EX-99.1 3 ex99-1_112803.txt PRESS RELEASE 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 ======== ======== 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 $536,543 ======== ======== NYSE: "DY" DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended ----------------------------------- October 25, October 26, ($ 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 ======== ======== Earnings per common share: Basic earnings per share $ 0.29 $ 0.09 ======== ======== 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 ========= =========