PALM BEACH GARDENS, FLORIDA, February 23, 2004 -- 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.

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.

Second Quarter 2004 Financial Statement PDF Document
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