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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.23 | 2.27% | 10.35 | 9.36 | 10.99 | 10.51 | 10.18 | 10.19 | 460,831 | 01:00:00 |
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)
|
Large accelerated filer
o
|
Accelerated filer
x
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
Emerging growth company
o
|
|
October 27,
2018 |
|
October 28,
2017 |
||||
Cash and cash equivalents
|
$
|
35,557
|
|
|
$
|
39,699
|
|
Restricted cash
|
26
|
|
|
27
|
|
||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows
|
$
|
35,583
|
|
|
$
|
39,726
|
|
|
Net income
|
|
Shares
|
|
Per share income
|
|||||
For the three months ended October 27, 2018
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
8,606
|
|
|
44,780
|
|
|
$
|
0.19
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
170
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
8,606
|
|
|
44,950
|
|
|
$
|
0.19
|
|
For the three months ended October 28, 2017
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
7,132
|
|
|
44,412
|
|
|
$
|
0.16
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
267
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
7,132
|
|
|
44,679
|
|
|
$
|
0.16
|
|
For the six months ended October 27, 2018
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
13,180
|
|
|
44,717
|
|
|
$
|
0.29
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
277
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
13,180
|
|
|
44,994
|
|
|
$
|
0.29
|
|
For the six months ended October 28, 2017
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
15,561
|
|
|
44,345
|
|
|
$
|
0.35
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
351
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
15,561
|
|
|
44,696
|
|
|
$
|
0.35
|
|
|
Three Months Ended October 27, 2018
|
||||||||||||||||||||||
|
Commercial
|
|
Live Events
|
|
High School Park and Recreation
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||||
Type of performance obligation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unique configuration
|
$
|
11,426
|
|
|
$
|
38,283
|
|
|
$
|
6,671
|
|
|
$
|
10,427
|
|
|
$
|
10,776
|
|
|
$
|
77,583
|
|
Limited configuration
|
31,385
|
|
|
11,467
|
|
|
24,381
|
|
|
7,195
|
|
|
9,851
|
|
|
84,279
|
|
||||||
Service and other
|
3,258
|
|
|
5,349
|
|
|
528
|
|
|
455
|
|
|
1,240
|
|
|
10,830
|
|
||||||
|
$
|
46,069
|
|
|
$
|
55,099
|
|
|
$
|
31,580
|
|
|
$
|
18,077
|
|
|
$
|
21,867
|
|
|
$
|
172,692
|
|
Timing of revenue recognition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goods/services transferred at a point in time
|
$
|
31,896
|
|
|
$
|
12,558
|
|
|
$
|
22,060
|
|
|
$
|
7,267
|
|
|
$
|
10,126
|
|
|
$
|
83,907
|
|
Goods/services transferred over time
|
14,173
|
|
|
42,541
|
|
|
9,520
|
|
|
10,810
|
|
|
11,741
|
|
|
88,785
|
|
||||||
|
$
|
46,069
|
|
|
$
|
55,099
|
|
|
$
|
31,580
|
|
|
$
|
18,077
|
|
|
$
|
21,867
|
|
|
$
|
172,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Six Months Ended October 27, 2018
|
||||||||||||||||||||||
|
Commercial
|
|
Live Events
|
|
High School Park and Recreation
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||||
Type of performance obligation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unique configuration
|
$
|
14,475
|
|
|
$
|
77,204
|
|
|
$
|
15,614
|
|
|
$
|
20,045
|
|
|
$
|
26,992
|
|
|
$
|
154,330
|
|
Limited configuration
|
55,252
|
|
|
17,285
|
|
|
42,928
|
|
|
14,278
|
|
|
20,629
|
|
|
150,372
|
|
||||||
Service and other
|
6,911
|
|
|
10,082
|
|
|
1,158
|
|
|
911
|
|
|
3,116
|
|
|
22,178
|
|
||||||
|
$
|
76,638
|
|
|
$
|
104,571
|
|
|
$
|
59,700
|
|
|
$
|
35,234
|
|
|
$
|
50,737
|
|
|
$
|
326,880
|
|
Timing of revenue recognition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goods/services transferred at a point in time
|
$
|
56,479
|
|
|
$
|
19,360
|
|
|
$
|
39,058
|
|
|
$
|
14,499
|
|
|
$
|
21,662
|
|
|
$
|
151,058
|
|
Goods/services transferred over time
|
20,159
|
|
|
85,211
|
|
|
20,642
|
|
|
20,735
|
|
|
29,075
|
|
|
175,822
|
|
||||||
|
$
|
76,638
|
|
|
$
|
104,571
|
|
|
$
|
59,700
|
|
|
$
|
35,234
|
|
|
$
|
50,737
|
|
|
$
|
326,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 27, 2018
|
|
April 28, 2018
|
|
Dollar Change
|
|
Percent Change
|
|||||||
Contract assets
|
$
|
30,633
|
|
|
$
|
30,968
|
|
|
$
|
(335
|
)
|
|
(1.1
|
)%
|
Contract liabilities - current
|
47,198
|
|
|
39,379
|
|
|
7,819
|
|
|
19.9
|
|
|||
Contract liabilities - noncurrent
|
8,520
|
|
|
7,475
|
|
|
1,045
|
|
|
14.0
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
October 27,
2018 |
|
October 28,
2017 |
|
October 27,
2018 |
|
October 28,
2017 |
||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
$
|
46,069
|
|
|
$
|
34,377
|
|
|
$
|
76,638
|
|
|
$
|
67,240
|
|
Live Events
|
55,099
|
|
|
68,653
|
|
|
104,571
|
|
|
146,265
|
|
||||
High School Park and Recreation
|
31,580
|
|
|
29,660
|
|
|
59,700
|
|
|
58,139
|
|
||||
Transportation
|
18,077
|
|
|
16,476
|
|
|
35,234
|
|
|
35,388
|
|
||||
International
|
21,867
|
|
|
20,143
|
|
|
50,737
|
|
|
35,005
|
|
||||
|
172,692
|
|
|
169,309
|
|
|
326,880
|
|
|
342,037
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gross profit:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
11,757
|
|
|
5,271
|
|
|
18,651
|
|
|
13,539
|
|
||||
Live Events
|
12,312
|
|
|
16,255
|
|
|
22,545
|
|
|
33,309
|
|
||||
High School Park and Recreation
|
9,759
|
|
|
10,553
|
|
|
19,261
|
|
|
20,904
|
|
||||
Transportation
|
6,140
|
|
|
6,181
|
|
|
11,591
|
|
|
13,126
|
|
||||
International
|
2,789
|
|
|
4,344
|
|
|
8,956
|
|
|
6,372
|
|
||||
|
42,757
|
|
|
42,604
|
|
|
81,004
|
|
|
87,250
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Contribution margin: (1)
|
|
|
|
|
|
|
|
||||||||
Commercial
|
7,050
|
|
|
602
|
|
|
9,524
|
|
|
4,176
|
|
||||
Live Events
|
8,918
|
|
|
12,854
|
|
|
15,903
|
|
|
26,590
|
|
||||
High School Park and Recreation
|
6,706
|
|
|
7,810
|
|
|
13,258
|
|
|
15,557
|
|
||||
Transportation
|
4,991
|
|
|
5,079
|
|
|
9,286
|
|
|
10,987
|
|
||||
International
|
(1,033
|
)
|
|
909
|
|
|
530
|
|
|
(349
|
)
|
||||
|
26,632
|
|
|
27,254
|
|
|
48,501
|
|
|
56,961
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Non-allocated operating expenses:
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
8,574
|
|
|
8,868
|
|
|
17,111
|
|
|
17,803
|
|
||||
Product design and development
|
9,039
|
|
|
8,948
|
|
|
18,331
|
|
|
17,995
|
|
||||
Operating income
|
9,019
|
|
|
9,438
|
|
|
13,059
|
|
|
21,163
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Nonoperating income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
188
|
|
|
151
|
|
|
385
|
|
|
362
|
|
||||
Interest expense
|
(2
|
)
|
|
(47
|
)
|
|
(41
|
)
|
|
(133
|
)
|
||||
Other (expense) income, net
|
(66
|
)
|
|
(87
|
)
|
|
(220
|
)
|
|
58
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
9,139
|
|
|
9,455
|
|
|
13,183
|
|
|
21,450
|
|
||||
Income tax expense
|
533
|
|
|
2,323
|
|
|
3
|
|
|
5,889
|
|
||||
Net income
|
$
|
8,606
|
|
|
$
|
7,132
|
|
|
$
|
13,180
|
|
|
$
|
15,561
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
$
|
1,236
|
|
|
$
|
1,544
|
|
|
$
|
2,414
|
|
|
$
|
3,078
|
|
Live Events
|
1,334
|
|
|
1,196
|
|
|
2,506
|
|
|
2,434
|
|
||||
High School Park and Recreation
|
517
|
|
|
422
|
|
|
960
|
|
|
844
|
|
||||
Transportation
|
277
|
|
|
285
|
|
|
551
|
|
|
579
|
|
||||
International
|
723
|
|
|
270
|
|
|
1,423
|
|
|
551
|
|
||||
Unallocated corporate depreciation
|
725
|
|
|
725
|
|
|
1,446
|
|
|
1,416
|
|
||||
|
$
|
4,812
|
|
|
$
|
4,442
|
|
|
$
|
9,300
|
|
|
$
|
8,902
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
October 27,
2018 |
|
October 28,
2017 |
|
October 27,
2018 |
|
October 28,
2017 |
||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
146,377
|
|
|
$
|
145,034
|
|
|
$
|
268,074
|
|
|
$
|
300,472
|
|
Outside United States
|
26,315
|
|
|
24,275
|
|
|
58,806
|
|
|
41,565
|
|
||||
|
$
|
172,692
|
|
|
$
|
169,309
|
|
|
$
|
326,880
|
|
|
$
|
342,037
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
October 27,
2018 |
|
April 28,
2018 |
|
|
|
|
||||||||
Property and equipment, net of accumulated depreciation:
|
|
|
|
|
|
|
|
|
|||||||
United States
|
$
|
61,665
|
|
|
$
|
61,206
|
|
|
|
|
|
|
|||
Outside United States
|
7,805
|
|
|
6,853
|
|
|
|
|
|
||||||
|
$
|
69,470
|
|
|
$
|
68,059
|
|
|
|
|
|
|
|
Amortized Cost
|
|
Unrealized Losses
|
|
Fair Value
|
||||||
Balance as of October 27, 2018
|
|
|
|
|
|
||||||
Certificates of deposit
|
$
|
5,196
|
|
|
$
|
—
|
|
|
$
|
5,196
|
|
U.S. Government securities
|
7,240
|
|
|
(9
|
)
|
|
7,231
|
|
|||
U.S. Government sponsored entities
|
16,090
|
|
|
(104
|
)
|
|
15,986
|
|
|||
Municipal bonds
|
3,322
|
|
|
(14
|
)
|
|
3,308
|
|
|||
|
$
|
31,848
|
|
|
$
|
(127
|
)
|
|
$
|
31,721
|
|
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
|
$
|
2,479
|
|
|
$
|
2,717
|
|
|
$
|
5,196
|
|
U.S. Government securities
|
6,240
|
|
|
991
|
|
|
7,231
|
|
|||
U.S. Government sponsored entities
|
11,157
|
|
|
4,829
|
|
|
15,986
|
|
|||
Municipal bonds
|
2,961
|
|
|
347
|
|
|
3,308
|
|
|||
|
$
|
22,837
|
|
|
$
|
8,884
|
|
|
$
|
31,721
|
|
|
Live Events
|
|
Commercial
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||
Balance as of April 28, 2018
|
$
|
2,295
|
|
|
$
|
3,344
|
|
|
$
|
67
|
|
|
$
|
2,558
|
|
|
$
|
8,264
|
|
Foreign currency translation
|
(6
|
)
|
|
(40
|
)
|
|
(6
|
)
|
|
(159
|
)
|
|
(211
|
)
|
|||||
Balance as of October 27, 2018
|
$
|
2,289
|
|
|
$
|
3,304
|
|
|
$
|
61
|
|
|
$
|
2,399
|
|
|
$
|
8,053
|
|
|
October 27,
2018 |
|
April 28,
2018 |
||||
Raw materials
|
$
|
27,693
|
|
|
$
|
30,570
|
|
Work-in-process
|
8,075
|
|
|
8,645
|
|
||
Finished goods
|
33,761
|
|
|
36,120
|
|
||
|
$
|
69,529
|
|
|
$
|
75,335
|
|
|
October 27,
2018 |
|
April 28,
2018 |
||||
Land
|
$
|
2,178
|
|
|
$
|
2,161
|
|
Buildings
|
67,834
|
|
|
67,773
|
|
||
Machinery and equipment
|
97,437
|
|
|
93,439
|
|
||
Office furniture and equipment
|
6,073
|
|
|
5,878
|
|
||
Computer software and hardware
|
54,982
|
|
|
53,004
|
|
||
Equipment held for rental
|
287
|
|
|
287
|
|
||
Demonstration equipment
|
7,004
|
|
|
7,035
|
|
||
Transportation equipment
|
7,667
|
|
|
7,632
|
|
||
|
243,462
|
|
|
237,209
|
|
||
Less accumulated depreciation
|
173,992
|
|
|
169,150
|
|
||
|
$
|
69,470
|
|
|
$
|
68,059
|
|
|
|
October 27, 2018
|
||
Beginning accrued warranty obligations
|
|
$
|
29,953
|
|
Warranties issued during the period
|
|
4,838
|
|
|
Settlements made during the period
|
|
(9,201
|
)
|
|
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations
|
|
3,128
|
|
|
Ending accrued warranty obligations
|
|
$
|
28,718
|
|
Fiscal years ending
|
|
Amount
|
||
2019
|
|
$
|
1,611
|
|
2020
|
|
2,770
|
|
|
2021
|
|
2,398
|
|
|
2022
|
|
1,646
|
|
|
2023
|
|
249
|
|
|
Thereafter
|
|
296
|
|
|
|
|
$
|
8,970
|
|
Fiscal years ending
|
|
Amount
|
||
2019
|
|
$
|
1,782
|
|
2020
|
|
3,918
|
|
|
2021
|
|
2,051
|
|
|
2022
|
|
143
|
|
|
2023
|
|
113
|
|
|
Thereafter
|
|
266
|
|
|
|
|
$
|
8,273
|
|
|
Fair Value Measurements
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Balance as of October 27, 2018
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
35,557
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,557
|
|
Restricted cash
|
26
|
|
|
—
|
|
|
—
|
|
|
26
|
|
||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposit
|
—
|
|
|
5,196
|
|
|
—
|
|
|
5,196
|
|
||||
U.S. Government securities
|
7,231
|
|
|
—
|
|
|
—
|
|
|
7,231
|
|
||||
U.S. Government sponsored entities
|
—
|
|
|
15,986
|
|
|
—
|
|
|
15,986
|
|
||||
Municipal bonds
|
—
|
|
|
3,308
|
|
|
—
|
|
|
3,308
|
|
||||
Derivatives - asset position
|
—
|
|
|
187
|
|
|
—
|
|
|
187
|
|
||||
Derivatives - liability position
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
||||
Contingent liabilities
|
—
|
|
|
—
|
|
|
(1,338
|
)
|
|
(1,338
|
)
|
||||
|
$
|
42,814
|
|
|
$
|
24,670
|
|
|
$
|
(1,338
|
)
|
|
$
|
66,146
|
|
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
|
)
|
||||
Contingent liabilities
|
—
|
|
|
—
|
|
|
(1,000
|
)
|
|
(1,000
|
)
|
||||
|
$
|
30,747
|
|
|
$
|
33,335
|
|
|
$
|
(1,000
|
)
|
|
$
|
63,082
|
|
Contingent liability as of April 28, 2018
|
|
$
|
1,000
|
|
Additions
|
|
1,316
|
|
|
Fair value adjustments (1)
|
|
(956
|
)
|
|
Interest
|
|
(7
|
)
|
|
Foreign currency translation
|
|
(15
|
)
|
|
Contingent liabilities as of October 27, 2018
|
|
$
|
1,338
|
|
|
October 27, 2018
|
|
April 28, 2018
|
||||||||
|
U.S. Dollars
|
|
Foreign
Currency |
|
U.S.
Dollars |
|
Foreign
Currency |
||||
Foreign Currency Exchange Forward Contracts:
|
|
|
|
|
|
|
|
||||
U.S. Dollars/Australian Dollars
|
3,857
|
|
|
5,304
|
|
|
1,081
|
|
|
1,400
|
|
U.S. Dollars/Canadian Dollars
|
1,288
|
|
|
1,682
|
|
|
2,165
|
|
|
2,819
|
|
U.S. Dollars/British Pounds
|
2,849
|
|
|
2,151
|
|
|
5,856
|
|
|
4,368
|
|
U.S. Dollars/Singapore Dollars
|
—
|
|
|
—
|
|
|
236
|
|
|
312
|
|
U.S. Dollars/Euros
|
—
|
|
|
—
|
|
|
(854
|
)
|
|
(708
|
)
|
U.S. Dollars/Swiss Franc
|
—
|
|
|
—
|
|
|
41
|
|
|
40
|
|
U.S. Dollars/Malaysian Ringgit
|
827
|
|
|
3,440
|
|
|
—
|
|
|
—
|
|
•
|
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 retailers, quick serve restaurants, petroleum businesses, and other nationwide organizations.
|
•
|
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 marketplace expansion.
|
•
|
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 which are reaching end of life. This is dependent on there being no adverse changes in the digital billboard regulatory environment restricting future deployments of billboards, as well as maintaining our current market share of the business 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, 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 systems needs throughout a sports facility.
|
•
|
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 versus traditional scoreboards.
|
•
|
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.
|
•
|
The use of more sophisticated displays in school athletic facilities, such as large integrated video systems.
|
|
Three Months Ended
|
|||||||||||||
(in thousands)
|
October 27,
2018 |
|
October 28,
2017 |
|
Dollar Change
|
|
Percent Change
|
|||||||
Net sales:
|
|
|
|
|
|
|
|
|||||||
Commercial
|
$
|
46,069
|
|
|
$
|
34,377
|
|
|
$
|
11,692
|
|
|
34.0
|
%
|
Live Events
|
55,099
|
|
|
68,653
|
|
|
(13,554
|
)
|
|
(19.7
|
)
|
|||
High School Park and Recreation
|
31,580
|
|
|
29,660
|
|
|
1,920
|
|
|
6.5
|
|
|||
Transportation
|
18,077
|
|
|
16,476
|
|
|
1,601
|
|
|
9.7
|
|
|||
International
|
21,867
|
|
|
20,143
|
|
|
1,724
|
|
|
8.6
|
|
|||
|
$
|
172,692
|
|
|
$
|
169,309
|
|
|
$
|
3,383
|
|
|
2.0
|
%
|
Orders:
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial
|
$
|
46,731
|
|
|
$
|
39,134
|
|
|
$
|
7,597
|
|
|
19.4
|
%
|
Live Events
|
43,641
|
|
|
43,730
|
|
|
(89
|
)
|
|
(0.2
|
)
|
|||
High School Park and Recreation
|
18,445
|
|
|
14,737
|
|
|
3,708
|
|
|
25.2
|
|
|||
Transportation
|
21,279
|
|
|
14,245
|
|
|
7,034
|
|
|
49.4
|
|
|||
International
|
21,260
|
|
|
30,414
|
|
|
(9,154
|
)
|
|
(30.1
|
)
|
|||
|
$
|
151,356
|
|
|
$
|
142,260
|
|
|
$
|
9,096
|
|
|
6.4
|
%
|
|
Three Months Ended
|
||||||||||||||
|
October 27, 2018
|
|
|
|
October 28, 2017
|
||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
|
|
Amount
|
|
As a Percent of Net Sales
|
||||||
(in thousands)
|
|||||||||||||||
Commercial
|
$
|
11,757
|
|
|
25.5
|
%
|
|
|
|
$
|
5,271
|
|
|
15.3
|
%
|
Live Events
|
12,312
|
|
|
22.3
|
|
|
|
|
16,255
|
|
|
23.7
|
|
||
High School Park and Recreation
|
9,759
|
|
|
30.9
|
|
|
|
|
10,553
|
|
|
35.6
|
|
||
Transportation
|
6,140
|
|
|
34.0
|
|
|
|
|
6,181
|
|
|
37.5
|
|
||
International
|
2,789
|
|
|
12.8
|
|
|
|
|
4,344
|
|
|
21.6
|
|
||
|
$
|
42,757
|
|
|
24.8
|
%
|
|
|
|
$
|
42,604
|
|
|
25.2
|
%
|
|
Three Months Ended
|
|||||||||||||||
|
October 27, 2018
|
|
|
|
October 28, 2017
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
|
|
|
|
||||||||||||
Commercial
|
$
|
7,050
|
|
|
15.3
|
%
|
|
1,071.1
|
%
|
|
$
|
602
|
|
|
1.8
|
%
|
Live Events
|
8,918
|
|
|
16.2
|
|
|
(30.6
|
)
|
|
12,854
|
|
|
18.7
|
|
||
High School Park and Recreation
|
6,706
|
|
|
21.2
|
|
|
(14.1
|
)
|
|
7,810
|
|
|
26.3
|
|
||
Transportation
|
4,991
|
|
|
27.6
|
|
|
(1.7
|
)
|
|
5,079
|
|
|
30.8
|
|
||
International
|
(1,033
|
)
|
|
(4.7
|
)
|
|
(213.6
|
)
|
|
909
|
|
|
4.5
|
|
||
|
$
|
26,632
|
|
|
15.4
|
%
|
|
(2.3
|
)%
|
|
$
|
27,254
|
|
|
16.1
|
%
|
|
Three Months Ended
|
|||||||||||||||
|
October 27, 2018
|
|
|
|
October 28, 2017
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
||||||||||||||||
General and administrative
|
$
|
8,574
|
|
|
5.0
|
%
|
|
(3.3
|
)%
|
|
$
|
8,868
|
|
|
5.2
|
%
|
Product design and development
|
$
|
9,039
|
|
|
5.2
|
%
|
|
1.0
|
%
|
|
$
|
8,948
|
|
|
5.3
|
%
|
|
Three Months Ended
|
|||||||||||||||
|
October 27, 2018
|
|
|
|
October 28, 2017
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
||||||||||||||||
Interest income, net
|
$
|
186
|
|
|
0.1
|
%
|
|
78.8
|
%
|
|
$
|
104
|
|
|
0.1
|
%
|
Other (expense) income, net
|
$
|
(66
|
)
|
|
—
|
%
|
|
(24.1
|
)%
|
|
$
|
(87
|
)
|
|
(0.1
|
)%
|
|
Six Months Ended
|
|||||||||||||
(in thousands)
|
October 27,
2018 |
|
October 28,
2017 |
|
Dollar Change
|
|
Percent Change
|
|||||||
Net sales:
|
|
|
|
|
|
|
|
|||||||
Commercial
|
$
|
76,638
|
|
|
$
|
67,240
|
|
|
$
|
9,398
|
|
|
14.0
|
%
|
Live Events
|
104,571
|
|
|
146,265
|
|
|
(41,694
|
)
|
|
(28.5
|
)
|
|||
High School Park and Recreation
|
59,700
|
|
|
58,139
|
|
|
1,561
|
|
|
2.7
|
|
|||
Transportation
|
35,234
|
|
|
35,388
|
|
|
(154
|
)
|
|
(0.4
|
)
|
|||
International
|
50,737
|
|
|
35,005
|
|
|
15,732
|
|
|
44.9
|
|
|||
|
$
|
326,880
|
|
|
$
|
342,037
|
|
|
$
|
(15,157
|
)
|
|
(4.4
|
)%
|
Orders:
|
|
|
|
|
|
|
|
|
||||||
Commercial
|
$
|
82,523
|
|
|
$
|
69,071
|
|
|
$
|
13,452
|
|
|
19.5
|
%
|
Live Events
|
83,036
|
|
|
105,335
|
|
|
(22,299
|
)
|
|
(21.2
|
)
|
|||
High School Park and Recreation
|
56,894
|
|
|
46,917
|
|
|
9,977
|
|
|
21.3
|
|
|||
Transportation
|
43,195
|
|
|
23,514
|
|
|
19,681
|
|
|
83.7
|
|
|||
International
|
45,318
|
|
|
50,504
|
|
|
(5,186
|
)
|
|
(10.3
|
)
|
|||
|
$
|
310,966
|
|
|
$
|
295,341
|
|
|
$
|
15,625
|
|
|
5.3
|
%
|
|
Six Months Ended
|
||||||||||||||
|
October 27, 2018
|
|
|
|
October 28, 2017
|
||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
|
|
Amount
|
|
As a Percent of Net Sales
|
||||||
(in thousands)
|
|||||||||||||||
Commercial
|
$
|
18,651
|
|
|
24.3
|
%
|
|
|
|
$
|
13,539
|
|
|
20.1
|
%
|
Live Events
|
22,545
|
|
|
21.6
|
|
|
|
|
33,309
|
|
|
22.8
|
|
||
High School Park and Recreation
|
19,261
|
|
|
32.3
|
|
|
|
|
20,904
|
|
|
36.0
|
|
||
Transportation
|
11,591
|
|
|
32.9
|
|
|
|
|
13,126
|
|
|
37.1
|
|
||
International
|
8,956
|
|
|
17.7
|
|
|
|
|
6,372
|
|
|
18.2
|
|
||
|
$
|
81,004
|
|
|
24.8
|
%
|
|
|
|
$
|
87,250
|
|
|
25.5
|
%
|
|
Six Months Ended
|
|||||||||||||||
|
October 27, 2018
|
|
|
|
October 28, 2017
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
|
|
|
|
||||||||||||
Commercial
|
$
|
9,524
|
|
|
12.4
|
%
|
|
128.1
|
%
|
|
$
|
4,176
|
|
|
6.2
|
%
|
Live Events
|
15,903
|
|
|
15.2
|
|
|
(40.2
|
)
|
|
26,590
|
|
|
18.2
|
|
||
High School Park and Recreation
|
13,258
|
|
|
22.2
|
|
|
(14.8
|
)
|
|
15,557
|
|
|
26.8
|
|
||
Transportation
|
9,286
|
|
|
26.4
|
|
|
(15.5
|
)
|
|
10,987
|
|
|
31.0
|
|
||
International
|
530
|
|
|
1.0
|
|
|
(251.9
|
)
|
|
(349
|
)
|
|
(1.0
|
)
|
||
|
$
|
48,501
|
|
|
14.8
|
%
|
|
(14.9
|
)%
|
|
$
|
56,961
|
|
|
16.7
|
%
|
|
Six Months Ended
|
|||||||||||||||
|
October 27, 2018
|
|
|
|
October 28, 2017
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
||||||||||||||||
General and administrative
|
$
|
17,111
|
|
|
5.2
|
%
|
|
(3.9
|
)%
|
|
$
|
17,803
|
|
|
5.2
|
%
|
Product design and development
|
$
|
18,331
|
|
|
5.6
|
%
|
|
1.9
|
%
|
|
$
|
17,995
|
|
|
5.3
|
%
|
|
Six Months Ended
|
|||||||||||||||
|
October 27, 2018
|
|
|
|
October 28, 2017
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
||||||||||||||||
Interest income, net
|
$
|
344
|
|
|
0.1
|
%
|
|
50.2
|
%
|
|
$
|
229
|
|
|
0.1
|
%
|
Other (expense) income, net
|
$
|
(220
|
)
|
|
(0.1
|
)%
|
|
(479.3
|
)%
|
|
$
|
58
|
|
|
—
|
%
|
|
Six Months Ended
|
|||||||||
|
October 27,
2018 |
|
October 28,
2017 |
|
Percent Change
|
|||||
(in thousands)
|
||||||||||
Net cash (used in) provided by:
|
|
|
|
|
|
|||||
Operating activities
|
$
|
22,557
|
|
|
$
|
9,338
|
|
|
141.6
|
%
|
Investing activities
|
(9,930
|
)
|
|
4,460
|
|
|
(322.6
|
)
|
||
Financing activities
|
(6,872
|
)
|
|
(7,024
|
)
|
|
(2.2
|
)
|
||
Effect of exchange rate changes on cash
|
73
|
|
|
113
|
|
|
(35.4
|
)
|
||
Net increase in cash, cash equivalents and restricted cash
|
$
|
5,828
|
|
|
$
|
6,887
|
|
|
(15.4
|
)%
|
|
Six Months Ended
|
||||||
|
October 27,
2018 |
|
October 28,
2017 |
||||
(Increase) decrease:
|
|
|
|
||||
Accounts receivable
|
$
|
(15,663
|
)
|
|
$
|
(29,851
|
)
|
Long-term receivables
|
711
|
|
|
719
|
|
||
Inventories
|
5,225
|
|
|
(4,470
|
)
|
||
Contract assets
|
82
|
|
|
5,101
|
|
||
Prepaid expenses and other current assets
|
587
|
|
|
(14
|
)
|
||
Income tax receivables
|
(683
|
)
|
|
(1,114
|
)
|
||
Investment in affiliates and other assets
|
57
|
|
|
220
|
|
||
Increase (decrease):
|
|
|
|
||||
Current marketing obligations and other payables
|
45
|
|
|
(481
|
)
|
||
Accounts payable
|
(2,141
|
)
|
|
(1,282
|
)
|
||
Contract liabilities
|
9,226
|
|
|
8,831
|
|
||
Accrued expenses
|
3,379
|
|
|
3,176
|
|
||
Warranty obligations
|
(878
|
)
|
|
1,867
|
|
||
Long-term warranty obligations
|
(348
|
)
|
|
1,419
|
|
||
Income taxes payable
|
(176
|
)
|
|
(18
|
)
|
||
Long-term marketing obligations and other payables
|
209
|
|
|
401
|
|
||
|
$
|
(368
|
)
|
|
$
|
(15,496
|
)
|
•
|
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 $6.0 million, 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.
|
Date Declared
|
Record Date
|
Payment Date
|
Amount per Share
|
May 31, 2018
|
June 11, 2018
|
June 21, 2018
|
$0.07
|
September 6, 2018
|
September 17, 2018
|
September 27, 2018
|
$0.07
|
|
|
/s/ Sheila M. Anderson
|
|
|
Daktronics, Inc.
|
|
|
Sheila M. Anderson
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer and
|
|
|
Principal Accounting Officer)
|
|
|
|
Date:
|
November 26, 2018
|
|
|
||
101
|
The following financial information from our Quarterly Report on Form 10-Q for the period ended October 27, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Cash Flows, (v) Notes to Condensed Consolidated Financial Statements, and (vii) document and entity information. (1)
|
|
|
(1)
|
Filed herewith electronically.
|
1 Year Daktronics Chart |
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