[DYCOM LOGO]
N E W S R E L E A S E
------- -------------
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 November 6, 2003
DYCOM TO ACQUIRE SUBSTANTIALLY ALL OF THE ASSETS OF
FIRST SOUTH UTILITY CONSTRUCTION, INC.
PALM BEACH GARDENS, FLORIDA (November 6, 2003) - DYCOM INDUSTRIES, INC. (NYSE:
DY) announced today that it has entered into an asset purchase agreement with
First South Utility Construction, Inc. pursuant to which it will purchase
substantially all of First South's assets, and assume certain liabilities
associated with these assets, for $50 million in cash and newly-issued Dycom
common stock with a value of $4 million. The completion of the purchase is
subject to certain customary closing conditions, including termination of the
30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended. Dycom expects the purchase will be consummated in the first
week of December 2003.
First South, based in Greensboro, North Carolina, provides outside plant
construction, design and engineering services for telecommunication providers
throughout the eastern United States.
Dycom has scheduled a conference call for Tuesday, November 25, 2003, at 9:00
a.m. (ET) to review the Company's fiscal 2004 first quarter results and discuss
this acquisition. To participate in the conference call, dial 888-428-4479
(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 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
Wednesday, December 24, 2003.
*****
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. Visit our
website at http://www.dycomind.com for additional corporate information.
5
FORWARD-LOOKING STATEMENTS
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, the
anticipated outcome of 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 undertakes no
obligation to update the information in this press release.
6