-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KdXSblrN9S8EIH2pS8S0oxT4eT8oR2RrvmDp5Qp3yf/0ObYKZ3DMhQMJ7tEQDo1/ Nq+8MGQk/LcKk+u6oq8HJQ== 0000947871-03-001965.txt : 20030825 0000947871-03-001965.hdr.sgml : 20030825 20030825165526 ACCESSION NUMBER: 0000947871-03-001965 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030825 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030825 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DYCOM INDUSTRIES INC CENTRAL INDEX KEY: 0000067215 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 591277135 STATE OF INCORPORATION: FL FISCAL YEAR END: 0729 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10613 FILM NUMBER: 03864791 BUSINESS ADDRESS: STREET 1: 4440 PGA BLVD. STE 500 STREET 2: FIRST UNION CENTER CITY: PALM BEACH GARDENS STATE: FL ZIP: 33410 BUSINESS PHONE: 5616277171 MAIL ADDRESS: STREET 1: 4440 PGA BLVD STE 500 STREET 2: FIRST UNION CENTER CITY: PALM BEACH GARDENS STATE: FL ZIP: 33410 FORMER COMPANY: FORMER CONFORMED NAME: MOBILE HOME DYNAMICS INC DATE OF NAME CHANGE: 19820302 8-K 1 f8k_082503.txt CURRENT REPORT' SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ================================================================================ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): August 25, 2003 Dycom Industries, Inc. (Exact name of Registrant as specified in its charter) Florida 0-5423 59-1277135 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 4440 PGA Boulevard, Suite 500, Palm Beach Gardens, Florida 33410 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (561) 627-7171 Exhibit Index on Page 3 Item 7. FINANCIAL STATEMENTS AND EXHIBITS Exhibit Number Description ------ ----------- 99.1 Press release of Dycom Industries, Inc. dated August 25, 2003, reporting its financial results for the fourth quarter ended July 26, 2003 and providing guidance for the next two quarters. Item 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION In a press release dated August 25, 2003, which is attached as Exhibit 99.1 and incorporated herein by reference, the Company announced its financial results for the quarter ended July 26, 2003 and issued guidance with respect to expected financial results for the first and second quarters of fiscal 2004. 2 EXHIBIT INDEX Exhibit No Description ---------- ----------- 99.1 Press release of Dycom Industries, Inc. issued on August 25, 2003. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DYCOM INDUSTRIES, INC. Date: August 25, 2003 By: /s/ Richard L. Dunn --------------------------- Name: Richard L. Dunn Title: Senior Vice President and Chief Financial Officer EX-99.1 3 ex99-1_082503.txt PRESS RELEASE Exhibit 99.1 [GRAPHIC OMITTED] 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 August 25, 2003 DYCOM ANNOUNCES FISCAL 2003 FOURTH QUARTER EARNINGS AND PROVIDES GUIDANCE FOR THE NEXT TWO FISCAL QUARTERS Palm Beach Gardens, Florida, August 25, 2003--Dycom Industries, Inc. (NYSE Symbol: "DY") announced its results today for the fourth quarter ended July 26, 2003. The Company reported net income for the quarter ended July 26, 2003 of $11.4 million, or $0.24 per common share diluted, on total contract revenues of $182.9 million versus contract revenues of $148.2 million for the quarter ended July 27, 2002. This represents a year over year increase of 23.4% in total contract revenues. On a generally accepted accounting principles (GAAP) basis, Dycom's reported net loss for the quarter ended July 27, 2002 was $56.8 million, or a loss of $1.19 per common share diluted. Included in this loss was an after tax increase in our allowance for doubtful accounts of $12.1 million and an after tax impairment charge of $47.8 million related to the write-down of goodwill and other intangible assets. These charges resulted from customer difficulties and bankruptcies. The total effect of these charges was an after tax charge of $59.9 million, or $1.25 per common share diluted. Excluding these charges, net income for the quarter ended July 27, 2002 would have been $3.0 million, or $0.06 per common share diluted. For the year ended July 26, 2003 net income was $17.1 million, or $0.36 per common share diluted. On a generally accepted accounting principles (GAAP) basis, Dycom's reported net loss for the year ended July 27, 2002 was $123.0 million, or a loss of $2.73 per common share. Included in this loss was an after tax increase in our allowance for doubtful accounts of $12.1 million and an after tax impairment charge of $47.8 million related to the write-down of goodwill and other intangible assets. Each of these charges resulted from customer difficulties and bankruptcies. This loss also included an after tax charge of $86.9 million, or $1.93 per common share diluted, for the cumulative effect of the adoption of the accounting standard for goodwill. The total after tax effect of these charges was $146.8 million, or $3.26 per common share diluted. Excluding these charges, net income for the year ended July 27, 2002 would have been $23.8 million, or $0.53 per common share diluted. In evaluating the operating performance of its business for the three and twelve month periods ended July 27, 2002, Dycom's management excluded certain charges that are required by GAAP. The Company believes that presentation of net income and earnings per share excluding these items is beneficial to investors. Please see attached table for reconciliation of these financial measures to GAAP. Dycom also announced its outlook for the remainder of the first and second quarter of fiscal 2004. The Company currently expects revenue for the first quarter of fiscal 2004 to range from $165.0 million to $185.0 million and diluted earnings per share to range from $0.22 to $0.27. For the second quarter of fiscal 2004, the Company currently expects revenue to range from $135.0 million to $150.0 million and diluted earnings per share to range from $0.12 to $0.16. A Tele-Conference call to review the Company's results and address its outlook will be hosted at 9:00 a.m. (ET), Tuesday, August 26, 2003; Call 800-450-0788 (United States) or 612-332-0228 (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, September 25, 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, continued deterioration in our customers' financial condition, the adequacy of our 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. ---Tables Follow--- NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS July 26, 2003 and July 27, 2002
July 26, July 27, ($ in 000's) 2003 2002 ----------- ----------- ASSETS Current Assets: Cash and equivalents $ 129,852 $ 116,052 Accounts receivable, net 121,980 86,443 Costs & estimated earnings in excess of billings 34,814 33,349 Deferred tax assets, net 8,779 8,681 Income tax receivable - 460 Inventories 2,670 5,643 Other current assets 7,378 6,108 ----------- ----------- Total current assets 305,473 256,736 Property and Equipment, net 86,894 110,452 Intangible assets, net 107,345 107,743 Deferred tax asset, net 7,167 13,042 Other 29,664 26,580 ----------- ----------- Total $ 536,543 $ 514,553 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 22,735 $ 26,611 Notes payable 10 79 Billings in excess of costs & estimated earnings 703 354 Accrued self-insurance claims 11,219 8,463 Customer advances 2 5,013 Income taxes payable 5,169 - Other accrued liabilities 30,896 30,031 ----------- ----------- Total current liabilities 70,734 70,551 Notes payable 20 30 Accrued self-insured claims 14,175 10,814 Other liabilities 1,274 1,861 Stockholders' Equity 450,340 431,297 ----------- ----------- Total $ 536,543 $ 514,553 =========== ===========
NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
($ in 000's except EPS) Three Months Ended Year Ended ---------------------------- ------------------------------ July 26, July 27, July 26, July 27, 2003 2002 2003 2002 ---------- ---------- ---------- ------------ Contract revenues earned $ 182,882 $ 148,172 $ 618,183 $ 624,021 Cost of earned revenues 138,673 115,008 482,877 478,971 General & administrative expenses 15,933 17,039 68,774 67,446 Bad debt expense 630 20,595 1,285 21,550 Depreciation & amortization 8,898 10,914 39,073 38,844 Impairment charge - 47,880 - 47,880 ---------- ---------- ---------- ------------ Total costs and expenses 164,134 211,436 592,009 654,691 ---------- ---------- ---------- ------------ Interest income, net 310 509 1,300 2,620 Other income, net 632 87 2,981 1,460 ---------- ---------- ---------- ------------ Income (loss) before income taxes 19,690 (62,668) 30,455 (26,590) Provision (benefit) for income taxes 8,328 (5,824) 13,306 9,508 ---------- ---------- ---------- ------------ Income (loss) before cumulative effect of change in accouting principle 11,362 (56,844) 17,149 (36,098) Cumulative effect of change in accounting principle, net of tax (1) - - - (86,929) ---------- ---------- ---------- ------------ Net income (loss) $ 11,362 $ (56,844) $ 17,149 $ (123,027) ========== ========== ========== ============ Earnings (loss) per common share: Basic earnings (loss) per share before cumulative effect of change in accounting principle $ 0.24 $ (1.19) $ 0.36 $ (0.80) Cumulative effect of change in accounting principle - - - (1.93) ---------- ---------- ---------- ------------ Basic earnings (loss) per share $ 0.24 $ (1.19) $ 0.36 $ (2.73) ========== ========== ========== ============ Diluted earnings (loss) per share before cumulative effect of change in accounting principle $ 0.24 $ (1.19) $ 0.36 $ (0.80) Cumulative effect of change in accounting principle - - - (1.93) ---------- ---------- ---------- ------------ Diluted earnings (loss) per share $ 0.24 $ (1.19) $ 0.36 $ (2.73) ========== ========== ========== ============ Shares used in computing earnings (loss) per common share: Basic 47,918 47,829 47,881 45,049 ========== ========== ========== ============ Diluted (2) 48,042 47,829 47,887 45,049 ========== ========== ========== ============
(1) In the first quarter 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 with the beginning of fiscal 2002, we do not have goodwill amortization in either year. (2) For the three months and twelve months ended July 27, 2002, the total number of stock options excluded because their effect would have been anti-dilutive was 29,420 and 69,649, respectively. NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES RECONCILIATION OF FISCAL 2002 GAAP TO NON-GAAP INFORMATION
($ in 000's except EPS) Three Months Year Ended Ended July 27, July 27, 2002 2002 ------------ ---------- Item Write-down of goodwill and other intangible assets, net of income taxes $ (47,751) $ (47,751) Increase in allowance for doubtful accounts, net of income taxes (12,130) (12,130) Charge for the cumulative effect of a change in accounting principle, net of $12,117 income tax benefit - (86,929) --------- ---------- Total adjustments $ (59,881) $ (146,810) ========= ========== GAAP net loss $ (56,844) $ (123,027) Adjusted for items described above 59,881 146,810 --------- ---------- Non-GAAP net income $ 3,037 $ 23,783 ========= ========== Earnings (loss) per common share: Basic loss per share - GAAP $ (1.19) $ (2.73) Basic earnings per share - Adjustments for items described above 1.25 3.26 --------- ---------- Basic earnings per share - Non-GAAP $ 0.06 $ 0.53 ========= ========== Diluted loss per share - GAAP $ (1.19) $ (2.73) Diluted earnings per share - Adjustments for items described above 1.25 3.26 --------- ---------- Diluted earnings per share - Non-GAAP $ 0.06 $ 0.53 ========= ========== Shares used in computing (loss) earnings per common share: Basic [a] 47,829 45,049 ========= ========== Diluted [a] 47,858 45,119 ========= ==========
[a] Common stock equivalents related to stock options were excluded from diluted loss per share calculations if their effect would be anti-dilutive. -----END PRIVACY-ENHANCED MESSAGE-----