We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Daktronics Inc | NASDAQ:DAKT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.51 | 9.65 | 10.95 | 0 | 12:00:07 |
South Dakota
|
|
46-0306862
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
201 Daktronics Drive
Brookings, SD
|
|
57006 |
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, No Par Value
|
DAKT
|
NASDAQ Global Select Market
|
Preferred Stock Purchase Rights
|
DAKT
|
NASDAQ Global Select Market
|
Large accelerated filer
o
|
Accelerated filer
x
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
Emerging growth company
o
|
|
|
Page
|
|
|
|||
|
|
|
|
|
|
||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|
|
|
|
|
||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|
|
|
|
|
||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|
|
|
|
|
||
|
|||
|
|
|
|
|
|||
|
|
|
•
|
new product introductions;
|
•
|
variations in product mix;
|
•
|
production capacity utilization; and
|
•
|
delays or cancellations of orders.
|
•
|
changes in the demand for and mix of products that our customers buy;
|
•
|
our ability to add and train our manufacturing staff in advance of demand;
|
•
|
the market’s pace of technological change;
|
•
|
variability in our manufacturing productivity;
|
•
|
long lead time for components used in production;
|
•
|
geography of the order and related shipping methods; and
|
•
|
long lead times for our plant and equipment expenditures.
|
•
|
diversion of management attention;
|
•
|
difficulty with integrating acquired businesses;
|
•
|
difficulty with the integration of different corporate cultures;
|
•
|
personnel issues;
|
•
|
increased expenses;
|
•
|
assumption of unknown liabilities and indemnification obligations;
|
•
|
potential disputes with the buyers or sellers;
|
•
|
the time involved in evaluating or modifying the financial systems of an acquired business; and
|
•
|
establishment of appropriate internal controls.
|
•
|
the ability of our Board of Directors, without shareholder approval, to authorize and issue shares of stock with voting, liquidation, dividend and other rights and preferences that are superior to our common stock;
|
•
|
the classification of our Board of Directors, which effectively prevents shareholders from electing a majority of the directors at any one meeting of shareholders;
|
•
|
the adoption of a shareholder rights plan providing for the exercise of junior participating preferred stock purchase rights when a person becomes the beneficial owner of 20 percent or more of our outstanding common stock and upon the occurrence of certain similar events (subject to certain exceptions);
|
•
|
under the SD Act, limitations on the voting rights of shares acquired in specified types of acquisitions and restrictions on specified types of business combinations; and
|
•
|
under the SD Act, prohibitions against engaging in a “business combination” with an “interested shareholder” for a period of four years after the date of the transaction in which the person became an interested shareholder unless the business combination is approved.
|
Facilities
|
Owned or Leased
|
Square Footage
|
Facility Activities
|
Brookings, SD, USA
|
Owned
|
773,000
|
Corporate Office, Manufacturing, Sales, Service
|
Redwood Falls, MN, USA
|
Owned
|
151,000
|
Manufacturing, Sales, Service, Office
|
Ennistymon, Ireland
|
Owned
|
60,000
|
Manufacturing, Sales, Service, Office
|
Sioux Falls, SD, USA
|
Leased
|
278,000
|
Manufacturing, Sales, Service, Office
|
Shanghai, China
|
Leased
|
137,000
|
Manufacturing, Sales, Service, Office
|
|
2019
(2)(3)(5)(7)
|
|
2018
(4)(5)(7)
|
|
2017
(6)(7)
|
|
2016
(7)(8)
|
|
2015
(1)(9)(10)
|
||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
569,704
|
|
|
$
|
610,530
|
|
|
$
|
586,539
|
|
|
$
|
570,168
|
|
|
$
|
615,942
|
|
Gross profit
|
130,294
|
|
|
145,669
|
|
|
140,415
|
|
|
121,019
|
|
|
144,579
|
|
|||||
Gross profit margin
|
22.9
|
%
|
|
23.9
|
%
|
|
23.9
|
%
|
|
21.2
|
%
|
|
23.5
|
%
|
|||||
Operating (loss) income
|
(4,728
|
)
|
|
12,460
|
|
|
15,421
|
|
|
2,495
|
|
|
31,285
|
|
|||||
Operating margin
|
(0.8
|
)%
|
|
2.0
|
%
|
|
2.6
|
%
|
|
0.4
|
%
|
|
5.1
|
%
|
|||||
Net (loss) income
|
(958
|
)
|
|
5,562
|
|
|
10,342
|
|
|
2,061
|
|
|
20,882
|
|
|||||
Diluted (loss) earnings per share
|
(0.02
|
)
|
|
0.12
|
|
|
0.23
|
|
|
0.05
|
|
|
0.47
|
|
|||||
Weighted average diluted shares outstanding
|
44,926
|
|
|
44,873
|
|
|
44,303
|
|
|
44,456
|
|
|
44,443
|
|
|||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Working capital
|
$
|
119,601
|
|
|
$
|
132,825
|
|
|
$
|
127,130
|
|
|
$
|
123,714
|
|
|
$
|
149,075
|
|
Total assets
|
349,216
|
|
|
358,800
|
|
|
355,433
|
|
|
349,948
|
|
|
379,479
|
|
|||||
Total long-term liabilities
|
27,481
|
|
|
29,876
|
|
|
26,552
|
|
|
27,364
|
|
|
25,420
|
|
|||||
Total shareholders' equity
|
187,663
|
|
|
197,616
|
|
|
198,286
|
|
|
201,067
|
|
|
212,039
|
|
|||||
Cash dividends per share
|
0.28
|
|
|
0.28
|
|
|
0.31
|
|
|
0.40
|
|
|
0.40
|
|
•
|
Our percentage of market share by comparing our estimated revenue to the total estimated global digital display revenue,
|
•
|
Our order growth compared to the overall digital market order change,
|
•
|
Financial metrics such as annual order volume and profit change as compared to our previous financial results,
|
•
|
Customer retention and expansion rates, and
|
•
|
Our ability to generate profits over the long-term to provide a shareholder return.
|
•
|
Standard display product market growth due to market adoption and lower product costs, which drive marketplace expansion. Standard display products are used to attract or communicate with customers and potential customers of retail, commercial, and other establishments. Pricing and economic conditions are the principal factors that impact our success in this business unit. We utilize a reseller network to distribute our standard products.
|
•
|
National accounts standard display market opportunities due to customers' desire to communicate their message, advertising and content consistently across the country. Increased demand is possible from national retailers, quick-serve restaurants, petroleum retailers, and other nationwide organizations.
|
•
|
Additional standard display offerings using micro-LED designs.
|
•
|
Increasing use of LED technologies replacing signage previously using liquid crystal display ("LCD") technology by existing and new customers.
|
•
|
Increasing interest in spectaculars, which include very large and sometimes highly customized displays as part of entertainment venues such as casinos, shopping centers, cruise ships and Times Square type locations.
|
•
|
Dynamic messaging systems demand growth due to market adoption and expanded use of this technology.
|
•
|
The use of architectural lighting products for commercial buildings, which real estate owners use to add accents or effects to an entire side or circumference of a building to communicate messages or to decorate the building.
|
•
|
The continued deployment of digital billboards as out-of-home ("OOH") advertising companies continue developing new sites and replacing digital billboards reaching end of life. This is dependent on no adverse changes occurring in the digital billboard regulatory environment restricting future billboard deployments, as well as maintaining our current market share in a business that is concentrated in a few large OOH companies.
|
•
|
Replacement cycles within each of these areas.
|
•
|
Facilities spending more on larger display systems to enhance the game-day and event experience for attendees.
|
•
|
Lower product costs, driving an expansion of the marketplace.
|
•
|
Our product and service offerings, including additional micro-LED offerings which remain the most integrated and comprehensive offerings in the industry.
|
•
|
The competitive nature of sports teams, which strive to out-perform their competitors with display systems.
|
•
|
The desire for high-definition video displays, which typically drives larger displays or higher resolution displays, both of which increase the average transaction size.
|
•
|
Dynamic messaging system needs throughout a sports facility.
|
•
|
Increasing use of LED technologies replacing signage previously using LCD technology in and surrounding live events facilities.
|
•
|
Replacement cycles within each of these areas.
|
•
|
Increased demand for video systems in high schools as school districts realize the revenue generating potential of these displays compared to traditional scoreboards and these systems' ability to provide or enhance academic curriculum offerings for students.
|
•
|
Increased demand for different types of displays and dynamic messaging systems, such as message centers at schools to communicate to students, parents and the broader community.
|
•
|
Lower system costs driving the use of more sophisticated displays in school athletic facilities, such as large integrated video systems.
|
•
|
Expanding control system options tailored for the markets' needs.
|
|
|
||||||||||||||||||||||
|
April 27, 2019
|
|
April 28, 2018
|
|
2019 vs 2018
|
|
April 29, 2017
|
|
2018 vs 2017
|
||||||||||||||
(dollars in thousands)
|
Amount
|
|
Amount
|
|
Dollar Change
|
Percent Change
|
|
Amount
|
|
Dollar Change
|
Percent Change
|
||||||||||||
Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
$
|
148,833
|
|
|
$
|
134,535
|
|
|
$
|
14,298
|
|
10.6
|
%
|
|
$
|
148,073
|
|
|
$
|
(13,538
|
)
|
(9.1
|
)%
|
Live Events
|
170,952
|
|
|
236,333
|
|
|
(65,381
|
)
|
(27.7
|
)
|
|
213,982
|
|
|
22,351
|
|
10.4
|
|
|||||
High School Park and Recreation
|
91,187
|
|
|
87,627
|
|
|
3,560
|
|
4.1
|
|
|
82,798
|
|
|
4,829
|
|
5.8
|
|
|||||
Transportation
|
64,391
|
|
|
59,578
|
|
|
4,813
|
|
8.1
|
|
|
52,426
|
|
|
7,152
|
|
13.6
|
|
|||||
International
|
94,341
|
|
|
92,457
|
|
|
1,884
|
|
2.0
|
|
|
89,260
|
|
|
3,197
|
|
3.6
|
|
|||||
|
$
|
569,704
|
|
|
$
|
610,530
|
|
|
$
|
(40,826
|
)
|
(6.7
|
)%
|
|
$
|
586,539
|
|
|
$
|
23,991
|
|
4.1
|
%
|
Orders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial
|
$
|
162,592
|
|
|
$
|
135,363
|
|
|
$
|
27,229
|
|
20.1
|
%
|
|
$
|
151,562
|
|
|
$
|
(16,199
|
)
|
(10.7
|
)%
|
Live Events
|
179,217
|
|
|
203,036
|
|
|
(23,819
|
)
|
(11.7
|
)
|
|
222,965
|
|
|
(19,929
|
)
|
(8.9
|
)
|
|||||
High School Park and Recreation
|
98,139
|
|
|
87,243
|
|
|
10,896
|
|
12.5
|
|
|
83,605
|
|
|
3,638
|
|
4.4
|
|
|||||
Transportation
|
73,059
|
|
|
50,581
|
|
|
22,478
|
|
44.4
|
|
|
62,638
|
|
|
(12,057
|
)
|
(19.2
|
)
|
|||||
International
|
95,873
|
|
|
107,244
|
|
|
(11,371
|
)
|
(10.6
|
)
|
|
92,734
|
|
|
14,510
|
|
15.6
|
|
|||||
|
$
|
608,880
|
|
|
$
|
583,467
|
|
|
$
|
25,413
|
|
4.4
|
%
|
|
$
|
613,504
|
|
|
$
|
(30,037
|
)
|
(4.9
|
)%
|
|
Year Ended
|
||||||||||||||||||||
|
April 27, 2019
|
|
April 28, 2018
|
|
April 29, 2017
|
||||||||||||||||
(dollars in thousands)
|
Amount
|
|
As a Percent of Net Sales
|
|
Amount
|
|
As a Percent of Net Sales
|
|
Amount
|
|
As a Percent of Net Sales
|
||||||||||
Commercial
|
$
|
31,785
|
|
|
21.4
|
%
|
|
$
|
26,665
|
|
|
19.8
|
%
|
|
$
|
36,514
|
|
|
24.7
|
%
|
|
Live Events
|
32,164
|
|
|
18.8
|
|
|
49,755
|
|
|
21.1
|
|
|
40,810
|
|
|
19.1
|
|
||||
High School Park and Recreation
|
26,858
|
|
|
29.5
|
|
|
29,317
|
|
|
33.5
|
|
|
26,388
|
|
|
31.9
|
|
||||
Transportation
|
22,525
|
|
|
35.0
|
|
|
21,247
|
|
|
35.7
|
|
|
18,027
|
|
|
34.4
|
|
||||
International
|
16,962
|
|
|
18.0
|
|
|
18,685
|
|
|
20.2
|
|
|
18,676
|
|
|
20.9
|
|
||||
|
$
|
130,294
|
|
|
22.9
|
%
|
|
$
|
145,669
|
|
|
23.9
|
%
|
|
$
|
140,415
|
|
|
23.9
|
%
|
|
Year Ended
|
|||||||||||||||||||||||||
|
April 27, 2019
|
|
April 28, 2018
|
|
April 29, 2017
|
|||||||||||||||||||||
(dollars in thousands)
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||||||
Commercial
|
$
|
13,218
|
|
|
8.9
|
%
|
|
65.5
|
%
|
|
$
|
7,986
|
|
|
5.9
|
%
|
|
(55.7
|
)%
|
|
$
|
18,046
|
|
|
12.2
|
%
|
Live Events
|
18,484
|
|
|
10.8
|
|
|
(47.8
|
)
|
|
35,439
|
|
|
15.0
|
|
|
27.7
|
|
|
27,750
|
|
|
13.0
|
|
|||
High School Park and Recreation
|
14,518
|
|
|
15.9
|
|
|
(20.7
|
)
|
|
18,317
|
|
|
20.9
|
|
|
13.7
|
|
|
16,114
|
|
|
19.5
|
|
|||
Transportation
|
18,260
|
|
|
28.4
|
|
|
7.1
|
|
|
17,048
|
|
|
28.6
|
|
|
26.6
|
|
|
13,465
|
|
|
25.7
|
|
|||
International
|
1,166
|
|
|
1.2
|
|
|
(71.7
|
)
|
|
4,119
|
|
|
4.5
|
|
|
22.8
|
|
|
3,353
|
|
|
3.8
|
|
|||
|
$
|
65,646
|
|
|
11.5
|
%
|
|
(20.8
|
)%
|
|
$
|
82,909
|
|
|
13.6
|
%
|
|
5.3
|
%
|
|
$
|
78,728
|
|
|
13.4
|
%
|
|
Year Ended
|
|||||||||||||||||||||||||
|
April 27, 2019
|
|
April 28, 2018
|
|
April 29, 2017
|
|||||||||||||||||||||
(dollars in thousands)
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||||||
General and administrative
|
$
|
34,817
|
|
|
6.1
|
%
|
|
(0.3
|
)%
|
|
$
|
34,919
|
|
|
5.7
|
%
|
|
2.0
|
%
|
|
$
|
34,226
|
|
|
5.8
|
%
|
Product design and development
|
$
|
35,557
|
|
|
6.2
|
%
|
|
0.1
|
%
|
|
$
|
35,530
|
|
|
5.8
|
%
|
|
22.2
|
%
|
|
$
|
29,081
|
|
|
5.0
|
%
|
|
Year Ended
|
|||||||||||||||||||||||||
|
April 27, 2019
|
|
April 28, 2018
|
|
April 29, 2017
|
|||||||||||||||||||||
(dollars in thousands)
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||||||
Interest income, net
|
$
|
871
|
|
|
0.2
|
%
|
|
72.1
|
%
|
|
$
|
506
|
|
|
0.1
|
%
|
|
(2.9
|
)%
|
|
$
|
521
|
|
|
0.1
|
%
|
Other (expense) income, net
|
$
|
(1,087
|
)
|
|
(0.2
|
)%
|
|
102.4
|
%
|
|
$
|
(537
|
)
|
|
(0.1
|
)%
|
|
51.7
|
%
|
|
$
|
(354
|
)
|
|
(0.1
|
)%
|
|
Year Ended
|
|||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
Percent Change
|
|||||
(dollars in thousands)
|
||||||||||
Net cash provided by (used in):
|
|
|
|
|
|
|||||
Operating activities
|
$
|
29,546
|
|
|
$
|
30,361
|
|
|
(2.7
|
)%
|
Investing activities
|
(11,842
|
)
|
|
(19,563
|
)
|
|
(39.5
|
)
|
||
Financing activities
|
(11,932
|
)
|
|
(13,262
|
)
|
|
(10.0
|
)
|
||
Effect of exchange rate changes on cash
|
215
|
|
|
(620
|
)
|
|
(134.7
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
$
|
5,987
|
|
|
$
|
(3,084
|
)
|
|
294.1
|
%
|
Contractual Obligations
|
|
Total
|
|
Less than 1 year
|
|
1-3 Years
|
|
4-5 Years
|
|
After 5 Years
|
||||||||||
Cash commitments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unconditional purchase obligations
|
|
$
|
15,319
|
|
|
$
|
6,055
|
|
|
$
|
7,178
|
|
|
$
|
1,933
|
|
|
$
|
153
|
|
Operating leases
|
|
7,719
|
|
|
3,038
|
|
|
4,118
|
|
|
462
|
|
|
101
|
|
|||||
Acquisition-related contingency payments
|
|
2,688
|
|
|
2,088
|
|
|
600
|
|
|
—
|
|
|
—
|
|
|||||
Unrecognized tax benefits
(1)
|
|
578
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
26,304
|
|
|
$
|
11,181
|
|
|
$
|
11,896
|
|
|
$
|
2,395
|
|
|
$
|
254
|
|
Other off-balance sheet arrangements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Standby letters of credit and bank guarantees
|
|
$
|
13,293
|
|
|
$
|
12,501
|
|
|
$
|
792
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Surety bonds
|
|
$
|
9,900
|
|
|
$
|
9,900
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Cash and cash equivalents
|
$
|
35,383
|
|
|
$
|
29,727
|
|
|
$
|
32,623
|
|
Restricted cash
|
359
|
|
|
28
|
|
|
216
|
|
|||
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows
|
$
|
35,742
|
|
|
$
|
29,755
|
|
|
$
|
32,839
|
|
|
Years
|
Buildings and improvements
|
5 - 40
|
Machinery and equipment
|
5 - 7
|
Office furniture and equipment
|
3 - 5
|
Computer software and hardware
|
3 - 5
|
Equipment held for rental
|
2 - 7
|
Demonstration equipment
|
3 - 5
|
Transportation equipment
|
5 - 7
|
|
Net (loss) income
|
|
Shares
|
|
Per share (loss) income
|
|||||
For the year ended April 27, 2019:
|
|
|
|
|
|
|||||
Basic loss per share
|
$
|
(958
|
)
|
|
44,926
|
|
|
$
|
(0.02
|
)
|
Dilution associated with stock compensation plans
|
—
|
|
|
—
|
|
|
—
|
|
||
Diluted loss per share
|
$
|
(958
|
)
|
|
44,926
|
|
|
$
|
(0.02
|
)
|
For the year ended April 28, 2018:
|
|
|
|
|
|
|
|
|||
Basic earnings per share
|
$
|
5,562
|
|
|
44,457
|
|
|
$
|
0.13
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
416
|
|
|
(0.01
|
)
|
||
Diluted earnings per share
|
$
|
5,562
|
|
|
44,873
|
|
|
$
|
0.12
|
|
For the year ended April 29, 2017:
|
|
|
|
|
|
|
|
|||
Basic earnings per share
|
$
|
10,342
|
|
|
44,114
|
|
|
$
|
0.23
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
189
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
10,342
|
|
|
44,303
|
|
|
$
|
0.23
|
|
|
Fiscal Year 2019
|
||||||||||||||||||||||
|
Commercial
|
|
Live Events
|
|
High School Park and Recreation
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||||
Type of performance obligation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unique configuration
|
$
|
25,171
|
|
|
$
|
119,569
|
|
|
$
|
21,792
|
|
|
$
|
38,490
|
|
|
$
|
44,989
|
|
|
$
|
250,011
|
|
Limited configuration
|
108,921
|
|
|
30,107
|
|
|
66,825
|
|
|
23,799
|
|
|
42,134
|
|
|
271,786
|
|
||||||
Service and other
|
14,741
|
|
|
21,276
|
|
|
2,570
|
|
|
2,102
|
|
|
7,218
|
|
|
47,907
|
|
||||||
|
$
|
148,833
|
|
|
$
|
170,952
|
|
|
$
|
91,187
|
|
|
$
|
64,391
|
|
|
$
|
94,341
|
|
|
$
|
569,704
|
|
Timing of revenue recognition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goods/services transferred at a point in time
|
$
|
111,617
|
|
|
$
|
35,313
|
|
|
$
|
60,763
|
|
|
$
|
24,500
|
|
|
$
|
44,758
|
|
|
$
|
276,951
|
|
Goods/services transferred over time
|
37,216
|
|
|
135,639
|
|
|
30,424
|
|
|
39,891
|
|
|
49,583
|
|
|
292,753
|
|
||||||
|
$
|
148,833
|
|
|
$
|
170,952
|
|
|
$
|
91,187
|
|
|
$
|
64,391
|
|
|
$
|
94,341
|
|
|
$
|
569,704
|
|
|
April 27, 2019
|
|
April 28, 2018
|
|
Dollar Change
|
|
Percent Change
|
|||||||
Contract assets
|
$
|
33,704
|
|
|
$
|
30,968
|
|
|
$
|
2,736
|
|
|
8.8
|
%
|
Contract liabilities - current
|
47,178
|
|
|
39,379
|
|
|
7,799
|
|
|
19.8
|
|
|||
Contract liabilities - noncurrent
|
10,053
|
|
|
7,475
|
|
|
2,578
|
|
|
34.5
|
|
|
Year Ended
|
||||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Net sales:
|
|
|
|
|
|
||||||
Commercial
|
$
|
148,833
|
|
|
$
|
134,535
|
|
|
$
|
148,073
|
|
Live Events
|
170,952
|
|
|
236,333
|
|
|
213,982
|
|
|||
High School Park and Recreation
|
91,187
|
|
|
87,627
|
|
|
82,798
|
|
|||
Transportation
|
64,391
|
|
|
59,578
|
|
|
52,426
|
|
|||
International
|
94,341
|
|
|
92,457
|
|
|
89,260
|
|
|||
|
569,704
|
|
|
610,530
|
|
|
586,539
|
|
|||
|
|
|
|
|
|
||||||
Gross profit:
|
|
|
|
|
|
||||||
Commercial
|
31,785
|
|
|
26,665
|
|
|
36,514
|
|
|||
Live Events
|
32,164
|
|
|
49,755
|
|
|
40,810
|
|
|||
High School Park and Recreation
|
26,858
|
|
|
29,317
|
|
|
26,388
|
|
|||
Transportation
|
22,525
|
|
|
21,247
|
|
|
18,027
|
|
|||
International
|
16,962
|
|
|
18,685
|
|
|
18,676
|
|
|||
|
130,294
|
|
|
145,669
|
|
|
140,415
|
|
|||
|
|
|
|
|
|
||||||
Contribution margin: (1)
|
|
|
|
|
|
||||||
Commercial
|
13,218
|
|
|
7,986
|
|
|
18,046
|
|
|||
Live Events
|
18,484
|
|
|
35,439
|
|
|
27,750
|
|
|||
High School Park and Recreation
|
14,518
|
|
|
18,317
|
|
|
16,114
|
|
|||
Transportation
|
18,260
|
|
|
17,048
|
|
|
13,465
|
|
|||
International
|
1,166
|
|
|
4,119
|
|
|
3,353
|
|
|||
|
65,646
|
|
|
82,909
|
|
|
78,728
|
|
|||
|
|
|
|
|
|
||||||
Non-allocated operating expenses:
|
|
|
|
|
|
||||||
General and administrative
|
34,817
|
|
|
34,919
|
|
|
34,226
|
|
|||
Product design and development
|
35,557
|
|
|
35,530
|
|
|
29,081
|
|
|||
Operating (loss) income
|
(4,728
|
)
|
|
12,460
|
|
|
15,421
|
|
|||
|
|
|
|
|
|
||||||
Nonoperating income (expense):
|
|
|
|
|
|
||||||
Interest income
|
1,031
|
|
|
723
|
|
|
751
|
|
|||
Interest expense
|
(160
|
)
|
|
(217
|
)
|
|
(230
|
)
|
|||
Other (expense) income, net
|
(1,087
|
)
|
|
(537
|
)
|
|
(354
|
)
|
|||
|
|
|
|
|
|
||||||
(Loss) Income before income taxes
|
(4,944
|
)
|
|
12,429
|
|
|
15,588
|
|
|||
Income tax (benefit) expense
|
(3,986
|
)
|
|
6,867
|
|
|
5,246
|
|
|||
Net (loss) income
|
$
|
(958
|
)
|
|
$
|
5,562
|
|
|
$
|
10,342
|
|
|
|
|
|
|
|
||||||
Depreciation, amortization and impairment:
|
|
|
|
|
|
||||||
Commercial
|
$
|
4,795
|
|
|
$
|
6,199
|
|
|
$
|
6,337
|
|
Live Events
|
5,194
|
|
|
4,783
|
|
|
5,032
|
|
|||
High School Park and Recreation
|
1,965
|
|
|
1,646
|
|
|
1,725
|
|
|||
Transportation
|
1,102
|
|
|
1,138
|
|
|
1,267
|
|
|||
International
|
2,829
|
|
|
1,163
|
|
|
2,317
|
|
|||
Unallocated corporate depreciation
|
2,750
|
|
|
2,855
|
|
|
2,714
|
|
|||
|
$
|
18,635
|
|
|
$
|
17,784
|
|
|
$
|
19,392
|
|
|
Year Ended
|
||||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Net sales:
|
|
|
|
|
|
||||||
United States
|
$
|
460,099
|
|
|
$
|
501,646
|
|
|
$
|
485,044
|
|
Outside United States
|
109,605
|
|
|
108,884
|
|
|
101,495
|
|
|||
|
$
|
569,704
|
|
|
$
|
610,530
|
|
|
$
|
586,539
|
|
Property and equipment, net of accumulated depreciation:
|
|
|
|
|
|
||||||
United States
|
$
|
59,192
|
|
|
$
|
61,206
|
|
|
$
|
62,425
|
|
Outside United States
|
6,122
|
|
|
6,853
|
|
|
4,324
|
|
|||
|
$
|
65,314
|
|
|
$
|
68,059
|
|
|
$
|
66,749
|
|
|
Amortized Cost
|
|
Unrealized Losses
|
|
Fair Value
|
||||||
Balance as of April 27, 2019:
|
|
|
|
|
|
||||||
Certificates of deposit
|
$
|
3,464
|
|
|
$
|
—
|
|
|
$
|
3,464
|
|
U.S. Government securities
|
10,779
|
|
|
(5
|
)
|
|
10,774
|
|
|||
U.S. Government sponsored entities
|
10,510
|
|
|
(28
|
)
|
|
10,482
|
|
|||
Municipal bonds
|
1,626
|
|
|
(2
|
)
|
|
1,624
|
|
|||
|
$
|
26,379
|
|
|
$
|
(35
|
)
|
|
$
|
26,344
|
|
Balance as of April 28, 2018:
|
|
|
|
|
|
|
|
|
|||
Certificates of deposit
|
$
|
8,669
|
|
|
$
|
—
|
|
|
$
|
8,669
|
|
U.S. Government securities
|
999
|
|
|
(7
|
)
|
|
992
|
|
|||
U.S. Government sponsored entities
|
20,072
|
|
|
(123
|
)
|
|
19,949
|
|
|||
Municipal bonds
|
4,936
|
|
|
(24
|
)
|
|
4,912
|
|
|||
|
$
|
34,676
|
|
|
$
|
(154
|
)
|
|
$
|
34,522
|
|
|
Less than 12 months
|
|
1-5 Years
|
|
Total
|
||||||
Certificates of deposit
|
$
|
2,234
|
|
|
$
|
1,230
|
|
|
$
|
3,464
|
|
U.S. Government securities
|
10,774
|
|
|
—
|
|
|
10,774
|
|
|||
U.S. Government sponsored entities
|
7,245
|
|
|
3,237
|
|
|
10,482
|
|
|||
Municipal bonds
|
1,624
|
|
|
—
|
|
|
1,624
|
|
|||
|
$
|
21,877
|
|
|
$
|
4,467
|
|
|
$
|
26,344
|
|
|
Live Events
|
|
Commercial
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||
Balance as of April 28, 2018:
|
$
|
2,295
|
|
|
$
|
3,344
|
|
|
$
|
67
|
|
|
$
|
2,558
|
|
|
$
|
8,264
|
|
Foreign currency translation
|
(19
|
)
|
|
(126
|
)
|
|
(18
|
)
|
|
(212
|
)
|
|
(375
|
)
|
|||||
Balance as of April 27, 2019:
|
$
|
2,276
|
|
|
$
|
3,218
|
|
|
$
|
49
|
|
|
$
|
2,346
|
|
|
$
|
7,889
|
|
|
April 27, 2019
|
||||||||||||
|
Weighted Average Life (in years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||
Registered trademarks
|
19.5
|
|
$
|
679
|
|
|
$
|
148
|
|
|
$
|
531
|
|
Software
|
3.0
|
|
6,330
|
|
|
3,807
|
|
|
2,523
|
|
|||
Customer relationships
|
10.0
|
|
2,720
|
|
|
888
|
|
|
1,832
|
|
|||
Other
|
1.4
|
|
123
|
|
|
103
|
|
|
20
|
|
|||
Total amortized intangible assets
|
6.0
|
|
$
|
9,852
|
|
|
$
|
4,946
|
|
|
$
|
4,906
|
|
|
|
|
|
|
|
|
|
||||||
|
April 28, 2018
|
||||||||||||
|
Weighted Average Life (in years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||
Registered trademarks
|
20.0
|
|
$
|
709
|
|
|
$
|
118
|
|
|
$
|
591
|
|
Software
|
3.0
|
|
2,978
|
|
|
2,109
|
|
|
869
|
|
|||
Customer relationships
|
10.0
|
|
2,859
|
|
|
637
|
|
|
2,222
|
|
|||
Other
|
1.0
|
|
100
|
|
|
100
|
|
|
—
|
|
|||
Total amortized intangible assets
|
7.8
|
|
$
|
6,646
|
|
|
$
|
2,964
|
|
|
$
|
3,682
|
|
Fiscal years ending
|
|
Amount
|
||
2020
|
|
$
|
1,495
|
|
2021
|
|
1,492
|
|
|
2022
|
|
485
|
|
|
2023
|
|
288
|
|
|
2024
|
|
287
|
|
|
Thereafter
|
|
859
|
|
|
Total expected amortization expense
|
|
$
|
4,906
|
|
|
April 27,
2019 |
|
April 28,
2018 |
||||
Raw materials
|
$
|
30,789
|
|
|
$
|
30,570
|
|
Work-in-process
|
8,239
|
|
|
8,645
|
|
||
Finished goods
|
39,804
|
|
|
36,120
|
|
||
|
$
|
78,832
|
|
|
$
|
75,335
|
|
|
April 27,
2019 |
|
April 28,
2018 |
||||
Land
|
$
|
1,738
|
|
|
$
|
2,161
|
|
Buildings
|
66,403
|
|
|
67,773
|
|
||
Machinery and equipment
|
96,486
|
|
|
93,439
|
|
||
Office furniture and equipment
|
6,195
|
|
|
5,878
|
|
||
Computer software and hardware
|
55,460
|
|
|
53,004
|
|
||
Equipment held for rental
|
287
|
|
|
287
|
|
||
Demonstration equipment
|
7,422
|
|
|
7,035
|
|
||
Transportation equipment
|
7,715
|
|
|
7,632
|
|
||
|
241,706
|
|
|
237,209
|
|
||
Less accumulated depreciation
|
176,392
|
|
|
169,150
|
|
||
|
$
|
65,314
|
|
|
$
|
68,059
|
|
|
April 27,
2019 |
|
April 28,
2018 |
||||
Compensation
|
$
|
12,766
|
|
|
$
|
12,841
|
|
Taxes, other than income taxes
|
2,685
|
|
|
2,907
|
|
||
Accrued employee benefits
|
3,046
|
|
|
2,829
|
|
||
Short-term accrued expenses
|
8,520
|
|
|
6,437
|
|
||
Claims liabilities
|
2,685
|
|
|
2,711
|
|
||
Acquisition-related contingency consideration
|
2,359
|
|
|
808
|
|
||
|
$
|
32,061
|
|
|
$
|
28,533
|
|
|
Year Ended
|
||||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Foreign currency transaction (losses) gains
|
$
|
(262
|
)
|
|
$
|
29
|
|
|
$
|
(331
|
)
|
Equity in losses of affiliates
|
(844
|
)
|
|
(481
|
)
|
|
(136
|
)
|
|||
Other
|
19
|
|
|
(85
|
)
|
|
113
|
|
|||
|
$
|
(1,087
|
)
|
|
$
|
(537
|
)
|
|
$
|
(354
|
)
|
•
|
A minimum fixed charge coverage ratio of at least 2 to 1 at the end of any fiscal year. The ratio is equal to (a) EBITDA minus the sum of dividends or other distributions (unless the bank approves), share repurchases, a maintenance capital expenditure reserve in the amount of
$6,000
, and income tax to (b) all principal and interest payments with respect to indebtedness, excluding principal payments on the line of credit; and
|
•
|
A ratio of funded debt, excluding any marketing obligations, to EBITDA of less than 1 to 1 at the end of any fiscal quarter.
|
|
Year Ended
|
|||||||||||||||||||
|
April 27, 2019
|
|
April 28, 2018
|
|
April 29, 2017
|
|||||||||||||||
|
Number of
Nonvested
Shares
|
|
Weighted Average Grant Date Fair Value Per Share
|
|
Number of
Nonvested
Shares
|
|
Weighted Average Grant Date Fair Value Per Share
|
|
Number of
Nonvested
Shares
|
|
Weighted Average Grant Date Fair Value Per Share
|
|||||||||
Outstanding at beginning of year
|
437
|
|
|
$
|
8.48
|
|
|
402
|
|
|
$
|
8.69
|
|
|
384
|
|
|
$
|
9.10
|
|
Granted
|
181
|
|
|
6.79
|
|
|
178
|
|
|
8.46
|
|
|
157
|
|
|
8.00
|
|
|||
Vested
|
(169
|
)
|
|
9.05
|
|
|
(141
|
)
|
|
9.06
|
|
|
(134
|
)
|
|
9.03
|
|
|||
Forfeited
|
(5
|
)
|
|
7.74
|
|
|
(2
|
)
|
|
8.93
|
|
|
(5
|
)
|
|
8.98
|
|
|||
Outstanding at end of year
|
444
|
|
|
$
|
7.58
|
|
|
437
|
|
|
$
|
8.48
|
|
|
402
|
|
|
$
|
8.69
|
|
|
Stock Options
|
|
Weighted Average Exercise Price Per Share
|
|
Weighted Average Remaining Contractual Life (Years)
|
|
Aggregate Intrinsic Value
|
||||||
Outstanding at April 28, 2018
|
2,305
|
|
|
$
|
10.02
|
|
|
4.51
|
|
|
$
|
356
|
|
Granted
|
175
|
|
|
7.83
|
|
|
—
|
|
|
—
|
|
||
Canceled or forfeited
|
(119
|
)
|
|
8.88
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
(159
|
)
|
|
8.31
|
|
|
—
|
|
|
98
|
|
||
Outstanding at April 27, 2019
|
2,202
|
|
|
$
|
10.03
|
|
|
4.41
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||
Shares vested and expected to vest
|
2,179
|
|
|
$
|
10.05
|
|
|
4.37
|
|
|
$
|
—
|
|
Exercisable at April 27, 2019
|
1,684
|
|
|
$
|
10.32
|
|
|
3.30
|
|
|
$
|
—
|
|
|
Year Ended
|
||||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Fair value of options granted
|
$
|
2.16
|
|
|
$
|
2.82
|
|
|
$
|
2.93
|
|
Risk-free interest rate
|
2.83
|
%
|
|
1.95
|
%
|
|
1.31 - 1.44%
|
|
|||
Expected dividend rate
|
3.37
|
%
|
|
3.27
|
%
|
|
3.15
|
%
|
|||
Expected volatility
|
38.58
|
%
|
|
42.51
|
%
|
|
44.12 - 44.51%
|
|
|||
Expected life of option
|
6.83 years
|
|
|
6.83 years
|
|
|
5.78 - 6.98 years
|
|
|
Year Ended
|
||||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Stock options
|
$
|
593
|
|
|
$
|
763
|
|
|
$
|
1,072
|
|
Restricted stock and stock units
|
1,446
|
|
|
1,442
|
|
|
1,287
|
|
|||
Employee stock purchase plans
|
440
|
|
|
430
|
|
|
555
|
|
|||
|
$
|
2,479
|
|
|
$
|
2,635
|
|
|
$
|
2,914
|
|
|
Year Ended
|
||||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Cost of sales
|
$
|
578
|
|
|
$
|
619
|
|
|
$
|
714
|
|
Selling
|
625
|
|
|
644
|
|
|
723
|
|
|||
General and administrative
|
772
|
|
|
851
|
|
|
877
|
|
|||
Product design and development
|
504
|
|
|
521
|
|
|
600
|
|
|||
|
$
|
2,479
|
|
|
$
|
2,635
|
|
|
$
|
2,914
|
|
|
Year Ended
|
||||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Domestic
|
$
|
(8,402
|
)
|
|
$
|
9,235
|
|
|
$
|
16,010
|
|
Foreign
|
3,458
|
|
|
3,194
|
|
|
(422
|
)
|
|||
Income before income taxes
|
$
|
(4,944
|
)
|
|
$
|
12,429
|
|
|
$
|
15,588
|
|
|
Year Ended
|
||||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
(2,142
|
)
|
|
$
|
1,646
|
|
|
$
|
5,268
|
|
State
|
384
|
|
|
868
|
|
|
1,158
|
|
|||
Foreign
|
1,151
|
|
|
1,205
|
|
|
863
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(2,725
|
)
|
|
3,693
|
|
|
(1,625
|
)
|
|||
State
|
(390
|
)
|
|
27
|
|
|
(397
|
)
|
|||
Foreign
|
(264
|
)
|
|
(572
|
)
|
|
(21
|
)
|
|||
|
$
|
(3,986
|
)
|
|
$
|
6,867
|
|
|
$
|
5,246
|
|
|
Year Ended
|
||||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Computed income tax (benefit) expense at federal statutory rates
|
$
|
(1,038
|
)
|
|
$
|
3,779
|
|
|
$
|
5,456
|
|
Change in uncertain tax positions
|
(2,600
|
)
|
|
65
|
|
|
97
|
|
|||
Research and development tax credit
|
(1,278
|
)
|
|
(1,598
|
)
|
|
(1,573
|
)
|
|||
Other, net
|
587
|
|
|
559
|
|
|
378
|
|
|||
Change in valuation allowances
|
(471
|
)
|
|
(486
|
)
|
|
388
|
|
|||
GILTI
|
391
|
|
|
—
|
|
|
—
|
|
|||
Stock compensation
|
308
|
|
|
336
|
|
|
497
|
|
|||
Meals and entertainment
|
248
|
|
|
333
|
|
|
299
|
|
|||
Dividends paid to retirement plan
|
(158
|
)
|
|
(238
|
)
|
|
(293
|
)
|
|||
State taxes, net of federal benefit
|
25
|
|
|
592
|
|
|
539
|
|
|||
Impact of Tax Act
|
—
|
|
|
3,819
|
|
|
—
|
|
|||
Domestic production activities deduction
|
—
|
|
|
(294
|
)
|
|
(542
|
)
|
|||
|
$
|
(3,986
|
)
|
|
$
|
6,867
|
|
|
$
|
5,246
|
|
|
April 27,
2019 |
|
April 28,
2018 |
||||
Deferred tax assets:
|
|
|
|
||||
Accrued warranty obligations
|
$
|
5,912
|
|
|
$
|
7,282
|
|
Vacation accrual
|
1,571
|
|
|
1,567
|
|
||
Deferred maintenance revenue
|
716
|
|
|
392
|
|
||
Allowance for excess and obsolete inventory
|
1,600
|
|
|
1,376
|
|
||
Equity compensation
|
486
|
|
|
553
|
|
||
Allowance for doubtful accounts
|
402
|
|
|
531
|
|
||
Inventory capitalization
|
567
|
|
|
481
|
|
||
Accrued compensation and benefits
|
549
|
|
|
651
|
|
||
Unrealized loss on foreign currency exchange
|
—
|
|
|
37
|
|
||
Net operating loss carry forwards
|
1,059
|
|
|
1,286
|
|
||
Research and development tax credit carry forwards
|
1,299
|
|
|
334
|
|
||
Other
|
1,647
|
|
|
1,042
|
|
||
|
15,808
|
|
|
15,532
|
|
||
Valuation allowance
|
(893
|
)
|
|
(1,506
|
)
|
||
|
14,915
|
|
|
14,026
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
||
Property and equipment
|
(3,100
|
)
|
|
(4,881
|
)
|
||
Prepaid expenses
|
(476
|
)
|
|
(486
|
)
|
||
Intangible assets
|
(623
|
)
|
|
(1,302
|
)
|
||
Unrealized gain on foreign currency exchange
|
(6
|
)
|
|
—
|
|
||
Other
|
(75
|
)
|
|
(41
|
)
|
||
|
(4,280
|
)
|
|
(6,710
|
)
|
||
|
$
|
10,635
|
|
|
$
|
7,316
|
|
|
April 27,
2019 |
|
April 28,
2018 |
||||
Non-current assets
|
$
|
11,168
|
|
|
$
|
7,930
|
|
Non-current liabilities
|
(533
|
)
|
|
(614
|
)
|
||
|
$
|
10,635
|
|
|
$
|
7,316
|
|
|
April 27, 2019
|
|
April 28, 2018
|
||||
Balance at beginning of year
|
$
|
3,178
|
|
|
$
|
3,113
|
|
Gross increases related to prior period tax positions
|
13
|
|
|
82
|
|
||
Gross decreases related to prior period tax positions
|
(18
|
)
|
|
(30
|
)
|
||
Gross increases related to current period tax positions
|
146
|
|
|
152
|
|
||
Lapse of statute of limitations
|
(2,741
|
)
|
|
(139
|
)
|
||
Balance at end of year
|
$
|
578
|
|
|
$
|
3,178
|
|
|
Year Ended
|
||||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
(Increase) decrease:
|
|
|
|
|
|
||||||
Account receivable
|
$
|
10,856
|
|
|
$
|
2,266
|
|
|
$
|
(2,718
|
)
|
Long-term receivables
|
329
|
|
|
1,548
|
|
|
2,213
|
|
|||
Inventories
|
(4,076
|
)
|
|
(8,517
|
)
|
|
3,581
|
|
|||
Contract assets
|
(3,040
|
)
|
|
5,911
|
|
|
(6,203
|
)
|
|||
Prepaid expenses and other current assets
|
472
|
|
|
(1,252
|
)
|
|
(980
|
)
|
|||
Income taxes receivables
|
4,250
|
|
|
(4,747
|
)
|
|
4,201
|
|
|||
Investment in affiliates and other assets
|
48
|
|
|
413
|
|
|
(611
|
)
|
|||
Increase (decrease):
|
|
|
|
|
|
|
|
|
|||
Accounts payable
|
(2,747
|
)
|
|
(2,573
|
)
|
|
5,544
|
|
|||
Contract liabilities
|
10,774
|
|
|
3,480
|
|
|
278
|
|
|||
Accrued expenses
|
4,631
|
|
|
3,472
|
|
|
3,208
|
|
|||
Warranty obligations
|
(4,393
|
)
|
|
346
|
|
|
(2,986
|
)
|
|||
Long-term warranty obligations
|
(1,079
|
)
|
|
1,729
|
|
|
389
|
|
|||
Income taxes payable
|
(3,023
|
)
|
|
(592
|
)
|
|
1,331
|
|
|||
Long-term marketing obligations and other payables
|
(1,116
|
)
|
|
379
|
|
|
(43
|
)
|
|||
|
$
|
11,886
|
|
|
$
|
1,863
|
|
|
$
|
7,204
|
|
|
Year Ended
|
||||||||||
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Cash payments for:
|
|
|
|
|
|
||||||
Interest
|
$
|
177
|
|
|
$
|
193
|
|
|
$
|
228
|
|
Income taxes, net of refunds
|
(1,934
|
)
|
|
8,937
|
|
|
3,196
|
|
|
|
Year Ended
|
||||||||||
|
|
April 27,
2019 |
|
April 28,
2018 |
|
April 29,
2017 |
||||||
Demonstration equipment transferred to inventory
|
|
$
|
97
|
|
|
$
|
72
|
|
|
$
|
218
|
|
Purchases of property and equipment included in accounts payable
|
|
1,106
|
|
|
1,983
|
|
|
2,524
|
|
|||
Contributions of common stock under the ESPP
|
|
1,650
|
|
|
1,682
|
|
|
840
|
|
|||
Contingent consideration related to acquisition
|
|
—
|
|
|
—
|
|
|
31
|
|
|
Fair Value Measurements
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Balance as of April 27, 2019:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
35,383
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,383
|
|
Restricted cash
|
359
|
|
|
—
|
|
|
—
|
|
|
359
|
|
||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposit
|
—
|
|
|
3,464
|
|
|
—
|
|
|
3,464
|
|
||||
U.S. Government securities
|
10,774
|
|
|
—
|
|
|
—
|
|
|
10,774
|
|
||||
U.S. Government sponsored entities
|
—
|
|
|
10,482
|
|
|
—
|
|
|
10,482
|
|
||||
Municipal bonds
|
—
|
|
|
1,624
|
|
|
—
|
|
|
1,624
|
|
||||
Derivatives - asset position
|
—
|
|
|
91
|
|
|
—
|
|
|
91
|
|
||||
Derivatives - liability position
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Acquisition-related contingency consideration
|
—
|
|
|
—
|
|
|
(3,065
|
)
|
|
(3,065
|
)
|
||||
|
$
|
46,516
|
|
|
$
|
15,657
|
|
|
$
|
(3,065
|
)
|
|
$
|
59,108
|
|
Balance as of April 28, 2018:
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
29,727
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,727
|
|
Restricted cash
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposit
|
—
|
|
|
8,669
|
|
|
—
|
|
|
8,669
|
|
||||
U.S. Government securities
|
992
|
|
|
—
|
|
|
—
|
|
|
992
|
|
||||
U.S. Government sponsored entities
|
—
|
|
|
19,949
|
|
|
—
|
|
|
19,949
|
|
||||
Municipal bonds
|
—
|
|
|
4,912
|
|
|
—
|
|
|
4,912
|
|
||||
Derivatives - asset position
|
—
|
|
|
41
|
|
|
—
|
|
|
41
|
|
||||
Derivatives - liability position
|
—
|
|
|
(236
|
)
|
|
—
|
|
|
(236
|
)
|
||||
Acquisition-related contingency consideration
|
—
|
|
|
—
|
|
|
(1,000
|
)
|
|
(1,000
|
)
|
||||
|
$
|
30,747
|
|
|
$
|
33,335
|
|
|
$
|
(1,000
|
)
|
|
$
|
63,082
|
|
Acquisition-related contingency consideration as of April 28, 2018
|
|
$
|
1,000
|
|
Additions
|
|
1,739
|
|
|
Fair value adjustments (1)
|
|
286
|
|
|
Interest
|
|
88
|
|
|
Foreign currency translation
|
|
(48
|
)
|
|
Acquisition-related contingency consideration as of April 27, 2019
|
|
$
|
3,065
|
|
|
April 27, 2019
|
|
April 28, 2018
|
||||||||
|
U.S.
Dollars
|
|
Foreign
Currency
|
|
U.S.
Dollars
|
|
Foreign
Currency
|
||||
Foreign Currency Exchange Forward Contracts:
|
|
|
|
|
|
|
|
||||
U.S. Dollars/Australian Dollars
|
2,688
|
|
|
3,772
|
|
|
1,081
|
|
|
1,400
|
|
U.S. Dollars/Canadian Dollars
|
625
|
|
|
821
|
|
|
2,165
|
|
|
2,819
|
|
U.S. Dollars/British Pounds
|
3,547
|
|
|
2,680
|
|
|
5,856
|
|
|
4,368
|
|
U.S. Dollars/Singapore Dollars
|
—
|
|
|
—
|
|
|
236
|
|
|
312
|
|
U.S. Dollars/Euros
|
—
|
|
|
—
|
|
|
(854
|
)
|
|
(708
|
)
|
U.S. Dollars/Swiss Franc
|
927
|
|
|
925
|
|
|
41
|
|
|
40
|
|
U.S. Dollars/Malaysian Ringgit
|
60
|
|
|
246
|
|
|
—
|
|
|
—
|
|
|
April 27, 2019
|
|
April 28, 2018
|
|
April 29, 2017
|
||||||
Beginning accrued warranty obligations
|
$
|
29,953
|
|
|
$
|
27,899
|
|
|
$
|
30,496
|
|
Warranties issued during the period
|
9,239
|
|
|
11,961
|
|
|
10,930
|
|
|||
Settlements made during the period
|
(16,715
|
)
|
|
(17,653
|
)
|
|
(16,790
|
)
|
|||
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations
|
1,993
|
|
|
7,746
|
|
|
3,263
|
|
|||
Ending accrued warranty obligations
|
$
|
24,470
|
|
|
$
|
29,953
|
|
|
$
|
27,899
|
|
Fiscal years ending
|
|
Amount
|
||
2020
|
|
$
|
3,038
|
|
2021
|
|
2,510
|
|
|
2022
|
|
1,608
|
|
|
2023
|
|
269
|
|
|
2024
|
|
193
|
|
|
Thereafter
|
|
101
|
|
|
|
|
$
|
7,719
|
|
Fiscal years ending
|
|
Amount
|
||
2020
|
|
$
|
6,055
|
|
2021
|
|
4,485
|
|
|
2022
|
|
2,693
|
|
|
2023
|
|
1,820
|
|
|
2024
|
|
113
|
|
|
Thereafter
|
|
153
|
|
|
|
|
$
|
15,319
|
|
|
Fiscal Year 2019
(1)(2)
|
||||||||||||||
|
July 28,
2018 |
|
October 27,
2018 |
|
January 26,
2019 |
|
April 27,
2019 |
||||||||
Net sales
|
$
|
154,188
|
|
|
$
|
172,692
|
|
|
$
|
115,069
|
|
|
$
|
127,755
|
|
Gross profit
|
38,247
|
|
|
42,757
|
|
|
24,869
|
|
|
24,421
|
|
||||
Net income (loss)
|
4,574
|
|
|
8,606
|
|
|
(3,319
|
)
|
|
(10,819
|
)
|
||||
Basic earnings (loss) per share
|
0.10
|
|
|
0.19
|
|
|
(0.07
|
)
|
|
(0.24
|
)
|
||||
Diluted earnings (loss) per share
|
0.10
|
|
|
0.19
|
|
|
(0.07
|
)
|
|
(0.24
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
|
Fiscal Year 2018
(3)(4)(5)
|
||||||||||||||
|
July 29,
2017 |
|
October 28,
2017 |
|
January 27,
2018 |
|
April 28,
2018 |
||||||||
Net sales
|
$
|
172,728
|
|
|
$
|
169,309
|
|
|
$
|
130,316
|
|
|
$
|
138,177
|
|
Gross profit
|
44,646
|
|
|
42,604
|
|
|
28,567
|
|
|
29,852
|
|
||||
Net income (loss)
|
8,429
|
|
|
7,132
|
|
|
(6,189
|
)
|
|
(3,810
|
)
|
||||
Basic earnings (loss) per share
|
0.19
|
|
|
0.16
|
|
|
(0.14
|
)
|
|
(0.09
|
)
|
||||
Diluted earnings (loss) per share
|
0.19
|
|
|
0.16
|
|
|
(0.14
|
)
|
|
(0.09
|
)
|
By /s/ Reece A. Kurtenbach
|
By /s/ Sheila M. Anderson
|
Reece A. Kurtenbach
|
Sheila M. Anderson
|
Chief Executive Officer
|
Chief Financial Officer
|
June 7, 2019
|
June 7, 2019
|
(a)(1)
|
Financial Statements
|
(2)
|
Schedules
|
(3)
|
Exhibits
|
|
DAKTRONICS, INC.
|
|
|
By: /s/ Reece A. Kurtenbach
|
|
|
|
Chief Executive Officer and President
|
|
|
(Principal Executive Officer)
|
|
|
|
|
By: /s/ Sheila M. Anderson
|
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
Signature
|
Title
|
Date
|
|
|
|
|
|
By /s/ Byron J. Anderson
|
Director
|
June 7, 2019
|
|
|
Byron J. Anderson
|
|
|
|
|
|
|
By /s/ Robert G. Dutcher
|
Director
|
June 7, 2019
|
|
|
Robert G. Dutcher
|
|
|
|
|
|
|
By /s/ Nancy D. Frame
|
Director
|
June 7, 2019
|
|
|
Nancy D. Frame
|
|
|
|
|
|
|
By /s/ Reece A. Kurtenbach
|
Director
|
June 7, 2019
|
|
|
Reece A. Kurtenbach
|
|
|
|
|
|
|
By /s/ James B. Morgan
|
Director
|
June 7, 2019
|
|
|
James B. Morgan
|
|
|
|
|
|
|
By /s/ John P. Friel
|
Director
|
June 7, 2019
|
|
|
John P. Friel
|
|
|
|
|
|
|
By /s/ Kevin P. McDermott
|
Director
|
June 7, 2019
|
|
|
Kevin P. McDermott
|
|
|
DAKTRONICS, INC. AND SUBSIDIARIES
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
(in thousands)
|
|||||||||||||||||||
|
|
|
Additions
|
|
|
|
|
||||||||||||
Description
|
Balance at
Beginning of Year |
|
Charged to
Costs and
Expenses
|
|
Charged to
Other Accounts |
|
Deductions
|
|
Balance
at End of Year |
||||||||||
For the year ended April 27, 2019:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
$
|
2,151
|
|
|
$
|
1,620
|
|
|
$
|
—
|
|
|
$
|
(1,563
|
)
|
(a)
|
$
|
2,208
|
|
For the year ended April 28, 2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
2,610
|
|
|
1,451
|
|
|
—
|
|
|
(1,910
|
)
|
(a)
|
2,151
|
|
|||||
For the year ended April 29, 2017:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
2,797
|
|
|
2,496
|
|
|
—
|
|
|
(2,683
|
)
|
(a)
|
2,610
|
|
1 Year Daktronics Chart |
1 Month Daktronics Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions