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

    Dycom Industries, Inc. Announces Fiscal 2014 Third Quarter Results And                 Provides Guidance For The Next Fiscal Quarter  PR Newswire  PALM BEACH GARDENS, Fla., May 20, 2014  PALM BEACH GARDENS, Fla., May 20, 2014 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the third quarter ended April 26, 2014.  The Company reported:    oContract revenues of $426.3 million for the quarter ended April 26, 2014,     compared to $437.4 million for the quarter ended April 27, 2013.   oAdjusted EBITDA (Non-GAAP) of $39.6 million for the three months ended     April 26, 2014, compared to $44.0 million for the three months ended April     27, 2013.   oNet income of $7.9 million, or $0.23 per common share diluted, for the     quarter ended April 26, 2014, compared to $7.2 million, or $0.21 per     common share diluted, for the quarter ended April 27, 2013.  The Company also reported:    oContract revenues of $1.330 billion for the nine months ended April 26,     2014, compared to $1.130billion for the nine months ended April 27, 2013.     Contract revenues for the nine months ended April 26, 2014 grew 4.6% on an     organic basis after excluding revenues from businesses acquired in fiscal     2013 in both periods and $16.7 million of revenues for storm restoration     services in the nine months ended April 27, 2013. Total revenues from     businesses acquired in fiscal 2013 were $373.2 million and $198.8 million     for the nine months ended April 26, 2014 and April 27, 2013, respectively.   oAdjusted EBITDA (Non-GAAP) of $130.9 million for the nine months ended     April 26, 2014, compared to $121.7 million for the nine months ended April     27, 2013.   oNet income of $23.5 million, or $0.68 per common share diluted, for the     nine months ended April 26, 2014, compared to $20.5 million, or $0.61 per     common share diluted, for the nine months ended April 27, 2013. On a     Non-GAAP basis, net income for the nine months ended April 27, 2013 was     $24.7 million, or $0.73 per common share diluted. The Non-GAAP net income     for the nine months ended April 27, 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 fourth quarter of fiscal 2014. The Company currently expects revenue for the fourth quarter of fiscal 2014 to range from $475.0 million to $495.0 million and diluted earnings per share to range from $0.43 to $0.50.  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 9:00a.m.(ET), Wednesday, May 21, 2014; call (800) 288-8975 (United States) or (612) 332-0335 (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 7:00a.m. (ET) on May 21, 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, June 20, 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 athttp://www.dycomind.com in the Investor Center. The Trend Schedule will be available at approximately 7:00a.m.(ET) on May 21, 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 third 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---    NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS April 26, 2014 and July 27, 2013 Unaudited                                                      April 26,    July 27,                                                      2014         2013 ASSETS                                               (Dollars in thousands) CURRENT ASSETS: Cash and equivalents                               $ 18,722     $ 18,607 Accounts receivable, net                             233,276      252,202 Costs and estimated earnings in excess of billings   198,581      204,349 Inventories                                          42,512       35,999 Deferred tax assets, net                             17,156       16,853 Income taxes receivable                              12,287       2,516 Other current assets                                 18,656       10,608 Total current assets                                 541,190      541,134 PROPERTY AND EQUIPMENT, NET                          205,703      202,703 GOODWILL                                             267,810      267,810 INTANGIBLE ASSETS, NET                               111,819      125,275 OTHER                                                16,254       17,286 TOTAL NON-CURRENT ASSETS                             601,586      613,074 TOTAL ASSETS                                       $ 1,142,776  $ 1,154,208 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable                                   $ 62,985     $ 77,954 Current portion of debt                              10,156       7,813 Billings in excess of costs and estimated earnings   13,401       13,788 Accrued insurance claims                             32,567       29,069 Other accrued liabilities                            69,758       71,191 Total current liabilities                            188,867      199,815 LONG-TERM DEBT                                       403,082      444,169 ACCRUED INSURANCE CLAIMS                             32,027       27,250 DEFERRED TAX LIABILITIES, NET NON-CURRENT            47,915       48,612 OTHER LIABILITIES                                    5,960        6,001 Total liabilities                                    677,851      725,847 Total Stockholders' Equity                           464,925      428,361 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         $ 1,142,776  $ 1,154,208    NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited                       Three          Three          Nine Months    Nine Months                       Months         Months                       Ended          Ended          Ended          Ended                       April 26,      April 27,      April 26,      April 27,                       2014           2013           2014           2013                       (Dollars in thousands, except per share amounts) Contract revenues $  426,284     $  437,367     $  1,329,522    $ 1,129,980 Costs of earned revenues, excluding             350,352        357,664        1,087,824      916,247 depreciation and amortization General and administrative        39,162         38,205         120,799        105,857 expenses (1) Depreciation and      22,726         24,531         69,713         60,660 amortization Total                412,240        420,400        1,278,336      1,082,764 Interest expense,     (6,563)        (6,637)        (20,249)       (16,582) net Other income, net     5,593          1,477          8,200          3,519 Income before         13,074         11,807         39,137         34,153 income taxes Provision for         5,179          4,608          15,649         13,631 income taxes Net income         $  7,895       $  7,199       $  23,488       $ 20,522 Earnings per common share: Basic earnings per $  0.23        $  0.22        $  0.70         $ 0.62 common share Diluted earnings   $  0.23        $  0.21        $  0.68         $ 0.61 per common share Shares used in computing income per common share:  Basic              33,860,832     33,033,740     33,707,957     32,968,897  Diluted            34,763,035     33,842,150     34,767,400     33,684,974 (1) Includes stock-based compensation expense of $2.7 million and $2.5 million for the three months ended April 26, 2014 and April 27, 2013, respectively, and $9.7 million and $7.3 million for the nine months ended April 26, 2014 and April 27, 2013, respectively.    NYSE: "DY" 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 and the percentages of growth (decline) of GAAP and Non-GAAP contract revenues.                                                                    %                     Revenues    Revenues     Contract  %           Growth          Contract   from        from storm   Revenues  Growth          Revenues   businesses  restoration  -         (decline)   (decline)          - GAAP     acquired    services     Non-GAAP  - GAAP      -                     (1)         (1)          (1)                                                                    Non-GAAP          (Dollars in thousands)  Three  Months  Ended   $         $       $       $        (2.5)     % (3.8)     %  April   426,284    (5,545)    -         420,739  26,  2014  Three  Months             $      Ended   $                $       $   April   437,367   -            -         437,367  27,  2013  Nine  Months  Ended   $          $        $       $        17.7      % 4.6       %  April   1,329,522  (373,223)    -         956,299  26,  2014  Nine  Months  Ended   $          $        $           $   April   1,129,980  (198,844)   (16,721)    914,415  27,  2013  (1) For the three months ended April 26, 2014, the Non-GAAP decline % is  adjusted for revenues from businesses acquired during the fourth quarter of  fiscal 2013. For the nine months ended April 26, 2014, the Non-GAAP growth %  is adjusted for revenues from businesses acquired during fiscal 2013, as the  revenues were not included in both the current year and prior year full  period, and storm restoration service revenues, if any.    NYSE: "DY" 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 nine months ended April 26, 2014 and April 27, 2013 and a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure.                             Three         Three           Nine        Nine                             Months        Months          Months      Months                             Ended         Ended           Ended       Ended                             April 26,     April 27,       April       April                                                           26,         27,                             2014          2013            2014        2013                             (Dollars in thousands)    Reconciliation of net    income to Adjusted    EBITDA (Non-GAAP):       Net income         $  7,895      $  7,199        $  23,488   $  20,522       Interest expense,     6,563         6,637           20,249      16,582       net       Provision for         5,179         4,608           15,649      13,631       income taxes       Depreciation and       amortization          22,726        24,531          69,713      60,660       expense       Earnings Before       Interest, Taxes,       Depreciation &        42,363        42,975          129,099     111,395       Amortization       ("EBITDA")       Gain on sale of       (5,469)       (1,459)         (7,904)     (3,867)       fixed assets       Stock-based       compensation          2,671         2,513           9,721       7,275       expense       Acquisition           -             -               -           6,539       related costs       Write-off of       deferred financing    -             -               -           321       costs       Adjusted EBITDA    $  39,565     $  44,029       $  130,916  $  121,663       (Non-GAAP)    NYSE: "DY" 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 nine months ended April 27, 2013.                                                         Nine Months Ended                                                         April 27, 2013                                                  (Dollars in thousands, except                                                  per share amounts) Reconciling Items:          Acquisition related costs, pre-tax      $      (6,539)          Write-off of deferred financing costs          (321) Total Reconciling Items                          $      (6,860) GAAP net income                                  $      20,522 Adjustment for Reconciling Items above, net of          4,154 tax Non-GAAP net income                              $      24,676 Earnings per common share: Basic earnings per common share - GAAP          $      0.62 Adjustment for Reconciling Items above, net of          0.13 tax Basic earnings per common share - Non-GAAP      $      0.75 Diluted earnings per common share - GAAP         $      0.61 Adjustment for Reconciling Items above, net of          0.12 tax Diluted earnings per common share - Non-GAAP    $      0.73 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                                                32,968,897  Diluted                                              33,684,974    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  
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