[DYCOM INDUSTRIES, INC. LETTERHEAD] [GRAPHIC OMITTED]
NEWS RELEASE
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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 November 22, 2004
DYCOM ANNOUNCES FISCAL 2005 FIRST QUARTER EARNINGS AND PROVIDES
GUIDANCE FOR THE SECOND QUARTER OF FISCAL 2005
Palm Beach Gardens, Florida, November 22, 2004--Dycom Industries, Inc. (NYSE
Symbol: "DY") announced its results today for the first quarter ended October
30, 2004. The Company reported net income for the quarter ended October 30, 2004
of $15.6 million, or $0.32 per common share diluted, versus net income for the
quarter ended October 25, 2003 of $13.9 million, or $0.29 per common share
diluted. Total contract revenues for the quarter ended October 30, 2004 were
$263.2 million compared to total contract revenues of $196.0 million for the
quarter ended October 25, 2003, an increase of 34.3%.
Dycom also announced its outlook for the second quarter of fiscal 2005. The
Company currently expects revenue for the second quarter of fiscal 2005 to range
from $200 million to $220 million and diluted earnings per share to range from
$0.14 to $0.19.
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 23, 2004; Call 877-209-0397
(United States) or 612-332-0634 (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 Thursday, December 23, 2004.
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
recent acquisitions can be efficiently integrated into our existing operations,
the impact of any future acquisitions, 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 30, 2004 and July 31, 2004
Unaudited
October 30, July 31,
($ in 000's) 2004 2004
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ASSETS
Current Assets:
Cash and equivalents $ 37,480 $ 51,393
Accounts receivable, net 158,600 131,927
Costs and estimated earnings in excess of billings 64,138 58,175
Deferred tax assets, net 13,006 11,923
Income tax receivable - 6,988
Inventories 6,247 5,353
Other current assets 14,215 10,275
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Total current assets 293,686 276,034
Property and equipment, net 101,979 100,353
Intangible assets, net 259,736 259,319
Deferred tax assets, net non-current 2,927 5,561
Other 9,813 10,568
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Total $ 668,141 $ 651,835
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 36,647 $ 34,348
Notes and capital leases payable 3,812 4,163
Billings in excess of costs and estimated earnings 361 142
Accrued self-insured claims 26,750 22,297
Income taxes payable 1,594 -
Other accrued liabilities 34,281 41,528
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Total current liabilities 103,445 102,478
Notes and capital leases payable 6,292 7,094
Accrued self-insured claims 22,050 22,473
Other liabilities 744 829
Stockholders' Equity 535,610 518,961
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Total $ 668,141 $ 651,835
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NYSE: "DY"
DYCOM INDUSTRIES. INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
Three Months Three Months
Ended Ended
October 30, October 25,
(In 000's, except Earnings per share) 2004 2003
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Contract revenues earned $ 263,166 $ 196,021
Cost of earned revenues, excluding depreciation 208,670 147,050
General and administrative 17,982 17,508
Depreciation and amortization 11,265 9,334
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Total costs and expenses 237,917 173,892
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Interest (expense)/income, net (46) 318
Other income, net 594 846
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Income before income taxes 25,797 23,293
Provision for income taxes 10,176 9,366
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Net income $ 15,621 $ 13,927
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Earnings per common share:
Basic earnings per share $ 0.32 $ 0.29
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Diluted earnings per share $ 0.32 $ 0.29
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Shares used in computing earnings per common share:
Basic 48,604 48,029
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Diluted 49,170 48,486
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