Dycom Industries (DY) 8-K Dycom Announces Fiscal 2009 Fourth Quarter Results

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE Contact: Steven E. Nielsen, President and CEO
H. Andrew DeFerrari, Senior Vice President and CFO
(561) 627-7171

Palm Beach Gardens, Florida August 25, 2009

DYCOM ANNOUNCES FISCAL 2009 FOURTH QUARTER RESULTS

Palm Beach Gardens, Florida, August 25, 2009—Dycom Industries, Inc. (NYSE: DY) announced today its results for the fourth quarter ended July 25, 2009. The Company reported:

• contract revenues from continuing operations of $269.7 million for the quarter ended July 25, 2009, compared to $322.1 million for the quarter ended July 26, 2008, a decrease of 16.3%;

• income from continuing operations on a GAAP basis of $6.7 million, or $0.17 per common share diluted, for the quarter ended July 25, 2009, compared to $4.6 million, or $0.12 per common share diluted, for the quarter ended July 26, 2008; and

• income from continuing operations on a non-GAAP basis for the quarter ended July 26, 2008 was $9.1 million, or $0.23 per common share diluted.

Non-GAAP income from continuing operations for the quarter ended July 26, 2008 excludes a non-cash impairment charge of $9.7 million resulting from the Company’s fiscal 2008 annual goodwill impairment test and a reduction of interest and income tax expense of $0.4 million and $1.1 million, respectively, related to the reversal of certain income tax related liabilities no longer required.

The Company also reported:

• contract revenues from continuing operations of $1,106.9 million for the year ended July 25, 2009 compared to $1,230.0 million for the year ended July 26, 2008, a decrease of 10.0%;

• loss from continuing operations on a GAAP basis of ($53.1) million, or ($1.35) per common share diluted, for the year ended July 25, 2009, compared to income from continuing operations of $24.4 million, or $0.60 per common share diluted, for the year ended July 26, 2008; and

• income from continuing operations on a non-GAAP basis of $20.9 million, or $0.53 per common share diluted, for the year ended July 25, 2009, compared to $31.4 million, or $0.77 per common share diluted, for the year ended July 26, 2008.

Non-GAAP income from continuing operations for the year ended July 25, 2009 excludes a pre-tax gain of approximately $3.0 million related to the buyback of $14.65 million principal amount of the Company’s senior subordinated notes due 2015, a goodwill impairment charge of $94.4 million and the write-off of $0.6 million of deferred financing costs in connection with the replacement of the Company’s credit facility. In addition, non-GAAP income from continuing operations for the year ended July 25, 2009 excludes a reduction of interest and income tax expenses of $0.3 million and $1.4 million, respectively, related to the reversal of certain income tax liabilities no longer required. For the year ended July 26, 2008, non-GAAP income from continuing operations excludes a $7.6 million charge in cost of earned revenues related to a wage and hour class action settlement with respect to three of the Company’s subsidiaries, a reduction of $1.7 million in cost of earned revenues related to the reversal of pre-acquisition payroll related accruals, a goodwill impairment charge of $9.7 million, and a reduction of interest and income tax expenses of $0.7 million and $2.0 million, respectively, related to the reversal of certain income tax liabilities no longer required.

See the attached tables which present a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

A Tele-Conference call to review the Company’s results will be hosted at 9:00 a.m. (ET), Wednesday, August 26, 2009; Call 877-260-8900 (United States) or 612-332-0720 (International) and request “Dycom Results” conference call.A live webcast of the conference call, along with a slide presentation, will be available athttp://www.dycomind.com under the heading “Investors” and subheading “Event Details.” If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and the slide presentation will be available athttp://www.dycomind.com until Friday, September 25, 2009.

Dycom is a leading provider of specialty contracting services throughout the United States. 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 utilities and others.

Fiscal 2009 fourth quarter and annual 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 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 impact of any future acquisitions, the anticipated outcome of other contingent events, including litigation, liquidity needs and the availability of financing, as well as other risks detailed 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
CONSOLIDATED BALANCE SHEETS
July 25, 2009 and July 26, 2008
Unaudited

	July 25,		July 26,
	2009		2008
	($ in 000’s)
ASSETS
Current Assets:
Cash and equivalents	$	104,707	$	22,068
Accounts receivable, net		116,968		146,420
Costs and estimated earnings in excess of billings		67,111		94,270
Deferred tax assets, net		15,779		19,347
Income taxes receivable		7,016		6,014
Inventories		8,303		8,994
Other current assets		7,323		7,968
Total current assets		327,207		305,081
Property and equipment, net		142,132		170,479
Goodwill		157,851		252,374
Intangible assets, net		56,056		62,860
Other		10,211		10,478
Total	$	693,457	$	801,272
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	28,977	$	29,835
Current portion of debt		926		2,306
Billings in excess of costs and estimated earnings		151		483
Accrued insurance claims		27,386		29,834
Other accrued liabilities		52,590		69,006
Total current liabilities		110,030		131,464
Long-term debt		135,377		151,049
Accrued insurance claims		29,759		37,175
Deferred tax liabilities, net non-current		22,910		31,750
Other liabilities		4,758		5,741
Stockholders’ Equity		390,623		444,093
Total	$	693,457	$	801,272

NYSE: “DY”

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited

	Three Months			Three Months			Twelve Months			Twelve Months
	Ended			Ended			Ended			Ended
	July 25,			July 26,			July 25,			July 26,
	2009			2008			2009			2008
	($ in 000’s, except per share amounts)
Contract revenues	$	269,691		$	322,087		$	1,106,900		$	1,229,956
Cost of earned revenues, excluding depreciation and amortization		213,646			262,403			894,885			1,011,219
General and administrative expenses (1)		25,381			26,050			98,732			98,942
Depreciation and amortization		15,843			17,030			65,435			67,288
Goodwill impairment charge		—			9,672			94,429			9,672
Total		254,870			315,155			1,153,481			1,187,121
Interest income		26			73			260			691
Interest expense		(3,429	)		(2,865	)		(14,742	)		(13,096	)
Other income, net		765			2,113			6,564			7,154
Income (loss) from continuing operations before income taxes		12,183			6,253			(54,499	)		37,584
Provision (benefit) for income taxes		5,477			1,666			(1,405	)		13,180
Income (loss) from continuing operations		6,706			4,587			(53,094	)		24,404
Loss from discontinued operations, net of tax		(78	)		(1,497	)		(86	)		(2,726	)
Net income (loss)	$	6,628		$	3,090		$	(53,180	)	$	21,678
Earnings (loss) per common share — Basic:
Income (loss) from continuing operations	$	0.17		$	0.12		$	(1.35	)	$	0.60
Loss from discontinued operations		—			(0.04	)		—			(0.07	)
Net income (loss)	$	0.17		$	0.08		$	(1.35	)	$	0.54
Earnings (loss) per common share — Diluted:
Income (loss) from continuing operations	$	0.17		$	0.12		$	(1.35	)	$	0.60
Loss from discontinued operations		—			(0.04	)		—			(0.07	)
Net income (loss)	$	0.17		$	0.08		$	(1.35	)	$	0.53
Shares used in computing earnings (loss) per common share:
Basic		38,987,751			39,718,070			39,254,813			40,417,945
Diluted		39,133,159			39,801,674			39,254,813			40,601,739
Earnings (loss) per share amounts may not add due to rounding.

(1) Includes stock-based compensation expense of $1.1 million and $3.9 million for the three and twelve months ended July 25, 2009, respectively, and $0.6 million and $5.2 million for the three and twelve months ended July 26, 2008, respectively.

NYSE: “DY”

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited

	Three Months		Three Months			Twelve Months			Twelve Months
	Ended		Ended			Ended			Ended
	July 25,		July 26,			July 25,			July 26,
	2009		2008			2009			2008
	($ in 000’s, except per share amounts)
Reconciling Items (a):
Items decreasing Income (loss) from continuing operations:
Goodwill impairment charge	$	—	$	(9,672	)	$	(94,429	)	$	(9,672	)
Charge for wage and hour class action settlement	$	—	$	—		$	—		$	(7,591	)
Write-off of deferred financing costs	$	—	$	—		$	(551	)	$	—
Items increasing Income (loss) from continuing operations:
Gain on debt extinguishment, net	$	—	$	—		$	3,027		$	—
Reversal of interest expense on certain income tax liabilities	$	—	$	377		$	268		$	716
Reversal of certain income tax liabilities	$	—	$	1,133		$	1,358		$	1,991
Reversal of pre-acquisition payroll related accruals	$	—	$	—		$	—		$	1,680
(a) Reconciling Items reported above are on a pre-tax basis, except for “Reversal of certain income tax liabilities.”
GAAP income (loss) from continuing operations	$	6,706	$	4,587		$	(53,094	)	$	24,404
Adjustment for Reconciling Items above, net of tax		—		4,507			74,019			6,953
Non-GAAP income from continuing operations	$	6,706	$	9,094		$	20,925		$	31,357
Earnings (loss) per common share from continuing operations:
Basic earnings (loss) per common share from continuing operations — GAAP	$	0.17	$	0.12		$	(1.35	)	$	0.60
Adjustment for Reconciling Items above, net of tax		—		0.11			1.89			0.17
Basic earnings per common share from continuing operations — Non-GAAP	$	0.17	$	0.23		$	0.53		$	0.78
Diluted earnings (loss) per common share from continuing operations — GAAP	$	0.17	$	0.12		$	(1.35	)	$	0.60
Adjustment for Reconciling Items above, net of tax		—		0.11			1.89			0.17
Diluted earnings per common share from continuing operations- Non-GAAP	$	0.17	$	0.23		$	0.53		$	0.77
Shares used in computing GAAP earnings (loss) per common share from continuing operations and adjustment for Reconciling Items above:
Basic		38,987,751		39,718,070			39,254,813			40,417,945
Diluted		39,133,159		39,801,674			39,254,813			40,601,739
Shares used in computing Non-GAAP earnings per common share from continuing operations:
Basic		38,987,751		39,718,070			39,254,813			40,417,945
Diluted		39,133,159		39,801,674			39,284,817			40,628,916
Earnings per share amounts may not add due to rounding.