Exhibit 99.1
[Dycom Industries, Inc. Logo]
[Letterhead]
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 November 24, 2003
DYCOM ANNOUNCES FISCAL 2004 FIRST QUARTER EARNINGS AND PROVIDES GUIDANCE FOR THE
SECOND QUARTER OF FISCAL 2004
PALM BEACH GARDENS, FLORIDA, November 24, 2003 -- Dycom Industries, Inc. (NYSE
Symbol: "DY") announced its results today for the first quarter ended October
25, 2003. The Company reported net income for the quarter ended October 25, 2003
of $13.9 million, or $0.29 per common share diluted. Net income for the quarter
ended October 26, 2002 was $4.1 million or $0.09 per common share diluted. This
represents a year over year increase of 222.2% in earnings per common share
diluted. Total contract revenues for the quarter ended October 25, 2003 were
$196.0 million compared to total contract revenues of $158.5 million for the
quarter ended October 26, 2002 an increase of 23.7%.
Dycom also announced its outlook for the second quarter of fiscal 2004. The
Company currently expects revenue for the second quarter of fiscal 2004 to range
from $140 million to $155 million and diluted earnings per share to range from
$0.13 to $0.17. These amounts do not include any revenues or earnings from the
previously announced acquisitions of First South Utility Construction, Inc. and
Utiliquest Holdings Corp. The Company expects these acquisitions to be
consummated no later than the first week in December, however, completion of
each of these acquisitions is subject to certain customary conditions, including
in the case of Utiliquest, termination of the 30-day waiting period under the
Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended. Dycom will
update its outlook upon the closings of these acquisitions.
A Tele-Conference call to review the Company's results and address its outlook
will be hosted at 9:00 a.m. (ET), Tuesday, November 25, 2003; Call 888-428-4479
(United States) or 651-291-5254 (International) and request "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.
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
pending acquisitions are consummated and, if consummated, the timing thereof,
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.
NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
October 25, 2003 and July 26, 2003
October 25, July 26,
($ in 000's) 2003 2003
----------- --------
ASSETS
Current Assets:
Cash and equivalents $149,794 $129,852
Accounts receivable, net 124,803 121,980
Costs & estimated earnings in excess of billings 37,319 34,814
Deferred tax assets, net 9,270 8,779
Inventories 3,068 2,670
Other current assets 10,563 7,378
-------- --------
Total current assets 334,817 305,473
Property and Equipment, net 80,666 86,894
Intangible assets, net 107,281 107,345
Deferred tax asset, net 7,261 7,167
Other 28,908 29,664
-------- --------
Total $558,933 $536,543
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 26,359 22,735
Notes payable 9 10
Billings in excess of costs & estimated earnings 721 703
Accrued self-insurance claims 11,259 11,219
Customer advances -- 2
Income taxes payable 8,267 5,169
Other accrued liabilities 32,083 30,896
-------- --------
Total current liabilities 78,698 70,734
Notes payable 18 20
Accrued self-insured claims 13,634 14,175
Other liabilities 1,116 1,274
Stockholders' Equity 465,467 450,340
-------- --------
Total $558,933 $536,543
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NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
-----------------------------------
October 25, October 26,
($ in 000's except EPS) 2003 2002
--------------- --------------
Contract revenues earned $196,021 $158,481
Cost of earned revenues 147,050 123,580
General & administrative expenses 17,508 18,275
Depreciation & amortization 9,334 10,830
-------- --------
Total costs and expenses 173,892 152,685
-------- --------
Interest income, net 318 275
Other income, net 846 1,085
-------- --------
Income before income taxes 23,293 7,156
Provision for income taxes 9,366 3,041
-------- --------
Net income $ 13,927 $ 4,115
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Earnings per common share:
Basic earnings per share $ 0.29 $ 0.09
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Diluted earnings per share $ 0.29 $ 0.09
======== ========
Shares used in computing earnings
per common share:
Basic 48,029 47,863
======== ========
Diluted 48,486 47,867
======== ========
NYSE: "DY"
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
------------------------------
October 25, October 26,
($ in 000's) 2003 2002
------------- -------------
Increase (Decrease) in Cash and Equivalents from:
OPERATING ACTIVITIES:
Net Income $ 14,626 $ 4,115
Adjustments to reconcile net cash provided by operating activities:
Depreciation and amortization 9,334 10,830
Bad debts expense 638 430
Gain on disposal of assets (595) (825)
Deferred income taxes (308) (1,119)
Other 19
Change in operating assets and liabilities, net of
acquisitions and divestitures:
(Increase) decrease in operating assets:
Accounts receivable, net (3,637) (19,076)
Unbilled revenues, net (2,487) 856
Other current assets (3,957) (2,450)
Other assets 755 16
Increase (decrease) in operating liabilities:
Accounts payable 3,999 400
Customer advances (2) 52
Accrued self-insured claims and other liabilities (379) 259
Accrued income taxes 3,204 1,821
--------- ---------
Net cash inflow (outflow) from operating activities 21,210 (4,691)
--------- ---------
INVESTING ACTIVITIES:
Capital expenditures (3,813) (2,107)
Proceeds from sale of assets 1,366 1,888
--------- ---------
Net cash outflow from investing activities (2,447) (219)
--------- ---------
FINANCING ACTIVITIES:
Principal payments on notes payable and bank lines-of-credit (2) (27)
Exercise of stock options 1,181 206
--------- ---------
Net cash inflow from financing activities 1,179 179
--------- ---------
NET CASH INFLOW (OUTFLOW) FROM ALL ACTIVITIES 19,942 (4,731)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 129,852 116,052
--------- ---------
CASH AND EQUIVALENTS AT END OF PERIOD $ 149,794 $ 111,321
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