PALM BEACH GARDENS, FLORIDA, November 24, 2003 -- Dycom Industries, Inc. (NYSE Symbol: "DY") announced its results today for the first quarter ended October 25, 2003. The Company reported net income for the quarter ended October 25, 2003 of $13.9 million, or $0.29 per common share diluted. Net income for the quarter ended October 26, 2002 was $4.1 million or $0.09 per common share diluted. This represents a year over year increase of 222.2% in earnings per common share diluted. Total contract revenues for the quarter ended October 25, 2003 were $196.0 million compared to total contract revenues of $158.5 million for the quarter ended October 26, 2002 an increase of 23.7%.

Dycom also announced its outlook for the second quarter of fiscal 2004. The Company currently expects revenue for the second quarter of fiscal 2004 to range from $140 million to $155 million and diluted earnings per share to range from $0.13 to $0.17. These amounts do not include any revenues or earnings from the previously announced acquisitions of First South Utility Construction, Inc. and Utiliquest Holdings Corp. The Company expects these acquisitions to be consummated no later than the first week in December, however, completion of each of these acquisitions is subject to certain customary conditions, including in the case of Utiliquest, termination of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended. Dycom will update its outlook upon the closings of these acquisitions.

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 25, 2003; Call 888-428-4479 (United States) or 651-291-5254 (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 Wednesday, December 24, 2003.

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 pending acquisitions are consummated and, if consummated, the timing thereof, 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.

First Quarter 2004 Financial Statement HTML Document
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