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BROOKINGS, SD, August 26, 2020 (GLOBE NEWSWIRE) – Daktronics, Inc. (NASDAQ – DAKT) today released its first-quarter effects for fiscal year 2021. Daktronics reported net sales of $143.6 million in the first quarter of fiscal 2021, conflicting with the revenue source of $9.5 million, a net source of revenue of $7.5 million, and diluted earnings consistent with a consistent percentage of $0.17. This compares with net sales of $180.3 million, consisting of a revenue stream of $7.6 million and a net revenue source of $7.0 million, or $0.16 consistent with consistent diluted percentage, for the first quarter of fiscal 2020. Orders for the first quarter of fiscal 2021 were $122.2 million, compared to $187.5 million for the portfolio at the end of fiscal 2021’s first quarter of fiscal 2021, compared to $207 million the previous year and $212 million at the end of fiscal year 2021’s fourth quarter. (1)
Fiscal year 2021 is a year of 52 weeks and the fiscal year 2020 is 53 weeks; As a result, the quarter ended on August 1, 2020 with operational effects for thirteen weeks, while the quarter ended on August 3, 2019 with 14-week operational effects. Sales, orders and other operational effects were affected due to the additional operating week.
Cash generated by operating activities in the first 3 months of fiscal year 2021 $8.5 million, compared to $18.2 million in operating money in the first 3 months of fiscal 2020. In 2020, the money flows of operating activities fluctuated due to an accumulation of debtors, contract assets and inventories corresponding to the seasonality of our business. Free money flow, explained as money provided or used in operating activities less net investment in tangible assets, $5.5 million for the first 3 months of fiscal 2021, compared to a negative value of $24.0 million for the same time in fiscal 2020. Net investment in tangible assets $3.1 million for the first 3 months of fiscal 2021, compared to $5.8 million for the first 3 months of fiscal 2020. Cash, limited money and negotiable securities at the end of fiscal year 2021 were $45.9 million, compared to $33.0 million at the end of the first quarter of fiscal 2020 and $41.6 million at the end of fiscal 2020.
Orders for the first quarter of fiscal 2021 decreased by 34.8% compared to the first quarter of fiscal 2020. By comparison, orders reached $9.4 million according to the week of the first quarter of fiscal 2021, compared to $13.4 million in the same period. with last year. The volume of orders for each business unit decreased in fiscal year 2021 due to the following week in the first quarter of fiscal 2020, the timing of orders for primary contracts causing irregularities and the decrease in market activity following the COVID-19 pandemic. .
Net sales declined by 20.3% in the first quarter of fiscal 2021 compared to the first quarter of fiscal 2020. Net sales declined across all business units. Sales replacement is basically similar to fluctuations in the order schedule and a similar conversion to sales. Some shipping and site delays continue to be caused by COVID-19 paint restrictions or visitor delays in preparing your applications.
Gross profit as a percentage of net sales was 24.9% for the first quarter of fiscal 2021, compared to 25.2% the previous year. Operating expenses for the first quarter of fiscal 2021 were $26.2 million, compared to $37.9 million in the first quarter of fiscal 2020, a low of 30.8%. Approximately $2.7 million of this minimisation was attributed to the following week in the first quarter of fiscal 2020. Other minimizations are due to our focus on managing our expenses in relation to expected order volumes. General operating expenses were attributed to minimizing staff prices offset by severance pay for reduced staff, minimizing entertainment activities, and minimizing marketing and conference events. The operating source of revenue as a percentage of sales for the quarter was 6.6%, compared to 4.2% in the first quarter of fiscal 2020.
The effective tax rate for the first quarter of fiscal 2021 is 16.4%, compared to an effective tax rate of 12.6% for the first quarter of fiscal 2020.
Reece Kurtenbach, president, president and chief executive officer, said: “During the first quarter of fiscal 2021, our consumers reduced their spending on audiovisual systems by analyzing the economic and commercial implications of COVID-19. We have taken appropriate steps to reduce our operating expenses to accommodate expected falls in orders and sales. These measures, along with the relief of capital investments and the suspension of dividends and percentage buybacks, have helped us stabilize our position of liquidity and money.”
Kurtenbach Outlook added: “We believe that the basics of the audiovisual industry will stimulate the long-term expansion of our company, but the short-term outlook shows a contraction and greater volatility in general. 19 throughout the existing fiscal year. We focus on selling our price in new and existing markets, while managing our fee design to meet dubious demand. Even though we’re faced with a complicated 2021 year, we intend to become a more powerful organization.”
About Daktronics Daktronics occupies a strong leadership position and is the world’s largest provider of large screen video displays, electronic dashboards, text presentations and LED graphics, and related systems. The company excels in language demonstration systems, adding those that require the integration of multiple complex screens that display information, graphics, animations and videos in real time. Daktronics designs, manufactures, markets and maintains demonstration systems for consumers around the world in 4 domestic business units: live, commercial, top school and leisure parks, and transportation, and a foreign business unit. For more information, visit the company’s online page at: www.daktronics.com, email the company at [email protected], call (605) 692-0200 or toll-free (800) 843-5843 in the United States, or write to the company at 201 Daktronics Dr., PO Box 5128, Brookings, SD 57006-5128.
Warning Notice: In addition to statements of old fact, this press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and is intended to gain benefits from the coverage of this Act. These forward-looking statements reflect the Company’s expectations or ideals related to long-term occasions. The Company warns that such statements and similar statements involve dangers and uncertainties that may cause the actual effects to differ materially from our expectations, adding, but not limited to, adjustments in economic and market conditions, expansion management, time and scope of long-term contracts. Fluctuations in matrix margins, advent of new products and technologies, have an effect on adverse weather conditions, increased regulation and other hazards described in the Company’s filings with the SEC, adding its Annual Report on Form 10-K for tax purposes. 2020. Forward-looking statements are made in the context of the data to be made on the date indicated. The Company assumes no legal responsibility to update or revise such statements to reflect new cases or unforeseen occasions as they occur.
For information, contact:
INVESTOR RELATIONS:
Sheila M. Anderson, CHIEF Financial Officer
Tel (605) 692-0200
Daktronics, Inc. and its subsidiaries Consolidated effects (thousands, consisting of consistent percentage amounts) (unaudited)
It ended three months
August 1, 2020
August 3, 2019
Net sales
Ps
143 644
Ps
180 256
The cost of sales
107 883
134 751
Gross profit
35 761
45 505
Operating expenses:
Discount
11 556
18 297
General and administrative
7 124
9 093
Product design and development
7 532
10 500
26 212
37 890
Operating income
9 549
7 615
Non-operational source of income (expenses):
Interest income
85
269
Interest costs
(73
)
(35
)
Another source of income (expenses), net
(627
)
193
Income taxes
8 934
8 042
The source of the income tax burden
1 467
1012
Net lngresos
Ps
7 467
Ps
7030
Weighted number of shares outstanding:
Basic
44 654
45 089
Diluted
44 751
45 261
Earnings consistent with participation:
Basic
Ps
0,17
Ps
0,16
Diluted
Ps
0,17
Ps
0,16
Monetary dividends declared consistent with shares
Ps
–
Ps
0,05
Daktronics, Inc. and its consolidated leaf subsidiaries (thousands)
August 1, 2020
May 2, 2020
(unaudited)
TRUMPS
CIRCULANT ACTIVES:
Cash and money equivalents
Ps
44 609
Ps
40 398
Restricted species
96
14
Negotiable securities
1 230
1 230
Accounts receivable, net
88 608
72 577
Inventories
81435
86 803
Contractual assets
33 261
35 467
Long-term current receivables
3 306
3 519
Prepaid expenses and existing assets
7 595
9 629
Accounts receivable
260
548
Real estate and other assets available for sale
1966
1 817
Total assets
262 366
252002
Property and equipment, net
66 059
67 484
Long-term receivables, less maturities
739
1 114
Goodwill
8 048
7 743
Intangible assets, net
3 070
3 354
Investment in subsidiaries and assets
26 526
27 683
Deferred taxes
13 312
13 271
Total non-current asset
117 754
120 649
TOTAL ASSETS
Ps
380 120
Ps
372 651
Daktronics, Inc. and its consolidated sheets (continued) (thousands)
August 1, 2020
May 2, 2020
(unaudited)
COMMITMENTS AND EQUITY
CURRENT RESPONSIBILITIES:
Accounts payable
Ps
48 255
Ps
47 834
Contractual responsibility
50159
50 897
Higher spending
33 941
36 626
Guarantee bonds
10 648
9 764
Income taxes payable
1 107
844
Total responsibility
144 110
145 965
Guarantee long-term bonds
16 412
15 860
Long-term contractual liabilities
10 715
10 707
Other long-term bonds
21 469
22 105
Long-term taxes payable
723
582
Deferred taxes
469
452
Total long-term liabilities
49 788
49 706
TOTAL RESPONSIBILITIES
193 898
195 671
Capital:
Share
60 010
60 010
Emission premium
45 192
44 627
Undated benefits
92 557
85 090
Own shares, at cost
(7 297
)
(7 470
)
Cumulative total losses
(4 240
)
(5 277
)
TOTAL EQUITY
186 222
176 980
TOTAL PASSIVE AND EQUITY
Ps
380 120
Ps
372 651
Daktronics, Inc. and its subsidiaries Consolidated Statements of Cash Flows (thousands) (un audited)
It ended three months
August 1, 2020
August 3, 2019
CASH FLOW OF OPERATIONS ACTIVITIES:
Net lngresos
Ps
7 467
Ps
Adjustments to reconcile the net source of income with the net money provided through (used in) operating activities:
Depreciation and amortization
4 337
4 383
Loss from sale of properties, plant and appliances and assets
(53
)
(26
)
Share compensation
539
643
Affiliate loss
529
118
Debt provision
1
5
Deferred taxes, net
(4
)
(40
)
Changes in assets and liabilities
(4 271
)
(30 331
)
Net money through (used in) operating activities
8 545
(18 218
)
CASH FLOW OF INVESTMENT ACTIVITIES:
Shopping and equipment
(3 155
)
(5 856
)
Proceeds from the sale of assets and appliances and assets
86
73
Collections or maturities of marketable securities
–
14 510
Shopping and lending
(492
)
(455
)
Net money (used in) through investment activities
(3 561
)
8 272
CASH FLOW OF FUND COLLECTION ACTIVITIES:
Top long-term bond bills
(210
)
(1 221
)
Dividends paid
–
(2 250
)
Payments for non-unusual repurchased shares
(1 187
)
Net money used in financing activities
(210
)
(4 658
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH FLOW
(481
)
(37
)
NET CASH INCREASE, CASH EQUIVALENTS AND LIMITED CASH FLOW
4 293
(14 641
)
CASH, CASH EQUIVALENTS AND LIMITED CASH:
Start of the period
40 412
35 742
End of the period
Ps
44 705
Ps
21 101
Daktronics, Inc. and its subsidiaries Net sales and orders consistent with Unit Business (thousands) (un audited)
It ended three months
August 1, 2020
August 3, 2019
Dollar change
Percentage change
Net sales:
Commercial
Ps
34 506
Ps
44 035
Ps
(9 529
)
(21,6
)%
Live events
51 474
59 306
(7832
)
(13,2
)
High park and recreation
28 943
30 465
(1522
)
(5,0
)
Transport
14 498
19018
(4520
)
(23,8
)
International
14 223
27 432
(13 209
)
(48,2
)
Ps
143 644
Ps
180 256
Ps
(36 612
)
(20,3
)%
Orders:
Commercial
Ps
25 533
Ps
38 648
Ps
(13 115
)
(33,9
)%
Live events
41860
66 969
(25 109
)
(37,5
)
High park and recreation
28 099
30 552
(2 453
)
(8,0
)
Transport
13 089
22 215
(9 126
)
(41,1
)
International
13 572
29 079
(15 507
)
(53,3
)
Ps
122 153
Ps
187 463
Ps
(65 310
)
(34,8
)%
Reconciliation of free cash flow – (thousands) (unaudited)
It ended three months
August 1, 2020
August 3, 2019
Net money through (used in) operating activities
Ps
8 545
Ps
(18 218
)
Shopping and equipment
(3 155
)
(5 856
)
Proceeds from the sale of properties, plant and equipment
86
73
Capital-free
Ps
5 476
Ps
(24 001
)
To compare your business, Daktronics considers and uses loose money as a key measure of your operating performance. The term loose money is not explained in accordance with the sometimes accepted accounting principles (“GAAP”) of the United States and is not a measure of operating income, operating money, or other GAAP figures and does not deserve to be considered as an option. to those calculations. Free money is intended to provide data that would possibly be useful to investors when comparing the effects of one era to the next.
(1) Backwards are not a measure explained through sometimes accepted accounting principles (“PCGA”) in the United States, and our method of calculating backwards may differ from the method used by other corporations for their arrears amounts. For more information on cumulation, see Part I, point 1. Activities of our Annual Report on Form 10-K for the year ended May 2, 2020.