Market Newsdesk

HOUSTON, Sept. 01, 2021 (GLOBE NEWSWIRE) — Bellicum Pharmaceuticals, Inc. (NASDAQ:BLCM), a leader in developing novel, controllable cellular immunotherapies for cancers, and The University of Texas MD Anderson Cancer Center today announced a global option and license agreement covering certain intellectual property and technology rights regarding Bellicum’s CaspaCIDe® (inducible caspase-9, or iC9) safety switch and related technologies, and the use of rimiducid, an agent used to activate the safety switch. Under this agreement, MD Anderson will have the option to incorporate CaspaCIDe into certain cellular therapy programs.

Bellicum’s CaspaCIDe safety switch may facilitate the use of cell therapies where cytokine release syndrome and neurotoxicities have been observed, in pursuit of novel targets with on-target/off-tumor safety concerns, and in conjunction with next-generation higher potency cell therapy constructs.

“We are excited to expand our CaspaCIDe agreement with MD Anderson to include a broader set of programs to benefit cancer patients,” said Rick Fair, President and CEO of Bellicum Pharmaceuticals. “We believe that our switch technology may enhance the benefit/risk profile of cell therapies. We intend to continue to pursue opportunities to expand its use via external collaborations with other leaders in the field.”

Upon exercise of each option – typically expected to be upon out-license of an MD Anderson program that incorporates iC9 – Bellicum will receive an upfront payment and will be entitled to a percentage of certain consideration paid to MD Anderson by the third party. Bellicum also will receive a single-digit-percent royalty on global sales of the product. Additional details of the financial arrangements are not disclosed. Bellicum and MD Anderson have agreed on the first two programs for development concurrent with the execution of the agreement. This agreement expands upon a previous one, which covers the use of CaspaCIDe in a specific MD Anderson cell therapy program.

“The unique inducible caspase-9 technology covered by this agreement has the potential to reduce the risk of serious adverse events associated with cellular therapies and to improve patient outcomes,” said Katy Rezvani, M.D., Ph.D., professor of Stem Cell Transplantation and Cellular Therapy at MD Anderson. “We have successfully applied the technology to existing cell therapies, and we look forward to the potential future applications made possible by this agreement.”

About CaspaCIDe

^®

CaspaCIDe (inducible caspase-9, or iC9) is Bellicum’s chemical induction of dimerization (CID) safety switch technology designated to eliminate cells in the event of toxicity. The CaspaCIDe switch consists of the CID-binding domain coupled to the signaling domain of caspase-9, an enzyme that is part of the apoptotic pathway. Infusion of rimiducid is designed to trigger activation of this domain of caspase-9, which in turn leads to selective apoptosis of the CaspaCIDe-containing cells. In clinical studies, use of CaspaCIDe has resulted in clinical improvement in most patients as early as 24 hours after rimiducid administration. Further, because CaspaCIDe is designed to be permanently incorporated into Bellicum’s cellular therapies, the safety switch has the potential to be available for use when needed long after the initial therapy is delivered.

About Bellicum Pharmaceuticals

Bellicum is a clinical stage biopharmaceutical company striving to deliver cures through controllable cell therapies. The company’s next-generation product candidates are differentiated by powerful cell signaling technologies designed to produce more effective CAR-T cell therapies. Bellicum’s GoCAR-T^® product candidates, BPX-601 and BPX-603, are designed to be more efficacious CAR-T cell products capable of overriding key immune inhibitory mechanisms. More information about Bellicum can be found at www.bellicum.com.

About MD Anderson

The University of Texas MD Anderson Cancer Center in Houston ranks as one of the world’s most respected centers focused on cancer patient care, research, education and prevention. The institution’s sole mission is to end cancer for patients and their families around the world. MD Anderson is one of only 51 comprehensive cancer centers designated by the National Cancer Institute (NCI). MD Anderson is No. 1 for cancer in U.S. News & World Report’s “Best Hospitals” rankings. It has been named one of the nation’s top two hospitals for cancer since the rankings began in 1990 and has ranked first 16 times in the last 19 years. MD Anderson receives a cancer center support grant from the NCI of the National Institutes of Health (P30 CA016672).

Forward-Looking Statements

This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Bellicum may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “designed,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the potential for Bellicum’s safety switch technology to improve the benefit/risk profile of cell therapies; the potential for expanded beneficial impact of the CaspaCIDe technology on patients enabled by the license agreement; the potential for Bellicum to earn future milestones or royalties under CaspaCID license agreements; Bellicum’s plans to make our technology more broadly available via external collaborations; and the potential useful life of the CaspaCIDe safety switch. Various factors may cause differences between Bellicum’s expectations and actual results as discussed in greater detail under the heading “Risk Factors” in Bellicum’s filings with the Securities and Exchange Commission, including without limitation Bellicum’s quarterly report on Form 10-Q for the three months ended June 30, 2021 and Bellicum’s annual report on Form 10-K the year ended December 31, 2020. Any forward-looking statements that Bellicum makes in this press release speak only as of the date of this press release. Bellicum assumes no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

Source: Bellicum Pharmaceuticals & The University of Texas MD Anderson Cancer Center

Contacts:
Bellicum
Robert H. Uhl
Managing Director
Westwicke ICR
858-356-5932
[email protected]

MD Anderson
Clayton Boldt, Ph.D.
Public Relations
713-792-9518
[email protected]

MONTREAL, Sept. 01, 2021 (GLOBE NEWSWIRE) — Vision Marine Technologies, Inc. (Nasdaq: VMAR) (“Vision Marine” or the “Company”), a global leader in the electric recreational boating industry serving both OEMs and consumers, is proud to announce its Bruce22 electric boat powered by its 180 hp fully electric E-Motion™ outboard motor set a new category speed record at the Lake of the Ozarks Shootout, the largest unsanctioned boat race in the US, which took place August 28-29, 2021.

“We believe that our fully electric technology provided a clear glimpse into the very near future,” said Xavier Montagne, CTO of Vision Marine Technologies. “We envision electric boats and outboard motors quickly becoming mainstream within the consumer markets, and the Lake of the Ozarks Shootout presented an exciting opportunity for Vision Marine to debut its E-Motion™ outboard motor.”

Electric boats made their debut at the Shootout in 2018, with a 25-mph run by Randy Vance in Calypso. In 2021, despite experiencing unusually warm temperatures, Vision Marine was able to achieve a speed of 49 mph, shattering its own record of 31 mph set in 2019, as the world’s fastest production electric boat. The Bruce 22, powered by our E-Motion™ electric outboard motor, achieved this milestone with Vision Marine co-founder and COO Patrick Bobby at the helm.

With a focus on power, speed and performance, Vision Marine is well positioned to take advantage of growing demand and an accelerating demand by OEMs and consumers to shift to environmentally friendly electric technology. The move toward more powerful engines with increased torque, and the expanded availability of pure electric optionality, is projected to increase the addressable market for electric outboard motors almost threefold, from US$4.5 billion in 2018 to US$12.3 billion in 2027. 

Key Features of Vision Marine’s Proprietary E-Motion™ Technology:

• Dramatic increase in efficiency, torque, power, and consumer experience.
• Exceptionally fast charging capabilities.
• Noiseless engine with minimal vibration.
• Sustainable solution with zero emission.
• E-Motion™ delivers an exhilarating experience due to its high torque to horsepower ratio
• 90% reduction in fuel and maintenance cost versus traditional ICE powered boats

“We are absolutely thrilled with the performance of our Bruce 22 powered by our E-Motion™ electric powertrain at the Lake of the Ozarks Shootout,” said Alexandre Mongeon, CEO of Vision Marine Technologies. “One of the largest boating events in the nation, the Shootout provided a tremendous platform to showcase our electric technology to the boating community.”

Named one of the nation’s eight “must-see” boating events according to Powerboat Magazine, the Shootout took place for the ninth year at Captain Ron’s Bar & Grill in Sunrise Beach. The event, now in its 33^rd year, raises funds for eight Lake area rescue teams and numerous other charitable organizations.

About Vision Marine Technologies, Inc.

Vision Marine Technologies, Inc. (Nasdaq: VMAR), strives to be a guiding force for change and an ongoing driving factor in fighting the problems associated with waterway pollution by disrupting the traditional boating industry with electric power, in turn directly contributing to zero pollution, zero emission and a noiseless environment. Our flagship outboard powertrain (“E-Motion™”) is the first fully electric purpose-built outboard powertrain system that combines an advanced battery pack, inverter, and high efficiency motor with proprietary union assembly between the transmission and the electric motor design utilizing extensive control software. Our E-Motion™ and related technologies used in this powertrain system are uniquely designed to improve the efficiency of the outboard powertrain and, as a result, enhance both range and performance. Vision Marine continues to design, innovate, manufacture, and sell handcrafted, high performance, environmentally friendly, electric recreational power boats to customers. The design and technology applied to our boats results in far greater enhanced performance in general, higher speeds, and longer range. Simply stated, a smoother ride than a traditional internal combustion engine (ICE) motorboat.

Forward-Looking Statements


Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory and other factors, many of which are outside of Vision Marine’s control. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Vision Marine’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (SEC) for the year ended August 31, 2020, as such factors may be updated from time to time in Vision Marine’s periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Vision Marine undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.


https://visionmarinetechnologies.com


.

Investor and Company Contact:

Bruce Nurse
Vision Marine Technologies, Inc.
(800) 871-4274
[email protected] 

Dave Gentry
RedChip Companies Inc.
800-RED-CHIP (733-2447) or 407-491-4498
[email protected]

 

SOUTH ORANGE, NJ, Sept. 01, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Nephros, Inc.(Nasdaq: NEPH), a leading water technology company providing innovative filtration and pathogen detection solutions to healthcare and commercial markets, today announced the appointment of Wes Lobo to the role of Chief Commercial Officer.

Mr. Lobo first joined Nephros in February 2021 as Chief Marketing Officer. In the expanded role of Chief Commercial Officer, he will be responsible for all commercial strategy and operations including sales, marketing, business development, product management, and customer service.

“As a growth-focused business, Nephros requires a unified commercial organization built on consistent strategy, messaging, and relationship management that focuses on the unique needs of our partners and end-customers,” said Andy Astor, Chief Executive Officer. “In a very short time, Wes has become a key leader in the company, adding significant strategic and operational value to our decision making, while establishing a scalable marketing infrastructure. We are excited to widen Wes’s scope of responsibility to include all commercial activities across our business.”

“I joined Nephros hoping that the promise of the opportunity would match the reality,” said Mr. Lobo. “I can now confidently say that my enthusiasm and passion have only increased, both for the Nephros team and for the company’s growth opportunity. I am humbled and honored to be part of the Nephros family and to lead our efforts at being a trusted resource to our partners and customers for their water quality needs.”

About Nephros

Nephros, Inc. is a leading water technology company focused on improving the human relationship with water. We provide innovative filtration and pathogen detection as part of an integrated approach to water safety that combines science, solutions, and support services. Nephros products serve the needs of customers within the healthcare and commercial markets, offering both proactive and emergency responses for water management.

For more information about Nephros, please visit www.nephros.com.

Forward-Looking Statements

This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the benefits expected from Nephros’s new Chief Commercial Officer and other statements that are not historical facts, including statements accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, the impact of the COVID-19 pandemic, and the availability of financing or other capital when needed. These and other risks and uncertainties are detailed in Nephros’s reports filed with the U.S. Securities and Exchange Commission. Nephros does not undertake any responsibility to update the forward-looking statements in this release.

Investor Relations Contacts:

Kirin Smith, President

PCG Advisory, Inc.

(646) 823-8656

[email protected]

Andy Astor, CEO

Nephros, Inc.

(201) 345-0824

[email protected]

BROOKINGS, S.D., Sept. 01, 2021 (GLOBE NEWSWIRE) — Daktronics, Inc. (NASDAQ – DAKT) today reported results for fiscal 2022 first quarter which ended July 31, 2021.

Q1 FY2022 financial highlights:

• Net sales of $144.7 million were similar to Q1 FY2021 net sales of $143.6 million.
• Operating income of $5.7 million was lower than Q1 FY2021 operating income of $9.5 million due to inflation in materials and freight costs, increased personnel spend compared to prior year during the pandemic, and due to sales mix difference between the two quarters. Operating income as a percent of sales for Q1 FY2022 was 3.9 percent as compared to 6.6 percent in Q1 FY2021.
• Net income of $3.7 million, and earnings per diluted share of $0.08 compared to net income of $7.5 million, and $0.17 earnings per diluted share, for Q1 FY2021.
• First quarter orders of $181.7 million, grew 48.8% year-over-year, driven by increased market activity as the pandemic restrictions eased and large project bookings.
• Product order backlog of $285 million compared to $192 million a year earlier.(1) The increase was driven by strong order volume offset by muted conversion to sales due to supply chain challenges.
• Balance sheet remains strong. There were no advances under the loan portion of the line of credit compared to $15 million borrowed at the end of Q1 FY2021.

Reece Kurtenbach, chairman, president and chief executive officer stated, “Late last fiscal year, order and quoting activities began to recover as the pandemic impacts subsided. Strong market conditions and recovery continued through the first quarter and orders increased in all business units. At the same time, material, labor, and freight availability constraints are creating headwinds in lead times and inflationary pressures. We expect these headwinds to persist through this calendar year with some impacts continuing into next calendar year. Our teams are performing well to keep up with the robust demand and working through the dynamic supply chain conditions.”

Outlook
Kurtenbach added, “Our solid backlog and strong pipeline of opportunities positions us for a successful year. However, as we work through supply chain challenges, we expect volatility in our revenue cycles and production costs. Over the long-term, we believe the fundamentals of the audiovisual industry are strong and are poised for growth. We are actively investing in capacity and in new technologies and markets to meet that expected demand with world-leading solutions and value. We look forward to the continued global economic recovery and long-term profitable growth.”

First Quarter Results
Orders for the first quarter of fiscal 2022 increased 48.8 percent as compared to the first quarter of fiscal 2021. Each business unit’s order volume was higher in the first quarter of fiscal 2022 reflecting the recovery from the impact of the global pandemic among our customers. High School Park and Recreation performed well throughout the pandemic and continues to perform well as we emerge from the pandemic driven by the adoption of video displays at the high school level. The increase also was created by several multimillion-dollar orders (“large orders”). During the quarter, we were awarded a number of arena and stadium projects in both International and Live Events and had increased activity in the Commercial and International digital billboard markets. Large orders create volatility in comparisons between quarters.

Net sales increased by 0.8 percent in the first quarter of fiscal 2022 as compared to the first quarter of fiscal 2021. Net sales increased in our International business unit, and decreased in the Commercial, High School Park and Recreation, and Transportation business units. Net sales were flat in our Live Events business unit. Material supply shortages are creating an increase in lead times and extending the timing of converting some orders to sales in the near-term. This has created a larger than typical backlog, which we expect to fulfill in future quarters. 

Gross profit as a percentage of net sales was 22.2 percent for the first quarter of fiscal 2022 as compared to 24.9 percent a year earlier. The decrease in gross profit is primarily related to increased input costs including material, freight, and tariff costs and increased personnel spend compared to prior year during the pandemic. During the first quarter of fiscal 2022 we had more large project sales which generally have lower gross profit because of the competitive nature of large projects and less service revenue as a percentage of sales.

Operating expenses for the first quarter of fiscal 2022 were $26.5 million, compared to $26.2 million for the first quarter of fiscal 2021, or an increase of 1.1 percent. Operating income as a percent of sales for the quarter was 3.9 percent as compared to an operating income as a percent of sales of 6.6 percent during the first quarter of fiscal 2021.

The effective tax rate expense for the first quarter of fiscal 2022 was 25.2 percent compared to an effective tax rate expense of 16.4 percent for the first quarter of fiscal 2021. The difference in rates is primarily driven by estimated tax credits and other permanent items proportionate to estimated pre-tax earnings in fiscal 2022 compared to lower estimated pre-tax earnings in fiscal 2021. 

Cash, restricted cash, and marketable securities at the end of the first quarter of fiscal 2022 were $77.2 million, which compares to $45.9 million at the end of the first quarter of fiscal 2021 and $80.4 million at the end of fiscal 2021. There were no advances under the loan portion of the line of credit compared to $15 million borrowed at the end of the first quarter of fiscal 2021. Free cash flow, defined as cash provided from or used in operating activities less net investment in property and equipment, was a negative $2.2 million for the first quarter fiscal 2022, as compared to a positive free cash flow of $5.5 million for fiscal 2021. Cash provided from or used in operating activities differed as compared to last year due to an increase in accounts receivable and inventory required to support the increased order volume. Net investment in property and equipment was $1.1 million for fiscal 2022, as compared to $3.1 million for fiscal 2021. During fiscal 2021, the share repurchase and dividend programs were suspended with no related cash outflows during either period presented. These programs will be suspended for the foreseeable future. 

(1) Backlog is not a measure defined by accounting principles generally accepted in the United States of America (“GAAP”), and our methodology for determining backlog may vary from the methodology used by other companies in determining their backlog amounts. For more information related to backlog, see Part I, Item 1. Business of our Annual Report on Form 10-K for the fiscal year ended May 1, 2021. 

About Daktronics
Daktronics has strong leadership positions in, and is the world’s largest supplier of, large-screen video displays, electronic scoreboards, LED text and graphics displays, and related control systems. The company excels in the control of display systems, including those that require integration of multiple complex displays showing real-time information, graphics, animation, and video. Daktronics designs, manufactures, markets and services display systems for customers around the world in four domestic business units: Live Events, Commercial, High School Park and Recreation, and Transportation, and one International business unit. For more information, visit the company’s website at: www.daktronics.com, email the company at [email protected], call (605) 692-0200 or toll-free (800) 843-5843 in the United States, or write to the company at 201 Daktronics Dr., P.O. Box 5128, Brookings, S.D. 57006-5128.

Safe Harbor Statement

Cautionary Notice: In addition to statements of historical fact, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and is intended to enjoy the protection of that Act. These forward-looking statements reflect the Company’s expectations or beliefs concerning future events. The Company cautions that these and similar statements involve risk and uncertainties which could cause actual results to differ materially from our expectations, including, but not limited to, changes in economic and market conditions, management of growth, timing and magnitude of future contracts and orders, fluctuations in margins, the introduction of new products and technology, the impact of adverse weather conditions, increased regulation and other risks described in the company’s SEC filings, including its Annual Report on Form 10-K for its 2021 fiscal year. Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

For more information contact:
INVESTOR RELATIONS:
Sheila M. Anderson, Chief Financial Officer
Tel (605) 692-0200
[email protected]

Daktronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
	Three Months Ended
	July 31,				August 1,
	2021				2020
Net sales	$	144,732			$	143,644
Cost of sales		112,544				107,883
Gross profit		32,188				35,761
Operating expenses:
Selling		11,795				11,556
General and administrative		7,571				7,124
Product design and development		7,162				7,532
		26,528				26,212
Operating income		5,660				9,549
Nonoperating (expense) income:
Interest income		153				85
Interest expense		(16	)			(73	)
Other (expense) income, net		(868	)			(627	)
Income before income taxes		4,929				8,934
Income tax expense		1,244				1,467
Net income	$	3,685			$	7,467
Weighted average shares outstanding:
Basic		45,139				44,654
Diluted		45,419				44,751
Earnings per share:
Basic	$	0.08			$	0.17
Diluted	$	0.08			$	0.17

Daktronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
	July 31,				May 1,
	2021				2021
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	74,658			$	77,590
Restricted cash		2,541				2,812
Accounts receivable, net		78,497				67,808
Inventories		84,514				74,356
Contract assets		38,133				32,799
Current maturities of long-term receivables		1,756				1,462
Prepaid expenses and other current assets		9,821				7,445
Income tax receivables		635				731
Total current assets		290,555				265,003
Property and equipment, net		56,208				58,682
Long-term receivables, less current maturities		1,390				1,635
Goodwill		8,311				8,414
Intangibles, net		1,780				2,083
Investment in affiliates and other assets		26,271				27,403
Deferred income taxes		11,941				11,944
Total non-current assets		105,901				110,161
TOTAL ASSETS	$	396,456			$	375,164

Daktronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (continued)
(in thousands)
	July 31,				May 1,
	2021				2021
	(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	57,775			$	40,251
Contract liabilities		67,507				64,495
Accrued expenses		27,650				30,672
Warranty obligations		9,986				10,464
Income taxes payable		496				738
Total current liabilities		163,414				146,620
Long-term warranty obligations		15,395				15,496
Long-term contract liabilities		10,586				10,720
Other long-term obligations		7,848				7,816
Long-term income taxes payable		654				548
Deferred income taxes		378				410
Total long-term liabilities		34,861				34,990
TOTAL LIABILITIES		198,275				181,610
SHAREHOLDERS’ EQUITY:
Common stock		61,172				60,575
Additional paid-in capital		47,117				46,595
Retained earnings		99,701				96,016
Treasury stock, at cost		(7,101	)			(7,297	)
Accumulated other comprehensive loss		(2,708	)			(2,335	)
TOTAL SHAREHOLDERS’ EQUITY		198,181				193,554
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	396,456			$	375,164

 

Daktronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
	Three Months Ended
	July 31,				August 1,
	2021				2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	3,685			$	7,467
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization		4,052				4,337
Gain on sale of property, equipment and other assets		(106	)			(53	)
Share-based compensation		518				539
Equity in loss of affiliates		746				529
Provision for doubtful accounts		(421	)			1
Deferred income taxes, net		(32	)			(4	)
Change in operating assets and liabilities		(9,461	)			(4,271	)
Net cash (used in) provided by operating activities		(1,019	)			8,545
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(1,283	)			(3,155	)
Proceeds from sales of property, equipment and other assets		149				86
Purchases of and loans to equity investment		(718	)			(492	)
Net cash used in investing activities		(1,852	)			(3,561	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term obligations		(200	)			(210	)
Net cash used in financing activities		(200	)			(210	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(132	)			(481	)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(3,203	)			4,293
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period		80,402				40,412
End of period	$	77,199			$	44,705

Daktronics, Inc. and Subsidiaries
Net Sales and Orders by Business Unit
(in thousands)
(unaudited)
	Three Months Ended
	July 31,				August 1,				Dollar				Percent
	2021				2020				Change				Change
Net Sales:
Commercial	$	32,781			$	34,506			$	(1,725	)			(5.0	)%
Live Events		52,387				51,474				913				1.8
High School Park and Recreation		27,894				28,943				(1,049	)			(3.6	)
Transportation		12,558				14,498				(1,940	)			(13.4	)
International		19,112				14,223				4,889				34.4
	$	144,732			$	143,644			$	1,088				0.8	%
Orders:
Commercial	$	38,329			$	25,533			$	12,796				50.1	%
Live Events		49,686				41,860				7,826				18.7
High School Park and Recreation		45,711				28,099				17,612				62.7
Transportation		21,345				13,089				8,256				63.1
International		26,675				13,572				13,103				96.5
	$	181,746			$	122,153			$	59,593				48.8	%

Reconciliation of Free Cash Flow *
(in thousands)
(unaudited)
	Three Months Ended
	July 31,				August 1,
	2021				2020
Net cash (used in) provided by operating activities	$	(1,019	)		$	8,545
Purchases of property and equipment		(1,283	)			(3,155	)
Proceeds from sales of property and equipment		149				86
Free cash flow	$	(2,153	)		$	5,476

*In evaluating its business, Daktronics considers and uses free cash flow as a key measure of its operating performance. The term free cash flow is not defined under accounting principles generally accepted in the United States of America (“GAAP”) and is not a measure of operating income, cash flows from operating activities or other GAAP figures and should not be considered alternatives to those computations. Free cash flow is intended to provide information that may be useful for investors when assessing period to period results.