Welcome!

News Feed Item

Dycom Industries, Inc. Announces Fiscal 2014 Second Quarter Results And Provides Guidance For The Next Fiscal Quarter

PALM BEACH GARDENS, Fla., Feb. 25, 2014 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the second quarter ended January 25, 2014.

The Company reported:

  • Contract revenues of $390.5 million for the quarter ended January 25, 2014, compared to $369.3 million for the quarter ended January 26, 2013. Contract revenues for the quarter ended January 25, 2014 grew 0.9% on an organic basis after excluding revenues from businesses acquired during fiscal 2013 from the three month periods ended January 25, 2014 and January 26, 2013 and $16.7 million of revenues for storm restoration services in the three months ended January 26, 2013. Revenues from businesses acquired during fiscal 2013 were $111.5 million and $75.9 million for the three months ended January 25, 2014 and January 26, 2013, respectively.
  • Adjusted EBITDA (Non-GAAP) of $28.2 million for the three months ended January 25, 2014, compared to $37.2 million for the three months ended January 26, 2013. 
  • Net loss of $3.1 million, or $0.09 loss per common share, for the quarter ended January 25, 2014, compared to net income of $1.5 million, or $0.04 per common share diluted, for the quarter ended January 26, 2013. On a Non-GAAP basis, net income for the quarter ended January 26, 2013 was $5.2 million, or $0.15 per common share diluted. The Non-GAAP net income for the quarter ended January 26, 2013 excludes $5.8 million in pre-tax acquisition related costs and a pre-tax write-off of $0.3 million of deferred financing costs in connection with the replacement of the Company's credit facility in December 2012.

Worse than expected weather during the latter part of the second fiscal quarter of 2014 sharply impacted the Company's results. Major snowfalls and extremely cold temperatures reduced the number of available workdays and negatively impacted productivity and margins.

The Company also reported:

  • Contract revenues of $903.2 million for the six months ended January 25, 2014, compared to $692.6 million for the six months ended January 26, 2013. Contract revenues for the six months ended January 25, 2014 grew 5.8% on an organic basis after excluding revenues from businesses acquired during fiscal 2013 from the six month periods ended January 25, 2014 and January 26, 2013 and $16.7 million of revenues for storm restoration services in the six months ended January 26, 2013. Revenues from businesses acquired during fiscal 2013 were $268.6 million and $75.9 million for the six months ended January 25, 2014 and January 26, 2013, respectively.
  • Adjusted EBITDA (Non-GAAP) of $91.4 million for the six months ended January 25, 2014, compared to $77.6 million for the six months ended January 26, 2013. 
  • Net income of $15.6 million, or $0.45 per common share diluted, for the six months ended January 25, 2014, compared to $13.3 million, or $0.40 per common share diluted, for the six months ended January 26, 2013. On a Non-GAAP basis, net income for the six months ended January 26, 2013 was $17.5 million, or $0.52 per common share diluted. The Non-GAAP net income for the six months ended January 26, 2013 excludes $6.5 million in pre-tax acquisition related costs and a pre-tax write-off of $0.3 million of deferred financing costs in connection with the replacement of the Company's credit facility in December 2012.

The Company also announced its outlook for the third quarter of fiscal 2014. The Company currently expects revenue for the third quarter of fiscal 2014 to range from $415.0 million to $435.0 million and diluted earnings per share to range from $0.19 to $0.26.

The Company has defined Adjusted EBITDA (Non-GAAP) as earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets, acquisition related costs, write-off of deferred financing costs, stock-based compensation expense, and certain non-recurring items. See the accompanying tables which present a reconciliation of GAAP to Non-GAAP financial information.

A conference call to review the Company's results will be hosted at 9:00 a.m. (ET), Wednesday, February 26, 2014; call (800) 230-1074 (United States) or (612) 288-0340 (International) ten minutes before the conference call begins and ask for the "Dycom Results" conference call. A live webcast of the conference call, along with related materials, will be available at http://www.dycomind.com under the heading "Events." The conference call materials will be available at approximately 7:00 a.m. (ET) on February 26, 2014. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and the conference call materials will be available at http://www.dycomind.com until Friday, March 28, 2014.

For additional detail on selected financial information including organic revenue, customer metrics, and certain other selected financial data and Non-GAAP measures, please refer to the Trend Schedule on Dycom's website at http://www.dycomind.com in the Investor Center. The Trend Schedule will be available at approximately 7:00 a.m. (ET) on February 26, 2014.

Dycom is a leading provider of specialty contracting services throughout the United States and in Canada. 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 and gas utilities and others.

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that the presentation of certain Non-GAAP financial measures in this press release provides information that is useful to investors because it allows for a more direct comparison of the Company's performance for the period with the Company's performance in the comparable prior-year period. The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results. 

Fiscal 2014 second quarter results are preliminary and are unaudited. This press release contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. 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. The most significant of these risks and uncertainties are described in our Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and include business and economic conditions and trends 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, preliminary purchase price allocations of businesses acquired, expected benefits and synergies of acquisitions, the future impact of any acquisitions or dispositions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, and the other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements.

 

---Tables Follow---

 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

January 25, 2014 and July 27, 2013

Unaudited








January 25,


July 27,



2014


2013

ASSETS


(Dollars in thousands)

CURRENT ASSETS:





Cash and equivalents

$

16,344

$

18,607

Accounts receivable, net


231,619


252,202

Costs and estimated earnings in excess of billings


174,138


204,349

Inventories


43,426


35,999

Deferred tax assets, net


16,334


16,853

Income taxes receivable


18,347


2,516

Other current assets


16,142


10,608

Total current assets


516,350


541,134






PROPERTY AND EQUIPMENT, NET


203,639


202,703

GOODWILL


267,810


267,810

INTANGIBLE ASSETS, NET


115,243


125,275

OTHER


16,852


17,286

TOTAL NON-CURRENT ASSETS


603,544


613,074

TOTAL ASSETS

$

1,119,894

$

1,154,208






LIABILITIES AND STOCKHOLDERS' EQUITY





CURRENT LIABILITIES:





Accounts payable

$

52,315

$

77,954

Current portion of debt


9,375


7,813

Billings in excess of costs and estimated earnings


13,869


13,788

Accrued insurance claims


32,638


29,069

Other accrued liabilities


57,566


71,191

Total current liabilities


165,763


199,815











LONG-TERM DEBT


416,301


444,169

ACCRUED INSURANCE CLAIMS


30,942


27,250

DEFERRED TAX LIABILITIES, NET NON-CURRENT


49,003


48,612

OTHER LIABILITIES


6,249


6,001

Total liabilities


668,258


725,847






Total Stockholders' Equity


451,636


428,361

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,119,894

$

1,154,208






 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited












Three Months


Three Months


Six Months


Six Months



Ended


Ended


Ended


Ended



January 25,


January 26,


January 25,


January 26,



2014


2013


2014


2013



(Dollars in thousands, except per share amounts)










Contract revenues 

$

390,518

$

369,326

$

903,238

$

692,613










Costs of earned revenues, excluding depreciation and amortization


327,353


301,516


737,472


558,582

General and administrative expenses (1)


38,562


38,827


81,637


67,652

Depreciation and amortization


23,435


20,819


46,987


36,130

Total 


389,350


361,162


866,096


662,364










Interest expense, net


(6,800)


(5,748)


(13,686)


(9,946)

Other income, net


595


428


2,607


2,042










Income (loss) before income taxes


(5,037)


2,844


26,063


22,345










Provision (benefit) for income taxes


(1,970)


1,381


10,470


9,022










Net income (loss)

$

(3,067)

$

1,463

$

15,593

$

13,323










Earnings (loss) per common share:


















Basic earnings (loss) per common share

$

(0.09)

$

0.04

$

0.46

$

0.40










Diluted earnings (loss) per common share

$

(0.09)

$

0.04

$

0.45

$

0.40



















Shares used in computing income (loss) per common share:









   Basic


33,836,099


32,780,667


33,629,884


32,935,305










   Diluted


33,836,099


33,514,416


34,767,945


33,607,180










(1) Includes stock-based compensation expense of $3.5 million and $2.5 million for the three months ended January 25, 2014 and January 26, 2013, respectively, and $7.0 million and $4.8 million for the six months ended January 25, 2014 and January 26, 2013, respectively.


 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

Unaudited

















The below table presents the reconciliation of GAAP contract revenues to Non-GAAP contract revenues adjusted to exclude revenues from subsidiaries acquired during fiscal 2013 and storm restoration service revenues generated during the prior year periods, as well as the percentages of growth of GAAP and Non-GAAP contract revenues.



















Contract
Revenues -
GAAP


Revenues from
subsidiaries
acquired in fiscal
2013


Revenues
from storm
restoration
services


Contract
Revenues -
Non-GAAP


%
Growth -
GAAP


%
Growth -
Non-GAAP





(Dollars in thousands)






















Three Months Ended January 25, 2014


$    390,518


$       (111,500)


$              -


$    279,018


5.7

%

0.9

%

















Three Months Ended January 26, 2013


$    369,326


$         (75,946)


$   (16,721)


$    276,659






















Six Months Ended January 25, 2014


$    903,238


$       (268,577)


$              -


$    634,661


30.4

%

5.8

%

















Six Months Ended January 26, 2013


$    692,613


$         (75,946)


$   (16,721)


$    599,946





















 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

Unaudited

(continued)













The below table presents the Non-GAAP financial measure of Adjusted EBITDA for the three and six months ended January 25, 2014 and January 26, 2013 and a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure.









































Three Months


Three Months



Six Months


Six Months





Ended


Ended



Ended


Ended





January 25,


January 26,



January 25,


January 26,





2014


2013



2014


2013





(Dollars in thousands)


Reconciliation of net income (loss) to Adjusted EBITDA (Non-GAAP):










Net income (loss)

$

(3,067)

$

1,463


$

15,593

$

13,323



Interest expense, net


6,800


5,748



13,686


9,946



Provision (benefit) for income taxes


(1,970)


1,381



10,470


9,022



Depreciation and amortization expense


23,435


20,819



46,987


36,130



Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA")


25,198


29,411



86,736


68,421



Gain on sale of fixed assets


(570)


(826)



(2,435)


(2,407)



Stock-based compensation expense


3,544


2,496



7,049


4,762



Acquisition related costs


-


5,829



-


6,539



Write-off of deferred financing costs


-


321



-


321



Adjusted EBITDA (Non-GAAP)

$

28,172

$

37,231


$

91,350

$

77,636

























 

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP INFORMATION

Unaudited

(continued)








The below table presents a reconciliation of GAAP to Non-GAAP net income for the three and six months ended January 26, 2013.











Three Months



Six Months




Ended



Ended




January 26,



January 26,




2013



2013




(Dollars in thousands, except per share amounts)








Reconciling Items:







Acquisition related costs, pre-tax

$

(5,829)


$

(6,539)


Write-off of deferred financing costs


(321)



(321)

Total Reconciling Items

$

(6,150)


$

(6,860)








GAAP net income

$

1,463


$

13,323

Adjustment for Reconciling Items above, net of tax


3,710



4,154

Non-GAAP net income

$

5,173


$

17,477








Earnings per common share:













Basic earnings per common share  - GAAP

$

0.04


$

0.40

Adjustment for Reconciling Items above, net of tax


0.11



0.13

Basic earnings per common share - Non-GAAP 

$

0.16


$

0.53








Diluted earnings per common share - GAAP

$

0.04


$

0.40

Adjustment for Reconciling Items above, net of tax


0.11



0.12

Diluted earnings per common share - Non-GAAP 

$

0.15


$

0.52








Earnings per share amounts may not add due to rounding.













Shares used in computing GAAP and Non-GAAP earnings per
common share and adjustment for Reconciling Items above:











   Basic


32,780,667



32,935,305








   Diluted


33,514,416



33,607,180








 

SOURCE Dycom Industries, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
In a world where the internet rules all, where 94% of business buyers conduct online research, and where e-commerce sales are poised to fall between $427 billion and $443 billion by the end of this year, we think it's safe to say that your website is a vital part of your business strategy. Whether you're a B2B company, a local business, or an e-commerce site, digital presence is key to maintain in your drive towards success. Digital Performance will take priority in 2018 for the following reason...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discussed how a new approach is neces...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We view the cloud not as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo (http://www.CloudComputingExpo.com), held June 7-9 at the Javits Center in New York City, NY.