{"id":449341,"date":"2021-03-03T07:33:11","date_gmt":"2021-03-03T12:33:11","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=449341"},"modified":"2021-03-03T07:33:11","modified_gmt":"2021-03-03T12:33:11","slug":"daktronics-inc-announces-third-quarter-fiscal-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/daktronics-inc-announces-third-quarter-fiscal-2021-results\/","title":{"rendered":"Daktronics, Inc. Announces Third Quarter Fiscal 2021 Results"},"content":{"rendered":"
\n

BROOKINGS, S.D., March 03, 2021 (GLOBE NEWSWIRE) — Daktronics, Inc. (NASDAQ – DAKT) today reported fiscal\u00a02021\u00a0third quarter results. Daktronics reported fiscal 2021\u00a0third quarter net sales of $94.1\u00a0million, operating loss\u00a0of $0.2\u00a0million, net loss\u00a0of $0.2\u00a0million, and earnings per diluted share of $0.00. This compares to net sales of $127.7\u00a0million, operating loss\u00a0of $9.2\u00a0million, net loss\u00a0of $12.7\u00a0million, and $0.28\u00a0per diluted share, for the third quarter of fiscal 2020.\u00a0Fiscal 2021\u00a0third quarter orders were $86.9\u00a0million, compared to $135.0\u00a0million for the\u00a0third quarter of fiscal 2020. Product order backlog at the end of the fiscal 2021\u00a0third quarter was $195\u00a0million, compared to\u00a0$187 million a year earlier and $201\u00a0million at the end of the second quarter of fiscal 2021.(1)<\/sub><\/p>\n

For the nine months ended January 30, 2021, net sales were $365.2\u00a0million, operating income\u00a0was $16.0\u00a0million, net\u00a0income was $10.7\u00a0million, and earnings per diluted share was $0.24\u00a0per diluted share. This compares to net sales of $482.8\u00a0million, operating income\u00a0of $3.3\u00a0million, net income\u00a0of\u00a0$1.6 million, and $0.03\u00a0per diluted share for the same period in fiscal 2020.<\/p>\n

Fiscal 2021 is a 52-week year and fiscal\u00a02020 was a 53-week year; therefore, the nine months ended January 30, 2021\u00a0contains operating results for\u00a039 weeks while the nine months ended February 1, 2020\u00a0contained operating results for\u00a040 weeks. Sales, orders, and other results of operations were impacted due to the additional week of operations.<\/p>\n

Cash generated\u00a0by operating activities in the first\u00a0nine months of fiscal 2021 was $48.2\u00a0million, compared to cash generated\u00a0of $6.2\u00a0million in the first\u00a0nine months of fiscal 2020. Cash generated by operating activities is primarily derived from cash received from customers, offset by cash payments for inventories, subcontractors, employee related costs, and operating expense outflows. Year-to-date cash provided from operations differed as compared to last year primarily due to a focus on customer collections, decreasing inventory levels, lowering personnel and operating expense outflows as we manage operations through the uncertain COVID times. Cash generation and use can vary based on order timing and levels, varying contractual payment terms from customers, and payments for inventory to meet delivery and installation schedules. Free cash flow, defined as cash provided by or used in operating activities less net investment in property and equipment, was a positive\u00a0$41.8\u00a0million for the first\u00a0nine months of fiscal 2021, as compared to a negative\u00a0$7.2\u00a0million for the same period of fiscal 2020. Net investment in property and equipment was $6.5\u00a0million for the first\u00a0nine months of fiscal 2021, as compared to $13.4\u00a0million for the first\u00a0nine months of fiscal 2020. Cash, restricted cash, and marketable securities at the end of the\u00a0third quarter of fiscal 2021 were $81.0\u00a0million, which compares to\u00a0$42.1 million at the end of the\u00a0third quarter of fiscal\u00a02020 and $41.6\u00a0million at the end of fiscal 2020. Borrowings on the line of credit were $15.0 million at the end of the\u00a0third quarter of fiscal 2021 up from $0 at the end of the\u00a0third quarter of fiscal\u00a02020 and consistent with the $15.0 million at the end of fiscal 2020.<\/p>\n

Orders for the\u00a0third quarter of fiscal 2021\u00a0decreased\u00a035.6\u00a0percent as compared to the\u00a0third quarter of fiscal\u00a02020. Orders for the nine months ended January 30, 2021\u00a0decreased\u00a027.2\u00a0percent as compared to the same period one year ago. Each business unit’s order volume was lower in fiscal 2021 due to lower market activity from the resulting economic and business impacts of the COVID-19 pandemic and related timing of large contract orders.<\/p>\n

Net sales decreased\u00a0by 26.3\u00a0percent in the\u00a0third quarter of fiscal 2021 as compared to the\u00a0third quarter of fiscal\u00a02020. Net sales\u00a0for the\u00a0nine months ended January 30, 2021\u00a0decreased\u00a024.4\u00a0percent as compared to the same period one year ago. Net sales decreased in all business units for the same reasons causing order booking declines and due to varied timing in the related conversion to sales based on customer project schedules.<\/p>\n

Gross profit as a percentage of net sales was 25.4\u00a0percent for the\u00a0third quarter of fiscal 2021 as compared to 19.2\u00a0percent a year earlier. The improved gross profit rate in the\u00a0third\u00a0quarter of fiscal 2021\u00a0is a result of the mix of service agreement and product sales and a $2.1 million litigation claim reversal. In comparison, during the\u00a0third quarter of fiscal\u00a02020, we experienced adverse impacts of a project with cost overruns and tariff related expenses.<\/p>\n

Operating expenses for the\u00a0third quarter of fiscal\u00a02021 were $24.2\u00a0million, compared to $33.6\u00a0million for the\u00a0third quarter of fiscal 2020, or a decrease\u00a0of 28.0\u00a0percent. This decline is attributed to our focus on managing our expenses to expected order volumes. Declines in overall operating expenses were attributed to lower personnel related costs, reduced third-party contractor use, lower travel and entertainment activities, and lowered marketing and convention events offset by an increase in bad debt expense.\u00a0Operating loss\u00a0as a percent of sales for the quarter was 0.3\u00a0percent as compared to an operating\u00a0loss\u00a0as a percent of sales of\u00a07.2\u00a0percent during the\u00a0third quarter of fiscal 2020.<\/p>\n

The effective tax rate expense for the\u00a0third quarter of fiscal\u00a02021 was 82.0\u00a0percent compared to an effective tax rate benefit of 37.9\u00a0percent for the\u00a0third quarter of fiscal 2020. Our fiscal\u00a02021 year-to-date effective rate expense was 21.3\u00a0percent compared to fiscal\u00a02020 year-to-date effective rate expense\u00a0of 51.6\u00a0percent. The change in the effective tax rate year-over-year was driven primarily by a decrease in tax credits and other permanent differences as a percentage of estimated current fiscal year pre-tax income.<\/p>\n

Reece Kurtenbach, chairman, president and chief executive officer, stated, “Our third quarter orders, sales and profit levels are traditionally lighter than other quarters due to the seasonality of our sports business, construction cycles, and the reduced number of production dates due to holidays during the quarter.\u00a0This year, our results have also been impacted by the pandemic. We continue to monitor the pandemic’s impact on the markets we serve.\u00a0Areas of our business that\u00a0were impacted the most\u00a0are those that\u00a0serve customers in large gathering spaces\u00a0which\u00a0includes our sports and entertainment, mass transit, and airport markets. Our Out-of-Home\u00a0advertising\u00a0customers were\u00a0impacted due to\u00a0a\u00a0reduction in national advertising\u00a0spend and have chosen to delay orders.\u00a0Customers using on-premise applications are less impacted and are continuing to utilize audio visual systems to inform and persuade their audiences during this time.\u00a0We continue to\u00a0strategically make choices on levels of capacity and investments in capital assets and development initiatives. We also continued the suspension of dividend and share repurchases to help us maintain stability in liquidity and our cash position.”<\/p>\n

\n (1) Backlog is not a measure defined by U.S. generally accepted accounting principles (“GAAP”), and our methodology for determining backlog may vary from the methodology used by other companies in determining their backlog amounts.\u00a0For 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 2, 2020.\u00a0<\/strong><\/sub>\n <\/p>\n

\n Outlook
<\/strong>Kurtenbach added, “Our backlog going into the fourth quarter is strong and we believe the audiovisual industry fundamentals will drive long-term growth for our business.\u00a0However,\u00a0the near-term outlook shows areas of contraction and greater volatility. We are focused on promoting our value to new and core\u00a0markets, while managing our cost structure to meet the uncertain demand. With the COVID-19 vaccine distribution underway, we remain\u00a0focused on\u00a0emerging\u00a0as a stronger organization and to be positioned to capitalize on the recovery from this pandemic.”<\/p>\n

\n About Daktronics
<\/strong>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:\u00a0Live 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 investor@daktronics.com, 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.<\/p>\n

\n Safe Harbor Statement<\/strong>
\n
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.\u00a0These 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\u00a02020 fiscal year.\u00a0Forward-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.<\/p>\n\n\n\n\n\n\n
\n For more information contact:<\/strong>\n <\/td>\n<\/tr>\n
INVESTOR RELATIONS:<\/td>\n<\/tr>\n
Sheila M. Anderson, Chief Financial Officer<\/td>\n<\/tr>\n
Tel (605) 692-0200<\/td>\n<\/tr>\n
\n
\n Investor@daktronics.com<\/a>
\n <\/u>\n <\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n Daktronics, Inc. and Subsidiaries<\/strong>
\n
\n Consolidated Statements of Operations<\/strong>
\n
(in thousands, except per share amounts)
(unaudited)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Nine Months Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n January 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n February 1,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n January 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n February 1,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Net sales<\/td>\n\u00a0<\/td>\n$<\/td>\n94,139<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n127,657<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n365,150<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n482,824<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n70,198<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n103,175<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n272,134<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n372,750<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Gross profit<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,941<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,482<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93,016<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n110,074<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,004<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,552<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36,214<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51,026<\/td>\n\u00a0<\/td>\n<\/tr>\n
General and administrative<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,389<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,640<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,777<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,698<\/td>\n\u00a0<\/td>\n<\/tr>\n
Product design and development<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,784<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,442<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,053<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29,063<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,177<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,634<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n77,044<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n106,787<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating (loss) income<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(236<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,152<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,972<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,287<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Nonoperating (expense) income:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n52<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n233<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n203<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n664<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(92<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(249<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(53<\/td>\n)<\/td>\n<\/tr>\n
Other (expense) income, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(913<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(331<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,377<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(652<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (Loss) income before income taxes<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,189<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,237<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,549<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,246<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(975<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,497<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,880<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,676<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net (loss) income<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(214<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(12,734<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n10,669<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,570<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted average shares outstanding:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,064<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,189<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n44,908<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,139<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,064<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,189<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,061<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,412<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Loss) earnings per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n$<\/td>\n0.00<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.28<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.03<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n\u00a0<\/td>\n$<\/td>\n0.00<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.28<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.03<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash dividends declared per share<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.05<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.15<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n Daktronics, Inc. and Subsidiaries<\/strong>
\n
\n Consolidated Balance Sheets<\/strong>
\n
(in thousands)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n January 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n May 2,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
CURRENT ASSETS:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n76,877<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n40,398<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,884<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14<\/td>\n\u00a0<\/td>\n<\/tr>\n
Marketable securities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n248<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,230<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n63,212<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n72,577<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n72,312<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n86,803<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30,310<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,467<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current maturities of long-term receivables<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,736<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,519<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepaid expenses and other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,554<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,629<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax receivables<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n87<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n548<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property and equipment and other assets available for sale<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,817<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n258,240<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n252,002<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,805<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n67,484<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term receivables, less current maturities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n754<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,114<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,262<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,743<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangibles, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,396<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,354<\/td>\n\u00a0<\/td>\n<\/tr>\n
Investment in affiliates and other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,608<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,683<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,382<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,271<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total non-current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n110,207<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n120,649<\/td>\n\u00a0<\/td>\n<\/tr>\n
TOTAL ASSETS<\/td>\n\u00a0<\/td>\n$<\/td>\n368,447<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n372,651<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n Daktronics, Inc. and Subsidiaries<\/strong>
\n
\n Consolidated Balance Sheets<\/strong> (continued)
(in thousands)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n January 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n May 2,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
CURRENT LIABILITIES:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable<\/td>\n\u00a0<\/td>\n$<\/td>\n32,692<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n47,834<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n53,292<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n50,897<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,664<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36,626<\/td>\n\u00a0<\/td>\n<\/tr>\n
Warranty obligations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,766<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,764<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,079<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n844<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n125,493<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n145,965<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term warranty obligations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,696<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,860<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term contract liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,587<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,707<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other long-term obligations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,059<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,105<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term income taxes payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n554<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n582<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n490<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n452<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total long-term liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n50,386<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49,706<\/td>\n\u00a0<\/td>\n<\/tr>\n
TOTAL LIABILITIES<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n175,879<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n195,671<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
SHAREHOLDERS’ EQUITY:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60,575<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60,010<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n46,091<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n44,627<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retained earnings<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n95,759<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n85,090<\/td>\n\u00a0<\/td>\n<\/tr>\n
Treasury stock, at cost<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,297<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,470<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,560<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,277<\/td>\n)<\/td>\n<\/tr>\n
TOTAL SHAREHOLDERS’ EQUITY<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n192,568<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n176,980<\/td>\n\u00a0<\/td>\n<\/tr>\n
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY<\/td>\n\u00a0<\/td>\n$<\/td>\n368,447<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n372,651<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n Daktronics, Inc. and Subsidiaries<\/strong>
\n
\n Consolidated Statements of Cash Flows<\/strong>
\n
(in thousands)
(unaudited)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Nine Months Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n January 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n February 1,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n<\/tr>\n
CASH FLOWS FROM OPERATING ACTIVITIES:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n$<\/td>\n10,669<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,570<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,848<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,197<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on sale of property, equipment and other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(244<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6<\/td>\n)<\/td>\n<\/tr>\n
Share-based compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,563<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,734<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity in loss of affiliates<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,740<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n430<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision for doubtful accounts<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,551<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(477<\/td>\n)<\/td>\n<\/tr>\n
Deferred income taxes, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(223<\/td>\n)<\/td>\n<\/tr>\n
Change in operating assets and liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,115<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,035<\/td>\n)<\/td>\n<\/tr>\n
\n Net cash provided by operating activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n48,221<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,190<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM INVESTING ACTIVITIES:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchases of property and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,935<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13,646<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from sales of property, equipment and other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n470<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n244<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from sales or maturities of marketable securities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n982<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,665<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchases of and loans to equity investment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,328<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,229<\/td>\n)<\/td>\n<\/tr>\n
\n Net cash (used in) provided by investing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,811<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,034<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH FLOWS FROM FINANCING ACTIVITIES:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Principal payments on long-term obligations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(431<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,140<\/td>\n)<\/td>\n<\/tr>\n
Dividends paid<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,756<\/td>\n)<\/td>\n<\/tr>\n
Payments for common shares repurchased<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,329<\/td>\n)<\/td>\n<\/tr>\n
Tax payments related to RSU issuances<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(125<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(199<\/td>\n)<\/td>\n<\/tr>\n
\n Net cash used in financing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(556<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,424<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
EFFECT OF EXCHANGE RATE CHANGES ON CASH<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(505<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(166<\/td>\n)<\/td>\n<\/tr>\n
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40,349<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,634<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Beginning of period<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40,412<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,742<\/td>\n\u00a0<\/td>\n<\/tr>\n
End of period<\/td>\n\u00a0<\/td>\n$<\/td>\n80,761<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n40,376<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n Daktronics, Inc. and Subsidiaries<\/strong>
\n
\n Net Sales and Orders by Business Unit<\/strong>
\n
(in thousands)
(unaudited)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Nine Months Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n January 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n February 1,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Dollar<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Percent<\/strong>\n <\/td>\n\u00a0<\/td>\n\n January 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n February 1,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Dollar<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Percent<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n<\/tr>\n
\n Net Sales:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Commercial<\/td>\n\u00a0<\/td>\n$<\/td>\n30,085<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n36,880<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(6,795<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(18.4<\/td>\n)%<\/td>\n\u00a0<\/td>\n$<\/td>\n94,947<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n120,566<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(25,619<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21.2<\/td>\n)%<\/td>\n<\/tr>\n
Live Events<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,330<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40,571<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,241<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42.5<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n112,626<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n159,196<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(46,570<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(29.3<\/td>\n)<\/td>\n<\/tr>\n
High School Park and Recreation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,644<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,775<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(131<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.9<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n71,165<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n75,433<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,268<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5.7<\/td>\n)<\/td>\n<\/tr>\n
Transportation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,769<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,916<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,147<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15.4<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,590<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n53,264<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,674<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21.9<\/td>\n)<\/td>\n<\/tr>\n
International<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,311<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,515<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,204<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(33.5<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n44,822<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n74,365<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(29,543<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(39.7<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n94,139<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n127,657<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(33,518<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(26.3<\/td>\n)%<\/td>\n\u00a0<\/td>\n$<\/td>\n365,150<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n482,824<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(117,674<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(24.4<\/td>\n)%<\/td>\n<\/tr>\n
\n Orders:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Commercial<\/td>\n\u00a0<\/td>\n$<\/td>\n34,806<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n36,898<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,092<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5.7<\/td>\n)%<\/td>\n\u00a0<\/td>\n$<\/td>\n92,929<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n119,059<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(26,130<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21.9<\/td>\n)%<\/td>\n<\/tr>\n
Live Events<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,075<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,484<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(30,409<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(73.3<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93,619<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n149,461<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(55,842<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(37.4<\/td>\n)<\/td>\n<\/tr>\n
High School Park and Recreation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,366<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,447<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,081<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(20.0<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n64,582<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n73,852<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,270<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12.6<\/td>\n)<\/td>\n<\/tr>\n
Transportation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,991<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,203<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,212<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19.8<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37,713<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55,410<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,697<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(31.9<\/td>\n)<\/td>\n<\/tr>\n
International<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,650<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,992<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,342<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(41.7<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55,864<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n75,827<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19,963<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(26.3<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n86,888<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n135,024<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(48,136<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(35.6<\/td>\n)%<\/td>\n\u00a0<\/td>\n$<\/td>\n344,707<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n473,609<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(128,902<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(27.2<\/td>\n)%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n Reconciliation of Free Cash Flow<\/strong>
\n *<\/strong>
\n
(in thousands)
(unaudited)<\/p>\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Nine Months Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n January 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n February 1,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2021<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n<\/tr>\n
Net cash provided by operating activities<\/td>\n\u00a0<\/td>\n$<\/td>\n48,221<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,190<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchases of property and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,935<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13,646<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from sales of property and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n470<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n244<\/td>\n\u00a0<\/td>\n<\/tr>\n
Free cash flow<\/td>\n\u00a0<\/td>\n$<\/td>\n41,756<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,212<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

*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 U.S. generally accepted accounting principles (\u201cGAAP\u201d) 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.<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

BROOKINGS, S.D., March 03, 2021 (GLOBE NEWSWIRE) — Daktronics, Inc. (NASDAQ – DAKT) today reported fiscal\u00a02021\u00a0third quarter results. Daktronics reported fiscal 2021\u00a0third quarter net sales of $94.1\u00a0million, operating loss\u00a0of $0.2\u00a0million, net loss\u00a0of $0.2\u00a0million, and earnings per diluted share of $0.00. This compares to net sales of $127.7\u00a0million, operating loss\u00a0of $9.2\u00a0million, net loss\u00a0of $12.7\u00a0million, and $0.28\u00a0per diluted share, for the third quarter of fiscal 2020.\u00a0Fiscal 2021\u00a0third quarter orders were $86.9\u00a0million, compared to $135.0\u00a0million for the\u00a0third quarter of fiscal 2020. Product order backlog at the end of the fiscal 2021\u00a0third quarter was $195\u00a0million, compared to\u00a0$187 million a year earlier and $201\u00a0million at the end of the second quarter of fiscal 2021.(1) For the nine months ended January 30, 2021, net sales were … <\/p>\n

Continue reading “Daktronics, Inc. Announces Third Quarter Fiscal 2021 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-449341","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nDaktronics, Inc. Announces Third Quarter Fiscal 2021 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/daktronics-inc-announces-third-quarter-fiscal-2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daktronics, Inc. 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