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Dycom Industries, Inc. Announces Fiscal 2013 First Quarter Results
Submitted by admin on 11/19/2012 @ 2:46 PM
Companies mentioned in this article:
Dycom Industries, Inc.
PALM BEACH GARDENS, Fla., Nov. 19, 2012 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the first quarter ended October 27, 2012.
The Company reported:
-- Contract revenues of $323.3 million for the quarter ended October 27,
2012, compared to $319.6 million for the quarter ended October 29, 2011,
an increase of 1.2%. Included in contract revenues for the quarter ended
October 29, 2011 was approximately $3.7 million for storm restoration
services; there were no revenues from storm restoration services for the
quarter ended October 27, 2012. Excluding storm restoration services,
revenues increased 2.4%, or $7.4 million;
-- Adjusted EBITDA (Non-GAAP) of $40.4 million for each of the quarters
ended October 27, 2012, and October 29, 2011; and
-- Net income of $11.9 million, or $0.35 per common share diluted, for the
quarter ended October 27, 2012, compared to $13.0 million, or $0.38 per
common share diluted, for the quarter ended October 29, 2011. On a
Non-GAAP basis, net income for the quarter ended October 27, 2012 was
$12.3 million or $0.36 per common share diluted. Non-GAAP net income
for the quarter ended October 27, 2012 excludes $0.7 million in pre-tax
acquisition related costs.
The Company has defined Adjusted EBITDA (Non-GAAP) as earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets, acquisition related costs, and stock-based compensation expense. See the accompanying tables which present a reconciliation of GAAP to Non-GAAP financial information.
A conference call to review the Company's results, together with the previously announced acquisition of telecommunications infrastructure services subsidiaries from Quanta Services, Inc., will be hosted at 9 a.m. (ET), Tuesday, November 20, 2012; call (800) 230-1074 (United States) or (612) 234-9959 (International) ten minutes before the conference call begins and ask for the "Dycom Results" conference call. A live webcast of the conference call, along with related materials, will be available at http://www.dycomind.com under the heading "Events." The conference call materials will be available at approximately 8 a.m. (ET) on November 20, 2012. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and the conference call materials will be available at http://www.dycomind.com until Thursday, December 20, 2012.
Dycom is a leading provider of specialty contracting services. These services, which are provided throughout the United States and in Canada, include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including telecommunications providers, and other construction and maintenance services to electric and gas utilities and others.
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that the presentation of certain Non-GAAP financial measures in this press release provides information that is useful to investors because it allows for a more direct comparison of the Company's performance for the period with the Company's performance in the comparable prior-year period. The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results.
Fiscal 2013 first quarter results are preliminary and are unaudited. This press release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements are based on management's current expectations, estimates and projections. Forward-looking statements are subject to risks and uncertainties that may cause actual results in the future to differ materially from the results projected or implied in any forward-looking statements contained in this press release. Such risks and uncertainties include business and economic conditions and trends in the telecommunications industry affecting our customers, the adequacy of our insurance and other reserves and allowances for doubtful accounts, whether the carrying value of our assets may be impaired, the future impact of any acquisitions or dispositions, including the consummation of such acquisitions and dispositions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, and the other risks detailed in our filings with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements.
---Tables Follow---
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
October 27, 2012 and July 28, 2012
Unaudited
October 27, July 28,
2012 2012
---- ----
ASSETS (Dollars in thousands)
CURRENT ASSETS:
Cash and
equivalents $54,726 $52,581
Accounts
receivable, net 153,794 141,788
Costs and
estimated
earnings in
excess of
billings 118,409 127,321
Inventories 25,142 26,274
Deferred tax
assets, net 16,074 15,633
Income taxes
receivable 741 4,884
Other current
assets 12,822 8,466
------ -----
Total current
assets 381,708 376,947
------- -------
PROPERTY AND
EQUIPMENT, NET 154,701 158,247
GOODWILL 174,849 174,849
INTANGIBLE ASSETS,
NET 48,182 49,773
OTHER 12,093 12,377
------ ------
TOTAL NON-CURRENT
ASSETS 389,825 395,246
------- -------
TOTAL ASSETS $771,533 $772,193
======== ========
LIABILITIES AND
STOCKHOLDERS'
EQUITY
CURRENT
LIABILITIES:
Accounts payable $38,485 $36,823
Current portion of
debt 55 74
Billings in excess
of costs and
estimated
earnings 1,447 1,522
Accrued insurance
claims 24,244 25,218
Income taxes
payable 4,567 -
Other accrued
liabilities 47,642 50,926
------ ------
Total current
liabilities 116,440 114,563
LONG-TERM DEBT 187,500 187,500
ACCRUED INSURANCE
CLAIMS 22,847 23,591
DEFERRED TAX
LIABILITIES, NET
NON-CURRENT 48,792 49,537
OTHER LIABILITIES 3,959 4,071
----- -----
Total liabilities 379,538 379,262
Total
Stockholders'
Equity 391,995 392,931
------- -------
TOTAL LIABILITIES
AND STOCKHOLDERS'
EQUITY $771,533 $772,193
======== ========
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
Three Months Three Months
Ended Ended
October 27, October 29,
2012 2011
---- ----
(Dollars in thousands,
except per share amounts)
Contract revenues $323,286 $319,575
Costs of earned revenues,
excluding depreciation and
amortization 257,066 255,187
General and administrative
expenses (1) 28,824 25,358
Depreciation and amortization 15,311 15,958
------ ------
Total 301,201 296,503
Interest expense, net (4,197) (4,173)
Other income, net 1,614 2,959
----- -----
Income before income taxes 19,502 21,858
Provision for income taxes 7,641 8,892
----- -----
Net income $11,861 $12,966
Earnings per common share:
Basic earnings per
common share $0.36 $0.39
Diluted earnings
per common share $0.35 $0.38
Shares used in computing
income per common share:
Basic 33,089,959 33,508,193
========== ==========
Diluted 33,721,070 34,216,451
========== ==========
(1) Includes stock-based compensation expense of $2.3 million and $1.3 million for the three months
ended October 27, 2012 and October 29, 2011, respectively.
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited
(continued)
The below table presents the reconciliation of contract revenues adjusted for storm restoration service revenues generated during the
first quarter of fiscal 2012.
Contract Revenues - GAAP Revenues from storm restoration
services Contract Revenues - Non-GAAP % %
Growth - GAAP Growth - Non-GAAP
------------- -----------------
(Dollars in thousands)
Three Months Ended October 27, 2012 $323,286 $ - $323,286 1.2% 2.4%
Three Months Ended October 29, 2011 $319,575 $(3,729) $315,846
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited
(continued)
The below table presents a reconciliation of GAAP to Non-GAAP net income for the three months
ended October 27, 2012 and October 29, 2011.
Three Months Three Months
Ended Ended
October 27, October 29,
2012 2011
---- ----
(Dollars in thousands,
except per share amounts)
Reconciling Item:
Acquisition related
costs $710 $ -
---
GAAP net income $11,861 $12,966
Adjustment for Reconciling Item
above, net of tax 431 -
Non-GAAP net income $12,292 $12,966
Earnings per common share:
Basic earnings per
common share -GAAP $0.36 $0.39
Adjustment for Reconciling Item
above, net of tax 0.01 -
---- ---
Basic earnings per
common share - Non-
GAAP $0.37 $0.39
Diluted earnings per
common share -GAAP $0.35 $0.38
Adjustment for Reconciling Item
above, net of tax 0.01 -
---- ---
Diluted earnings per
common share - Non-
GAAP $0.36 $0.38
Earnings per share amounts may
not add due to rounding.
Shares used in computing GAAP and Non-GAAP earnings per common share and adjustment for
Reconciling Item above:
Basic 33,089,959 33,508,193
========== ==========
Diluted 33,721,070 34,216,451
========== ==========
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited
(continued)
The below table presents the Non-GAAP financial measure of Adjusted EBITDA for the three
months ended October 27, 2012 and October 29, 2011 and a reconciliation of Adjusted EBITDA to
net income, the most directly comparable GAAP measure.
Three Months Three Months
Ended Ended
October 27, October 29,
2012 2011
---- ----
(Dollars in thousands)
Reconciliation of Net income to Adjusted EBITDA
(Non-GAAP):
Net income $11,861 $12,966
Interest expense, net 4,197 4,173
Provision for income taxes 7,641 8,892
Depreciation and amortization expense 15,311 15,958
------ ------
Earnings Before Interest, Taxes, Depreciation &
Amortization 39,010 41,989
("EBITDA")
Gain on sale of fixed assets (1,581) (2,918)
Stock-based compensation expense 2,266 1,326
Acquisition related costs 710 -
Adjusted EBITDA (Non-GAAP) $40,405 $40,397
======= =======
SOURCE Dycom Industries, Inc.