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Contact: Steven E. Nielsen,
President and CEO
Richard L. Dunn, Senior Vice President and CFO
(561) 627-7171
| Palm
Beach Gardens, Florida |
February
24, 2003 |
DYCOM ANNOUNCES FISCAL
2003 SECOND QUARTER RESULTS AND PROVIDES GUIDANCE
FOR THE REMAINDER OF FISCAL 2003
Palm Beach Gardens, Florida,
February 24, 2003--Dycom Industries, Inc. (NYSE Symbol:
"DY") announced its results today for the
second quarter ended January 25, 2003. The Company
reported a net loss for the quarter ended January
25, 2003 of $1.1 million, or a loss of $0.02 per common
share diluted, on total contract revenues of $137.2
million as compared to net income of $5.0 million,
or $0.12 per common share diluted, on total contract
revenues of $138.3 million for the corresponding period
ended January 26, 2002. This represents a year over
year decrease of 0.8% in total contract revenues.
For the six months ended
January 25, 2003 net income was $3.0 million, or $0.06
per common share diluted. For the six months ended
January 26, 2002 net income was $13.0 million, or
$0.30 per common share diluted, excluding the cumulative
effect of a change in accounting principle due to
the Company's adoption of SFAS No. 142. Net loss for
the six months ended January 26, 2002, inclusive of
this cumulative effect of $86.9 million net of tax,
was $73.9 million, or a loss of $1.72 per common share
diluted. Total contract revenues for the six months
ended January 25, 2003 were $295.6 million compared
to total contract revenues of $306.1 million for the
six months ended January 26, 2002. This represents
a year over year decrease of 3.4% in total contract
revenues
Dycom also announced its
outlook for the remainder of fiscal 2003. The Company
currently expects revenue for the third quarter of
fiscal 2003 to range from $120.0 million to $135.0
million and diluted earnings per share to range from
$0.02 to $0.06. For the fourth quarter of fiscal 2003,
the Company currently expects revenue to range from
$135.0 million to $150.0 million and diluted earnings
per share to range from $0.13 to $0.18
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 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 Thursday, March 27, 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, continued deterioration
in our customers' financial condition, the adequacy
of our reserves and allowances for doubtful accounts,
whether the carrying value of our assets may be impaired,
the anticipated outcome of 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 undertakes no obligation to update the
information in this press release.
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| NYSE: "DY" |
|
| DYCOM INDUSTRIES, INC.
AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
| January 25, 2003 and July
27, 2002 |
| Unaudited |
| |
|
January 25, |
|
July 27, |
| ($ in 000's) |
2003 |
|
2002 |
| |
| ASSETS |
| Current Assets: |
| Cash and equivalents |
131,375 |
|
116,052 |
| Accounts receivable, net |
99,891 |
|
86,443 |
| Costs & estimated earnings in
excess of billings |
24,735 |
|
33,349 |
| Deferred tax assets, net |
9,100 |
|
8,681 |
| Income tax receivable |
221 |
|
460 |
| Inventories |
2,779 |
|
5,643 |
| Other current assets |
6,918 |
|
6,108 |
| |
| Total current assets |
275,019 |
|
256,736 |
| |
| Property and Equipment, net |
90,851 |
|
110,452 |
| Intangible assets, net |
107,481 |
|
107,743 |
| Deferred tax asset, net |
14,565 |
|
13,042 |
| Other |
26,230 |
|
26,580 |
| |
| Total |
$514,146 |
|
$514,553 |
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS'
EQUITY |
| Current Liabilities: |
| Accounts payable |
$22,811 |
|
$26,611 |
| Notes payable |
40 |
|
79 |
| Billings in excess of costs &
estimated earnings |
1,841 |
|
354 |
| Accrued self-insurance claims |
9,513 |
|
8,463 |
| Customer advances |
5,065 |
|
5,013 |
| Other accrued liabilities |
26,585 |
|
30,031 |
| |
| Total current liabilities |
65,855 |
|
70,551 |
| |
| Notes payable |
26 |
|
30 |
| Accrued self-insured claims |
12,055 |
|
10,814 |
| Other liabilities |
1,689 |
|
1,861 |
| |
| Stockholders' Equity |
434,521 |
|
431,297 |
| |
| Total |
$514,146 |
|
$514,553 |
|
| NYSE: "DY" |
| |
| DYCOM INDUSTRIES, INC.
AND SUBSIDIARIES |
| CONSOLIDATED STATEMENTS
OF OPERATIONS |
| Unaudited |
| |
| ($ in 000's except EPS) |
Three Months
Ended |
|
Six Months
Ended |
| |
January 25, |
|
January 26, |
|
January 25, |
|
January 26, |
| |
2003 |
|
2002 |
|
2003 |
|
2002 |
| |
| Contract revenues earned |
$137,154 |
|
$138,282 |
|
$295,635 |
|
$306,097 |
| |
| Cost of earned revenues |
111,358 |
|
106,721 |
|
234,938 |
|
236,945 |
| General & administrative expenses |
17,448 |
|
15,262 |
|
35,724 |
|
31,343 |
| Depreciation & amortization |
10,461 |
|
8,680 |
|
21,290 |
|
17,721 |
| |
| Total costs and expenses |
139,267 |
|
130,663 |
|
291,952 |
|
286,009 |
| |
| Interest income, net |
370 |
|
679 |
|
645 |
|
1,605 |
| Other income, net |
618 |
|
448 |
|
1,703 |
|
795 |
| |
| (Loss) Income before income taxes |
(1,125) |
|
8,746 |
|
6,031 |
|
22,488 |
| |
| Benefit (Provision) for income taxes |
14 |
|
(3,738) |
|
(3,027) |
|
(9,454) |
| |
| (Loss) income before cumulative effect
of change in accounting principle |
(1,111) |
|
5,008 |
|
3,004 |
|
13,034 |
| |
| Cumulative effect of change in accounting
principle, net of tax (1) |
|
|
|
|
|
|
(86,929) |
| |
| Net income (loss) |
$(1,111) |
|
$5,008 |
|
$3,004 |
|
$(73,895) |
| |
| Earnings (loss) per common
share: |
| Basic (loss) earnings per share before
cumulative effect of change in accounting principle |
$(0.02) |
|
$0.12 |
|
$0.06 |
|
$0.30 |
| Cumulative effect of change in accounting
principle |
|
|
|
|
|
|
(2.02) |
| Basic earnings (loss) per share |
$(0.02) |
|
$0.12 |
|
$0.06 |
|
$0.06 |
| |
| Diluted (loss) earnings per share
before cumulative effect of change in accounting principle |
$(0.02) |
|
$0.12 |
|
$0.06 |
|
$0.30 |
| Cumulative effect of change in accounting
principle |
|
|
|
|
|
|
(2.02) |
| Diluted earnings (loss) per share |
$(0.02) |
|
$0.12 |
|
$0.06 |
|
$(1.72) |
| |
| Shares used in computing
earnings (loss) per common share: |
| Basic |
47,870 |
|
42,926 |
|
47,866 |
|
42,936 |
| |
| Diluted |
47,870 |
|
43,061 |
|
47,872 |
|
43,036 |
|
| (1) In the first quarter
fiscal 2002, the Company adopted SFAS No. 142, "Goodwill
and Intangible Assets." SFAS No. 142 eliminates the
amortization of goodwill and instead requires that goodwill
be tested for impairment. Because we adopted these statements
effective with the beginning of fiscal 2002, we do not
have goodwill amortization in either year. |
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