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Dycom Industries, Inc. Announces Fiscal 2013 First Quarter Results

      Dycom Industries, Inc. Announces Fiscal 2013 First Quarter Results

PR Newswire

PALM BEACH GARDENS, Fla., Nov. 19, 2012

PALM BEACH GARDENS, Fla., Nov. 19, 2012 /PRNewswire/ -- Dycom Industries, Inc.
(NYSE: DY) announced today its results for the first quarter ended October 27,
2012.

The Company reported:

  oContract revenues of $323.3 million for the quarter ended October 27,
    2012, compared to $319.6 million for the quarter ended October 29, 2011,
    an increase of 1.2%. Included in contract revenues for the quarter ended
    October 29, 2011 was approximately $3.7 million for storm restoration
    services; there were no revenues from storm restoration services for the
    quarter ended October 27, 2012. Excluding storm restoration services,
    revenues increased 2.4%, or $7.4million;
  oAdjusted EBITDA (Non-GAAP) of $40.4 million for each of the quarters ended
    October 27, 2012, and October 29, 2011; and
  oNet income of $11.9 million, or $0.35 per common share diluted, for the
    quarter ended October 27, 2012, compared to $13.0 million, or $0.38 per
    common share diluted, for the quarter ended October 29, 2011. On a
    Non-GAAP basis, net income for the quarter ended October 27, 2012 was
    $12.3 million or $0.36 per common share diluted. Non-GAAP net income for
    the quarter ended October 27, 2012 excludes $0.7 million in pre-tax
    acquisition related costs.

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, and stock-based compensation expense. See the
accompanying tables which present a reconciliation of GAAP to Non-GAAP
financial information.

A conference call to review the Company's results, together with the
previously announced acquisition of telecommunications infrastructure services
subsidiaries from Quanta Services, Inc., will be hosted at 9a.m.(ET),
Tuesday, November 20, 2012; call (800) 230-1074 (United States) or (612)
234-9959 (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 8 a.m. (ET) on November 20, 2012.
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 Thursday, December 20, 2012.

Dycom is a leading provider of specialty contracting services. These
services, which are provided throughout the United States and in Canada,
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 2013 first quarter results are preliminary and are unaudited. This
press release may contain 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.
Such risks and uncertainties 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, the future
impact of any acquisitions or dispositions, including the consummation of such
acquisitions and dispositions, the anticipated outcome of other contingent
events, including litigation, liquidity and other financial needs, the
availability of financing, and the other risks detailed 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
October 27, 2012 and July 28, 2012
Unaudited
                                                     October 27,   July 28,
                                                     2012           2012
ASSETS                                               (Dollars in thousands)
CURRENT ASSETS:
Cash and equivalents                               $ 54,726       $ 52,581
Accounts receivable, net                             153,794        141,788
Costs and estimated earnings in excess of billings   118,409        127,321
Inventories                                          25,142         26,274
Deferred tax assets, net                             16,074         15,633
Income taxes receivable                              741            4,884
Other current assets                                 12,822         8,466
Total current assets                                 381,708        376,947
PROPERTY AND EQUIPMENT, NET                          154,701        158,247
GOODWILL                                             174,849        174,849
INTANGIBLE ASSETS, NET                               48,182         49,773
OTHER                                                12,093         12,377
TOTAL NON-CURRENT ASSETS                             389,825        395,246
TOTAL ASSETS                                       $ 771,533      $ 772,193
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable                                   $ 38,485       $ 36,823
Current portion of debt                              55             74
Billings in excess of costs and estimated earnings   1,447          1,522
Accrued insurance claims                             24,244         25,218
Income taxes payable                                 4,567          -
Other accrued liabilities                            47,642         50,926
Total current liabilities                            116,440        114,563
LONG-TERM DEBT                                       187,500        187,500
ACCRUED INSURANCE CLAIMS                             22,847         23,591
DEFERRED TAX LIABILITIES, NET NON-CURRENT            48,792         49,537
OTHER LIABILITIES                                    3,959          4,071
Total liabilities                                    379,538        379,262
Total Stockholders' Equity                           391,995        392,931
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         $ 771,533      $ 772,193



DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
                                  Three Months               Three Months
                                  Ended                      Ended
                                  October 27,               October 29,
                                  2012                       2011
                                  (Dollars in thousands, except per share
                                  amounts)
Contract revenues            $   323,286            $       319,575
Costs of earned revenues,
excluding depreciation and        257,066                    255,187
amortization
General and administrative        28,824                     25,358
expenses (1)
Depreciation and amortization     15,311                     15,958
Total                            301,201                    296,503
Interest expense, net             (4,197)                    (4,173)
Other income, net                 1,614                      2,959
Income before income taxes        19,502                     21,858
Provision for income taxes        7,641                      8,892
Net income                    $   11,861             $       12,966
Earnings per common share:
Basic earnings per common     $   0.36               $       0.39
share
Diluted earnings per common   $   0.35               $       0.38
share
Shares used in computing
income per common share:
 Basic                          33,089,959                 33,508,193
 Diluted                        33,721,070                 34,216,451
(1) Includes stock-based compensation expense of $2.3 million and $1.3 million
for the three months ended October 27, 2012 and October 29, 2011,
respectively.



DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited
(continued)
The below table presents the reconciliation of contract revenues adjusted for
storm restoration service revenues generated during the
first quarter of fiscal 2012.
                 Contract    Revenues from     Contract    %        %
                 Revenues -  storm             Revenues -  Growth   Growth -
                 GAAP        restoration       Non-GAAP    - GAAP   Non-GAAP
                             services
                 (Dollars in thousands)
  Three Months   $          $          $ 
  Ended October  323,286      -             323,286    1.2    % 2.4      %
  27, 2012
  Three Months   $          $            $ 
  Ended October  319,575    (3,729)           315,846
  29, 2011



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 months ended October 27, 2012 and October 29, 2011.
                                  Three Months           Three Months
                                  Ended                  Ended
                                  October 27,            October 29,
                                  2012                   2011
                                  (Dollars in thousands, except per share
                                  amounts)
Reconciling Item:
Acquisition related costs      $  710              $     -
GAAP net income                $  11,861           $     12,966
Adjustment for Reconciling        431                    -
Item above, net of tax
Non-GAAP net income            $  12,292           $     12,966
Earnings per common share:
Basic earnings per common      $  0.36             $     0.39
share - GAAP
Adjustment for Reconciling        0.01                   -
Item above, net of tax
Basic earnings per common      $  0.37             $     0.39
share - Non-GAAP
Diluted earnings per common    $  0.35             $     0.38
share - GAAP
Adjustment for Reconciling        0.01                   -
Item above, net of tax
Diluted earnings per common    $  0.36             $     0.38
share - Non-GAAP
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 Item above:
 Basic                          33,089,959             33,508,193
 Diluted                        33,721,070             34,216,451



 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 months ended October 27, 2012 and October 29, 2011 and a
 reconciliation of Adjusted EBITDA to net income, the most directly
 comparable GAAP measure.
                                             Three Months     Three Months
                                             Ended            Ended
                                             October 27,     October 29,
                                             2012             2011
                                             (Dollars in thousands)
 Reconciliation of Net income to
 Adjusted EBITDA (Non-GAAP):
       Net income                       $    11,861        $  12,966
       Interest expense, net                 4,197            4,173
       Provision for income taxes            7,641            8,892
       Depreciation and amortization         15,311           15,958
       expense
        Earnings Before Interest,
       Taxes,Depreciation & Amortization    39,010           41,989
        ("EBITDA")
       Gain on sale of fixed assets          (1,581)          (2,918)
       Stock-based compensation expense      2,266            1,326
       Acquisition related costs             710              -
        Adjusted EBITDA          $    40,405        $  40,397
       (Non-GAAP)

SOURCE Dycom Industries, Inc.

Website: http://www.dycomind.com
Contact: Steven E. Nielsen, President and CEO, or H. Andrew DeFerrari, Senior
Vice President and CFO, +1-561-627-7171
 
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