Dycom Industries, Inc. Announces Fiscal 2014 First Quarter Results And Provides Guidance For The Next Fiscal Quarter PR Newswire PALM BEACH GARDENS, Fla., Nov. 25, 2013 PALM BEACH GARDENS, Fla., Nov. 25, 2013 /PRNewswire/ --Dycom Industries, Inc. (NYSE: DY) announced today its results for the first quarter ended October 26, 2013. The Company reported: oContract revenues of $512.7 million for the quarter ended October 26, 2013, compared to contract revenues of $323.3 million for the quarter ended October 27, 2012. Contract revenues for the quarter ended October 26, 2013 grew 10.0% on an organic basis after excluding $157.1 million of revenue from businesses acquired during fiscal 2013. oAdjusted EBITDA (Non-GAAP) of $63.2 million for the quarter ended October 26, 2013, compared to $40.4 million for the quarter ended October 27, 2012. oNet income of $18.7 million, or $0.54 per common share diluted, for the quarter ended October 26, 2013, compared to $11.9 million, or $0.35 per common share diluted, for the quarter ended October 27, 2012. 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 also announced its outlook for the second quarter of fiscal 2014. The Company currently expects revenue for the second quarter of fiscal 2014 to range from $400.0 million to $420.0 million and diluted earnings per share to range from $0.03 to $0.09. 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, 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 9a.m.(ET), Tuesday, November 26, 2013; 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 26, 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 Thursday, December 26, 2013. 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 athttp://www.dycomind.com in the Investor Center. 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 first 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, 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 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 October 26, 2013 and July 27, 2013 Unaudited October 26, July 27, 2013 2013 ASSETS (Dollars in thousands) CURRENT ASSETS: Cash and equivalents $ 14,394 $ 18,607 Accounts receivable, net 304,412 252,202 Costs and estimated earnings in excess of billings 221,110 204,349 Inventories 39,273 35,999 Deferred tax assets, net 17,718 16,853 Income taxes receivable 2,231 2,516 Other current assets 16,192 10,608 Total current assets 615,330 541,134 PROPERTY AND EQUIPMENT, NET 203,916 202,703 GOODWILL 267,810 267,810 INTANGIBLE ASSETS, NET 120,021 125,275 OTHER 17,199 17,286 TOTAL NON-CURRENT ASSETS 608,946 613,074 TOTAL ASSETS $ 1,224,276 $ 1,154,208 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 68,926 $ 77,954 Current portion of debt 8,594 7,813 Billings in excess of costs and estimated earnings 13,347 13,788 Accrued insurance claims 31,528 29,069 Other accrued liabilities 79,453 71,191 Total current liabilities 201,848 199,815 LONG-TERM DEBT 475,735 444,169 ACCRUED INSURANCE CLAIMS 30,114 27,250 DEFERRED TAX LIABILITIES, NET NON-CURRENT 49,603 48,612 OTHER LIABILITIES 5,992 6,001 Total liabilities 763,292 725,847 Total Stockholders' Equity 460,984 428,361 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,224,276 $ 1,154,208 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited Three Months Three Months Ended Ended October 26, October 27, 2013 2012 (Dollars in thousands, except per share amounts) Contract revenues $ 512,720 $ 323,286 Costs of earned revenues, excluding depreciation and 410,119 257,066 amortization General and administrative 43,075 28,824 expenses (1) Depreciation and amortization 23,552 15,311 Total 476,746 301,201 Interest expense, net (6,886) (4,197) Other income, net 2,012 1,614 Income before income taxes 31,100 19,502 Provision for income taxes 12,440 7,641 Net income $ 18,660 $ 11,861 Earnings per common share: Basic earnings per common $ 0.56 $ 0.36 share Diluted earnings per common $ 0.54 $ 0.35 share Shares used in computing income per common share: Basic 33,423,678 33,089,959 Diluted 34,638,998 33,721,070 (1) Includes stock-based compensation expense of $3.5 million and $2.3 million for the three months ended October 26, 2013 and October 27, 2012, 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. Contract Revenues from Contract % % Revenues - subsidiaries Revenues - Growth Growth - GAAP acquired in fiscal Non-GAAP - GAAP 2013 Non-GAAP (Dollars in thousands) Three Months $ $ Ended 512,720 $ (157,076) 355,644 58.6 % 10.0 % October 26, 2013 Three Months $ $ $ Ended 323,286 - 323,286 October 27, 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 months ended October 26, 2013 and October 27, 2012 and a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure. Three Months Three Months Ended Ended October 26, October 27, 2013 2012 (Dollars in thousands) Reconciliation of net income to Adjusted EBITDA (Non-GAAP): Net income $ 18,660 $ 11,861 Interest expense, net 6,886 4,197 Provision for income taxes 12,440 7,641 Depreciation and 23,552 15,311 amortization expense Earnings Before Interest, Taxes, 61,538 39,010 Depreciation & Amortization ("EBITDA") Gain on sale of fixed assets (1,865) (1,581) Stock-based compensation 3,506 2,266 expense Acquisition related costs - 710 Adjusted EBITDA $ 63,179 $ 40,405 (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 months ended October 27, 2012. Three Months Ended October 27, 2012 (Dollars in thousands, except per share amounts) Reconciling Item: Acquisition related costs, pre-tax $ 710 GAAP net income $ 11,861 Adjustment for Reconciling Item above, net of tax 431 Non-GAAP net income $ 12,292 Earnings per common share: Basic earnings per common share - GAAP $ 0.36 Adjustment for Reconciling Item above, net of tax 0.01 Basic earnings per common share - Non-GAAP $ 0.37 Diluted earnings per common share - GAAP $ 0.35 Adjustment for Reconciling Item above, net of tax 0.01 Diluted earnings per common share - Non-GAAP $ 0.36 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 Diluted 33,721,070 SOURCE Dycom Industries, Inc. Website: http://www.dycomind.com Contact: Steven E. Nielsen, President and CEO, H. Andrew DeFerrari, Senior Vice President and CFO, (561) 627-7171
Dycom Industries, Inc. Announces Fiscal 2014 First Quarter Results And Provides Guidance For The Next Fiscal Quarter
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