depreciation and
amortization 209,971 268,646
General and administrative
expenses (1) 23,502 27,540
Depreciation and amortization 15,191 16,612
------- -------
Total 248,664 312,798
Interest income 35 135
Interest expense (3,544) (4,052)
Other income, net 1,105 402
----- ------
Income from continuing
operations before income taxes 8,048 17,654
Provision for income taxes 4,525 7,068
----- ------
Income from continuing operations 3,523 10,586
Loss from discontinued
operations, net of tax - (38)
------ -------
Net income $3,523 $10,548
====== =======
Earnings per common share - Basic:
Income from continuing operations $0.09 $0.27
Loss from discontinued operations - -
----- -----
Net income $0.09 $0.27
===== =====
Earnings per common share - Diluted:
Income from continuing operations $0.09 $0.27
Loss from discontinued operations - -
----- -----
Net income $0.09 $0.27
===== =====
Shares used in computing
earnings per common share:
Basic 38,990,281 39,321,662
========== ==========
Diluted 39,281,606 39,421,590
========== ==========
(1) Includes stock-based compensation expense of $1.0 million and $1.5
million for the three months ended October 24, 2009 and October 25, 2008,
respectively.
NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited
Three Months Three Months
Ended Ended
October 24, October 25,
2009 2008
---- ----
($ in 000's, except per share amounts)
Reconciling Items (a):
Charge for proposed settlement of
wage and hour class action claim $(2,000) $ -
Valuation allowance on deferred
tax asset $(1,090) $ -
Write-off of deferred financing
costs $ - $ (551)
(a) Reconciling Items reported above are on a pre-tax basis, except for
"Valuation allowance on deferred tax asset."
GAAP income from continuing operations $3,523 $10,586
Adjustment for Reconciling Items above,
net of tax 2,264 330
------ -------
Non-GAAP income from continuing operations $5,787 $10,916
====== =======
Earnings per common share from continuing
operations:
Basic earnings per common share from
continuing operations - GAAP $0.09 $0.27
Adjustment for Reconciling Items above,
net of tax 0.06 0.01
----- -----
Basic earnings per common share from
continuing operations - Non-GAAP $0.15 $0.28
===== =====
Diluted earnings per common share from
continuing operations - GAAP $0.09 $0.27
Adjustment for Reconciling Items above,
net of tax 0.06 0.01
----- -----
Diluted earnings per common share from
continuing operations - Non-GAAP $0.15 $0.28
===== =====
Shares used in computing GAAP and Non-GAAP earnings per common share from
continuing operations and adjustment for items above:
Basic 38,990,281 39,321,662
========== ==========
Diluted 39,281,606 39,421,590
========== ==========
SOURCE Dycom Industries, Inc.
