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.
