EXHIBIT 99.1
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[DYCOM LETTERHEAD]
N E W S R E L E A S E
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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 December 3, 2003
DYCOM ACQUIRES UTILIQUEST HOLDINGS CORP.
AND ANNOUNCES CONFERENCE CALL TO DISCUSS RECENT
ACQUISITIONS AND UPDATED OUTLOOK
PALM BEACH GARDENS, FLORIDA (December 3, 2003) - DYCOM INDUSTRIES, INC. (NYSE:
DY) announced today that pursuant to a merger agreement it previously announced
on November 17, 2003, UtiliQuest Holdings Corp. has become a wholly owned
subsidiary of Dycom. UtiliQuest was purchased from GFI Energy Ventures for an
aggregate payment of approximately $120 million in cash.
UtiliQuest Holdings Corp., through its operating subsidiaries UtiliQuest LLC and
Underground Technology, Inc., provides underground utility locating services,
which identify and mark underground utilities such as telephone, cable
television, power and gas prior to underground excavations performed by others.
UtiliQuest operates from over 55 locations in 19 states with over 1,900
employees.
A conference call has been scheduled for Tuesday, December 9, 2003, at 9:00 a.m.
(ET) to discuss this acquisition, the recently announced acquisition of First
South Utility Construction, Inc. and the updated outlook for the second and
third quarters of fiscal 2004. Dycom will announce its updated outlook for the
second and third quarters of fiscal 2004 on Monday, December 8, 2003 at
approximately 4:15 p.m. (ET). To participate in the conference call, dial
888-428-4480 (United States) or 612-288-0340 (International) ten minutes before
the conference call begins and ask for the "Dycom Recent Acquisitions"
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, January 8, 2004.
*****
Dycom is a leading provider of engineering, construction, and maintenance
services to telecommunication providers throughout the United States.
Additionally, Dycom provides
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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.
GFI Energy Ventures LLC is a private equity firm investing exclusively in
companies providing services, equipment, systems, and software to participants
in competitive energy markets worldwide. Los Angeles-based GFI is the co-general
partner of the $454 million OCM/GFI Power Opportunities Fund. UtiliQuest was a
portfolio company of this Fund. GFI's website is www.gfienergy.com.
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