Dycom Industries (DY) 8-K Dycom Announces Fiscal 2007 Fourth Quarter Earnings and Provides Guidance for the Next Fiscal Quarter

EXHIBIT 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE Contact: Steven E. Nielsen, President and CEO
Richard L. Dunn, Senior Vice President
and CFO
(561) 627-7171

Palm Beach Gardens, Florida August 28, 2007

DYCOM ANNOUNCES FISCAL 2007 FOURTH QUARTER EARNINGS AND
PROVIDES GUIDANCE FOR THE NEXT FISCAL QUARTER

Palm Beach Gardens, Florida, August 28, 2007—Dycom Industries, Inc. (NYSE: DY) announced its results today for the fourth quarter ended July 28, 2007. The Company reported income from continuing operations for the quarter ended July 28, 2007 of $14.5 million, or $0.35 per common share diluted, versus income from continuing operations for the quarter ended July 29, 2006 of $10.1 million, or $0.25 per common share diluted. Total contract revenues for the quarter ended July 28, 2007 were $317.3 million compared to total contract revenues of $253.2 million for the quarter ended July 29, 2006, an increase of 25.3%. Stock-based compensation expense for the quarter ended July 28, 2007 and quarter ended July 29, 2006 was $1.5 million and $1.4 million, respectively, on a pre-tax basis.

For the year ended July 28, 2007 income from continuing operations was $42.2 million, or $1.04 per common share diluted, compared to income from continuing operations of $18.0 million, or $0.43 per common share diluted, for the year ended July 29, 2006. Income from continuing operations for the year ended July 28, 2007 included a gain on sale of real estate of $1.5 million net of tax, or $0.04 per common share diluted. For the year ended July 29, 2006 income from continuing operations included a goodwill impairment charge of approximately $14.8 million, or $0.35 per common share diluted, related to the Company’s Can Am Communications subsidiary. Excluding these items, non-GAAP income from continuing operations was $40.7 million, or $1.00 per common share diluted, for the year ended July 28, 2007 and $32.9 million, or $0.78 per common share diluted, for the year ended July 29, 2006. Total contract revenues from continuing operations for the year ended July 28, 2007 were $1.138 billion compared to total contract revenues from continuing operations of $995 million for the year ended July 29, 2006, an increase of 14.4%. Stock-based compensation expense for the year ended July 28, 2007 and the year ended July 29, 2006 was $6.2 million and $4.7 million, respectively, on a pre-tax basis.

Net income, including the results of discontinued operations, for the quarter ended July 28, 2007 was $14.3 million, or $0.35 per common share diluted, compared to $10.1 million, or $0.25 per common share diluted for the quarter ended July 29, 2006. Net income, including the results of discontinued operations, for the year ended July 28, 2007 was $41.9 million, or $1.03 per common share diluted, compared to $18.2 million, or $0.43 per common share diluted, for the year ended July 29, 2006.

Dycom also announced its outlook for the first quarter of fiscal 2008. The Company currently expects revenue for the first quarter of fiscal 2008 to range from $310 million to $330 million and diluted earnings per share to range from $0.31 to $0.37. Included in the expected results is stock-based compensation expense of approximately $2.2 million on a pre-tax basis.

A Tele-Conference call to review the Company’s results and address its outlook will be hosted at 9:00 a.m. (ET), Wednesday, August 29, 2007; Call 888-428-4480 (United States) or 651-291-5254 (International) ten minutes before the conference call begins and ask for the “Dycom Earnings” conference call.A live webcast of the conference call will be available athttp://www.dycomind.com. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast will also be available athttp://www.dycomind.com until Friday, September 28, 2007.

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 locating services to various utilities including telecommunications providers, and other construction and maintenance services to electric utilities and others.

Fiscal 2007 results are preliminary and the quarterly and annual information is unaudited. This press release contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. Such statements include, but are not limited to, the Company’s expectations for revenues and earnings per share. 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, whether acquisitions can be efficiently integrated into our existing operations, 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—

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NYSE: “DY”

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
July 28, 2007 and July 29, 2006
Unaudited

	July 28,		July 29,
	2007		2006
	($ in 000's)
ASSETS
Current Assets:
Cash and equivalents	$	18,862	$	27,268
Accounts receivable, net		146,864		143,099
Costs and estimated earnings in excess of billings		95,392		79,546
Deferred tax assets, net		15,478		12,793
Inventories		8,268		7,095
Other current assets		7,266		9,311
Current assets of discontinued operations		307		5,196
Total current assets		292,437		284,308
Property and equipment, net		164,544		125,393
Intangible assets, net		320,952		265,133
Other		11,831		13,928
Non-current assets of discontinued operations		—		1,253
Total	$	789,764	$	690,015
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	30,375	$	25,715
Current portion of debt		3,301		5,169
Billings in excess of costs and estimated earnings		712		397
Accrued self-insured claims		26,902		25,886
Income taxes payable		1,947		4,979
Other accrued liabilities		63,076		44,337
Current liabilities of discontinued operations		939		5,311
Total current liabilities		127,252		111,794
Long-term debt		163,509		150,009
Accrued self-insured claims		33,085		30,770
Deferred tax liabilities, net non-current		19,316		6,576
Other liabilities		1,322		289
Non-current liabilities of discontinued operations		649		1,122
Stockholders’ Equity		444,631		389,455
Total	$	789,764	$	690,015

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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 28,			July 29,			July 28,			July 29,
	2007			2006			2007			2006
	(In 000’s, except per share amounts)
Contract revenues	$	317,324		$	253,163		$	1,137,812		$	994,973
Cost of earned revenues, excluding depreciation		253,057			202,629			915,250			811,210
General and administrative expenses (1)		23,304			20,517			90,090			78,516
Depreciation and amortization		15,835			11,790			57,799			46,467
Goodwill impairment charge		—			—			—			14,835
Total		292,196			234,936			1,063,139			951,028
Interest income		165			371			966			1,911
Interest expense		(3,503	)		(3,476	)		(14,809	)		(11,991	)
Other income, net		1,833			2,114			8,647			6,333
Income from continuing operations before income taxes		23,623			17,236			69,477			40,198
Provision for income taxes		9,165			7,098			27,275			22,158
Income from continuing operations		14,458			10,138			42,202			18,040
Income (loss) from discontinued operations, net of tax (3)		(164	)		(49	)		(318	)		140
Net income	$	14,294		$	10,089		$	41,884		$	18,180
Earnings per common share — Basic:
Income from continuing operations	$	0.36		$	0.25		$	1.04		$	0.43
Income (loss) from discontinued operations		—			—			(0.01	)		—
Net income (4)	$	0.35		$	0.25		$	1.04		$	0.43
Earnings per common share — Diluted:
Income from continuing operations	$	0.35		$	0.25		$	1.04		$	0.43
Income (loss) from discontinued operations		—			—			(0.01	)		—
Net income	$	0.35		$	0.25		$	1.03		$	0.43
Shares used in computing earnings per common share (2):
Basic		40,659,201			40,191,164			40,407,641			41,835,966
Diluted		41,066,597			40,425,555			40,713,895			42,056,597

(1)	Includes stock-based compensation expense of $1.5 million and $6.2 million for the three and twelve months ended July 28, 2007, respectively, and $1.4 million and $4.7 million for the three and twelve months ended July 29, 2006, respectively.
(2)	The Company purchased 8.76 million common shares on October 11, 2005 pursuant to a “Dutch Auction” tender offer.
(3)	The Company discontinued the operations of one of its subsidiaries in fiscal 2007 and has reported those results separately as discontinued operations in the financial statements for all periods presented.
(4)	Amounts may not add due to rounding.

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NYSE: “DY”

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited
($ in 000’s except per share amounts)

	Twelve Months			Twelve Months
	Ended			Ended
	July 28,			July 29,
	2007			2006
Items:
Gain on sale of real estate, net of tax	$	1,508		$	—
Goodwill impairment charge, net of tax		—			(14,835	)
	$	1,508		$	(14,835	)
GAAP income from continuing operations	$	42,202		$	18,040
Adjustment for items above		(1,508	)		14,835
Non-GAAP income from continuing operations	$	40,694		$	32,875
Earnings per common share from continuing operations:
Basic earnings per share from continuing operations — GAAP	$	1.04		$	0.43
Adjustment for items above		(0.04	)		0.35
Basic earnings per share from continuing operations — Non-GAAP (1)	$	1.01		$	0.79
Diluted earnings per share from continuing operations — GAAP	$	1.04		$	0.43
Adjustment for items above		(0.04	)		0.35
Diluted earnings per share from continuing operations- Non-GAAP	$	1.00		$	0.78
Shares used in computing GAAP and Non-GAAP earnings per common share from continuing operations and adjustment for items above:
Basic		40,407,641			41,835,966
Diluted		40,713,895			42,056,597

(1) Amounts may not add due to rounding.

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