Dycom Announces Fiscal 2002 Second Quarter Earnings
PALM BEACH GARDENS, Fla., Feb. 18 /PRNewswire-FirstCall/ -- Dycom Industries,
Inc. (NYSE: DY - news) announced its earnings today for the second quarter ended
January 26, 2002.
The Company reported net income for the second quarter ended January 26, 2002 of
$5.0 million, or $0.12 per common share diluted, on total contract revenues of
$138.3 million as compared to net income of $13.1 million, or $0.31 per common
share diluted, on total contract revenues of $195.8 million for the
corresponding period ended January 27, 2001. These results represent a year over
year decrease of 61.3% in earnings per common share diluted and a decrease of
29.4% in total contract revenues. For the six months ended January 26, 2002, net
income was $13.0 million, or $0.30 per common share diluted, on total contract
revenues of $306.1 million as compared to net income of $34.7 million, or $0.81
per common share diluted, on total contract revenues of $430.5 million for the
corresponding period ended January 27, 2001. These results represent a year over
year decrease of 62.9% in earnings per common share diluted and a decrease of
28.9% in total contract revenues.
The Company adopted accounting standard SFAS No. 142 in the first quarter of
2002, eliminating the amortization of goodwill. Prior-year second quarter net
income would have been $14.1 million, or $0.33 per common share diluted, if
goodwill amortization had not been expensed in that period. On a comparable
basis, for the six months ended January 26, 2002, net income decreased 64.3% to
$13.0 million, and diluted EPS decreased to $0.30 this year compared to $0.85 a
year earlier. The Company will value goodwill for impairment during fiscal 2002
and, if necessary, adjust its carrying value.
A Tele-Conference call to review the Company's results and address its outlook
will be hosted at 9:00 a.m. ET, Tuesday, February 19, 2002; Call 1-800-450-0786
(United States) or 612-332-0632 (International) and request the "Dycom Earnings"
conference call. A live webcast of the conference call will be available at
http://www.dycomind.com. If you are unable to attend the conference call at the
scheduled time, a replay of the live webcast will also be available at
http://www.dycomind.com until Thursday, March 21, 2002.
Dycom is a leading provider of engineering, construction, and maintenance
services to telecommunication providers throughout the United States.
Additionally, the Company provides similar services related to the installation
of integrated voice, data, and video local and wide area networks within office
buildings and similar structures. Dycom also provides underground utility
locating and mapping and electric utility construction services.
This press release may contain forward-looking statements. These statements are
based on Dycom's expectations and are subject to risks and uncertainties that
may cause the actual results in the future to differ significantly from the
results expressed or implied in any forward-looking statements contained in this
press release. Such forward-looking statements are within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended.
---Tables Follow---
NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
January 26, 2002 and July 28, 2001
January 26, July 28,
($ in 000's) 2002 2001
ASSETS
Current Assets:
Cash and equivalents $173,319 $130,484
Accounts receivable, net 89,821 122,260
Costs & estimated earnings in excess
of billings 25,952 36,980
Deferred tax assets, net 7,690 7,177
Inventories 6,178 7,558
Other current assets 6,459 4,909
Total current assets 309,419 309,368
Property and Equipment, net 97,592 109,564
Intangible assets, net 155,277 154,529
Other 3,238 2,234
Total $565,526 $575,695
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $18,503 $29,294
Notes payable 2,119 2,272
Billings in excess of costs &
estimated earnings 1,463 558
Accrued self-insurance claims 6,356 5,796
Income taxes payable -- 1,183
Customer advances 5,002 7,227
Other accrued liabilities 28,214 38,617
Total current liabilities 61,657 84,947
Notes payable 5,776 6,796
Accrued self-insured claims 8,022 6,476
Deferred tax liabilities, net 6,749 6,375
Other liabilities 2,050 2,220
Stockholders' Equity 481,272 468,881
Total $565,526 $575,695
NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS
($ in 000's except EPS) Three Months Ended Six Months Ended
January January January January
26, 27, 26, 27,
2002 2001 2002 2001
Contract revenues earned $138,282 $195,765 $306,097 $430,456
Cost of earned revenues 106,721 147,236 236,945 320,223
General & administrative expenses 15,262 18,187 31,343 36,322
Depreciation & amortization 8,680 9,852 17,721 18,985
Total costs and expenses 130,663 175,275 286,009 375,530
Interest income, net 679 1,105 1,605 2,408
Other income, net 448 593 795 869
Income before income taxes 8,746 22,188 22,488 58,203
Provision for income taxes 3,738 9,097 9,454 23,494
Net income $5,008 $13,091 $13,034 $34,709
Pro forma financial data: (1)
Reported net income $13,091 $34,709
Add: Goodwill amortization, net
of tax 1,039 1,846
Pro forma net income $14,130 $36,555
Earnings per common share:
Basic $0.12 $0.31 $0.30 $0.82
Diluted $0.12 $0.31 $0.30 $0.81
Shares used in computing
earnings per common share:
Basic 42,926 42,250 42,936 42,120
Diluted 43,061 42,731 43,036 42,699
Pro forma earnings per common
share: (1)
Reported basic earnings per
share $0.31 $0.82
Add: Goodwill amortization, net
of tax per basic share 0.02 0.04
Adjusted basic earnings per
share $0.33 $0.86
Reported diluted earnings per
share $0.31 $0.81
Add: Goodwill amortization, net
of tax per diluted share 0.02 0.04
Adjusted diluted earnings per
share $0.33 $0.85
(1) In the first quarter of fiscal 2002, the Company adopted SFAS No. 142,
"Goodwill and Intangible Assets." SFAS No. 142 eliminates the
amortization of goodwill and instead requires that goodwill be tested
for impairment. Because we adopted these statements effective at the
beginning of fiscal 2002, we do not have goodwill amortization in the
current year. Net income in the second quarter of 2001 would have been
$14.1 million ($0.33 per diluted share) if goodwill amortization had not
been expensed in the prior year's second quarter. Net income for the 6
months ended January 27, 2001 would have been $36.6 million ($0.85 per
diluted share) if goodwill amortization had not been expensed for the
year then ended.
SOURCE: Dycom Industries, Inc.