Dycom Industries, Inc. Announces Fiscal 2013 Fourth Quarter And Fiscal Year Results And Provides Guidance For The Next Fiscal

 Dycom Industries, Inc. Announces Fiscal 2013 Fourth Quarter And Fiscal Year
          Results And Provides Guidance For The Next Fiscal Quarter

PR Newswire

PALM BEACH GARDENS, Fla., Aug. 27, 2013

PALM BEACH GARDENS, Fla., Aug. 27, 2013 /PRNewswire/ --Dycom Industries, Inc.
(NYSE: DY) announced today its results for the fourth quarter and fiscal year
ended July 27, 2013.

The Company reported:

  oContract revenues of $478.6 million for the quarter ended July 27, 2013,
    compared to contract revenues of $318.0 million for the quarter ended July
    28, 2012. Contract revenues for the quarter ended July 27, 2013 grew 7.5%
    on an organic basis after excluding $139.1 million of revenue from
    businesses acquired during fiscal 2013 and $2.3 million of revenue from
    storm restoration services in the quarter ended July 28, 2012.
  oAdjusted EBITDA (Non-GAAP) of $58.1 million for the quarter ended July 27,
    2013, compared to $40.5 million for the quarter ended July 28, 2012.
  oNet income on a GAAP basis of $14.7 million, or $0.43 per common share
    diluted, for the quarter ended July 27, 2013, compared to $13.3 million,
    or $0.39 per common share diluted, for the quarter ended July 28, 2012. On
    a Non-GAAP basis, net income for the quarter ended July 27, 2013 was $15.1
    million, or $0.44 per common share diluted. The Non-GAAP net income for
    the quarter ended July 27, 2013 excludes a pre-tax $0.5 million charge for
    a wage and hour class action settlement and $0.2 million in pre-tax
    acquisition related costs.

The Company also reported:

  oContract revenues of $1.609 billion for the fiscal year ended July 27,
    2013, compared to contract revenues of $1.201 billion for the fiscal year
    ended July 28, 2012. Contract revenues for the fiscal year ended July 27,
    2013 grew 4.9% on an organic basis after excluding $337.9 million of
    revenue from businesses acquired during fiscal 2013 and revenue for storm
    restoration services of $16.7 million and $6.0 million in the fiscal years
    ended July 27, 2013 and July 28, 2012, respectively.
  oAdjusted EBITDA (Non-GAAP) of $179.8 million for the fiscal year ended
    July 27, 2013, compared to $135.5 million for the fiscal year ended July
    28, 2012.
  oNet income on a GAAP basis of $35.2 million, or $1.04 per common share
    diluted, for the fiscal year ended July 27, 2013, compared to $39.4
    million, or $1.14 per common share diluted, for the fiscal year ended July
    28, 2012. The fiscal year ended July 27, 2013 included $4.7 million in
    pre-tax gains on asset sales, as compared to $15.4 million during the
    fiscal year ended July 28, 2012. On a Non-GAAP basis, net income for the
    fiscal year ended July 27, 2013 was $39.8 million, or $1.18 per common
    share diluted. The Non-GAAP net income for the fiscal year ended July 27,
    2013 excludes $6.8 million in pre-tax acquisition related costs, a pre-tax
    $0.5 million charge for a wage and hour class action settlement, 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 first quarter of fiscal 2014.
The Company currently expects revenue for the first quarter of fiscal 2014 to
range from $475.0 million to $495.0 million and diluted earnings per common
share to range from $0.42 to $0.49.

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, charges for
a wage and hour class action settlement, 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  will be hosted at
9a.m.(ET), Wednesday, August 28, 2013; call (800) 230-1059 (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 August 28, 2013.
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, September 27, 2013.

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 fourth quarter and full year 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,
preliminary purchase price allocations of businesses acquired, expected
benefits and synergies of acquisitions, future financial and operating
results, 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 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
CONSOLIDATED BALANCE SHEETS
July 27, 2013 and July 28, 2012
Unaudited
                                                        July 27,      July 28,
                                                        2013          2012
ASSETS                                                  (Dollars in thousands)
CURRENT ASSETS:
Cash and equivalents                                  $ 18,607     $  52,581
Accounts receivable, net                                252,202       141,788
Costs and estimated earnings in excess of billings      204,349       127,321
Inventories                                             35,999        26,274
Deferred tax assets, net                                15,919        15,633
Income taxes receivable                                 2,516         4,884
Other current assets                                    10,608        8,466
Total current assets                                    540,200       376,947
PROPERTY AND EQUIPMENT, NET                             202,703       158,247
GOODWILL                                                267,810       174,849
INTANGIBLE ASSETS, NET                                  125,275       49,773
OTHER                                                   17,286        12,377
TOTAL NON-CURRENT ASSETS                           613,074       395,246
TOTAL ASSETS                                     $ 1,153,274  $  772,193
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable                                      $ 77,954     $  36,823
Current portion of debt                                 7,813         74
Billings in excess of costs and estimated earnings      13,788        1,522
Accrued insurance claims                                29,069        25,218
Other accrued liabilities                               70,257        50,926
Total current liabilities                          198,881       114,563
LONG-TERM DEBT (including debt premium of $3.6          444,169       187,500
million at July 27, 2013)
ACCRUED INSURANCE CLAIMS                                27,250        23,591
DEFERRED TAX LIABILITIES, NET NON-CURRENT               48,612        49,537
OTHER LIABILITIES                                       6,001         4,071
Total liabilities                                  724,913       379,262
Total Stockholders' Equity                         428,361       392,931
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $ 1,153,274  $  772,193





DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
                     Three          Three            Twelve         Twelve
                     Months         Months           Months         Months
                     Ended          Ended            Ended          Ended
                     July 27,       July 28,         July 27,       July 28,
                     2013           2012             2013           2012
                     (Dollars in thousands, except per share amounts)
Contract          $  478,632     $  318,034       $  1,608,612   $  1,201,119
revenues
Costs of earned
revenues,
excluding            384,169        252,137          1,300,416      968,949
depreciation and
amortization
General and
administrative       39,914         27,434           145,771        104,024
expenses (1)
Depreciation and     24,820         15,647           85,481         62,693
amortization
Total               448,903        295,218          1,531,668      1,135,666
Interest expense,    (6,752)        (4,189)          (23,334)       (16,717)
net
Other income, net    1,069          2,882            4,589          15,825
Income before        24,046         21,509           58,199         64,561
income taxes
Provision for        9,380          8,227            23,011         25,183
income taxes
Net income        $  14,666      $  13,282        $  35,188      $  39,378
Earnings per
common share:
Basic earnings    $  0.44        $  0.40          $  1.07        $  1.17
per common share
Diluted earnings  $  0.43        $  0.39          $  1.04        $  1.14
per common share
Shares used in
computing income
per common share:
 Basic             33,141,347     33,600,852       33,012,595     33,653,055
 Diluted           34,082,228     34,384,915       33,782,187     34,481,895
(1) Includes stock-based compensation expense of $2.6 million and $2.1 million
for the three months ended July 27, 2013 and July 28, 2012, respectively, and
$9.9 million and $7.0 million for the twelve months ended July 27, 2013 and
July 28, 2012, respectively.





DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited
The below table presents the reconciliation of contract revenues adjusted for
revenue from subsidiaries acquired in fiscal 2013 and storm restoration
service revenues generated during the current and prior year periods.
                     Revenues      Revenues
                     from          from         Contract
         Contract                                          %        %
                     subsidiaries  storm        Revenues   Growth   Growth -
         Revenues -                             -          -
                     acquired in   restoration                      Non-GAAP
         GAAP        fiscal                     Non-GAAP   GAAP
                                   services
                     2013
         (Dollars in thousands)
Three
Months   $          $           $       $ 
Ended    478,632    (139,079)         -  339,553   50.5   % 7.5      %
July 27,
2013
Three
Months   $          $        $       $ 
Ended    318,034        -     (2,256)     315,778
July 28,
2012
Twelve
Months   $           $           $        $
Ended    1,608,612   (337,923)    (16,721)    1,253,968  33.9   % 4.9      %
July 27,
2013
Twelve
Months   $           $        $       $
Ended    1,201,119       -     (5,985)     1,195,134
July 28,
2012





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 twelve months ended July 27, 2013 and July 28, 2012 and a
reconciliation of Adjusted EBITDA to net income, the most directly comparable
GAAP measure.
                            Three        Three            Twelve      Twelve
                            Months       Months           Months      Months
                            Ended        Ended            Ended       Ended
                            July 27,     July 28,         July 27,    July 28,
                            2013         2012             2013        2012
                            (Dollars in thousands)
Reconciliation of Net income to Adjusted EBITDA (Non-GAAP):
  Net income             $  14,666    $  13,282        $  35,188    $ 39,378
  Interest expense, net     6,752        4,189            23,334      16,717
  Provision for income      9,380        8,227            23,011      25,183
  taxes
  Depreciation and          24,820       15,647           85,481      62,693
  amortization expense
   Earnings
  Before Interest,
  Taxes, Depreciation &     55,618       41,345           167,014     143,971
  Amortization
  ("EBITDA")
  Gain on sale of fixed     (816)        (2,853)          (4,683)     (15,430)
  assets
  Stock-based               2,628        2,051            9,902       6,952
  compensation expense
  Charge for a wage and
  hour class action         495          -                495         -
  litigation settlement
  Acquisition related       224          -                6,763       -
  costs
  Write-off of deferred     -            -                321         -
  financing costs
   Adjusted       $  58,149    $  40,543        $  179,812   $ 135,493
  EBITDA (Non-GAAP)





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 twelve months ended July 27, 2013 and July 28, 2012.
                     Three Months   Three Months       Twelve       Twelve
                                                       Months       Months
                     Ended          Ended              Ended        Ended
                     July 27,       July 28,           July 27,     July 28,
                     2013           2012               2013         2012
                                    (Dollars in thousands, except
                                    per share amounts)
Reconciling Items:
  Charge for a
  wage and hour
  class action     $ (495)        $ -               $  (495)      $ -
  litigation
  settlement
  Acquisition        (224)          -                  (6,763)      -
  related costs
  Write-off of
  deferred           -              -                  (321)        -
  financing costs
Total Reconciling  $ (719)        $ -               $  (7,579)    $ -
Items
GAAP net income    $ 14,666       $ 13,282          $  35,188     $ 39,378
Adjustment for
Reconciling Items    435            -                  4,589        -
above, net of tax
Non-GAAP net       $ 15,101       $ 13,282          $  39,777     $ 39,378
income
Earnings per
common share:
Basic earnings per
common share -    $ 0.44         $ 0.40            $  1.07       $ 1.17
GAAP
Adjustment for
Reconciling Items    0.01           -                  0.14         -
above, net of tax
Basic earnings per
common share -     $ 0.46         $ 0.40            $  1.20       $ 1.17
Non-GAAP
Diluted earnings
per common share - $ 0.43         $ 0.39            $  1.04       $ 1.14
GAAP
Adjustment for
Reconciling Items    0.01           -                  0.14         -
above, net of tax
Diluted earnings
per common share - $ 0.44         $ 0.39            $  1.18       $ 1.14
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 Items
above:
 Basic             33,141,347     33,600,852         33,012,595   33,653,055
 Diluted           34,082,228     34,384,915         33,782,187   34,481,895



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, (561) 627-7171
 
Press spacebar to pause and continue. Press esc to stop.