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
Dycom Industries, Inc. Announces Fiscal 2013 First Quarter Results
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