1
N E W S R E L E A S E
FOR IMMEDIATE RELEASE Contact: Thomas R. Pledger, Chairman and CEO
Steven E. Nielsen, President and COO
Douglas J. Betlach, Vice President and CFO
(561) 627-7171
Palm Beach Gardens, Florida October 1, 1997
DYCOM ANNOUNCES AUGUST 1997 COMBINED OPERATING RESULTS
Dycom Industries, Inc. (NYSE: "DY") announced today its operating results for
the month ending August 31, 1997. August 1997 was the first month of combined
operations of Dycom and Communications Construction Group, Inc. ("CCG") which
was acquired by Dycom on July 29, 1997 in a business combination accounted
for as a pooling of interests. CCG is a West Chester, Pennsylvania based
provider of engineering and construction services to cable television
multiple system operators throughout the United States. Financial
information included herein includes CCG for all periods reported.
The Company reported income before income taxes for the month ended August
31, 1997 of $2,341,571, an increase of 69% over the same period last year.
Net income for the month ended August 31, 1997 was $1,348,449, or $0.12 per
common and common equivalent share on total revenues of $22,943,379. These
results compare to net income of $777,312, or $0.07 per common and common
equivalent share on total revenues of $18,979,679 for the month ended August
31, 1996. Fully diluted earnings per share was $0.12 for the month ended
August 31, 1997 compared to $0.07 for the same period last year.
Dycom is a leading provider of engineering, construction and maintenance
services to telecommunications providers that operate throughout the United
States. Additionally, the Company provides similar services related to the
installation of integrated voice, data, and video local and wide area
networks within office buildings and similar structures. Dycom also performs
underground utility locating and electric utility contracting services.
-- Tables Follow --
2
NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
SUMMARY OF OPERATING RESULTS
One Month Ended:
August 31,
($ in 000's except EPS) 1997 1996
-------- ---------
Contract revenues earned $ 22,891 $ 18,959
Interest and other revenues, net 52 21
-------- --------
Total revenues 22,943 18,980
-------- --------
Cost of earned revenues 17,723 14,929
General & administrative expenses 2,063 2,022
Depreciation & amortization 816 646
Provision for income taxes 993 606
-------- --------
Total costs, expenses and taxes 21,595 18,203
-------- --------
Net income $ 1,348 $ 777
======== ========
Net income, per common and common
equivalent share:
Primary $ 0.12 $ 0.07
======== ========
Fully diluted $ 0.12 $ 0.07
======== ========
Shares used in computing earnings per
common and common equivalent share:
Primary 11,018 10,960
======== ========
Fully diluted 11,031 10,964
======== ========
3
NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
August 31, July 31,
($ in 000's) 1997 1997
---------- ----------
ASSETS
Current Assets:
Cash and equivalents $ 6,223 $ 6,646
Accounts receivable, net 35,552 34,353
Costs & earnings in excess of billings 10,716 10,480
Deferred tax assets, net 2,162 2,169
Other current assets 1,813 1,551
-------- --------
Total current assets 56,466 55,199
Property and Equipment, net 29,600 27,543
Other Assets, including goodwill 5,403 5,420
-------- --------
Total $ 91,469 $ 88,162
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 11,211 $ 10,282
Notes payable - current 12,993 13,080
Accrued self-insured claims 1,979 2,012
Other current liabilities 14,821 13,606
-------- --------
Total current liabilities 41,004 38,980
Notes payable - non-current 8,944 9,012
Self-insured claims - non-current 6,418 6,418
Stockholders' Equity 35,103 33,752
-------- --------
Total $ 91,469 $ 88,162
======== ========