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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.12 | 7.27 | 12.21 | 0 | 09:00:00 |
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)
|
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
|
|
August 3,
2019 |
|
July 28,
2018 |
||||
Cash and cash equivalents
|
$
|
20,762
|
|
|
$
|
15,915
|
|
Restricted cash
|
339
|
|
|
26
|
|
||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows
|
$
|
21,101
|
|
|
$
|
15,941
|
|
|
Net income
|
|
Shares
|
|
Per share income
|
|||||
For the three months ended August 3, 2019
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
7,030
|
|
|
45,089
|
|
|
$
|
0.16
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
172
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
7,030
|
|
|
45,261
|
|
|
$
|
0.16
|
|
For the three months ended July 28, 2018
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
4,574
|
|
|
44,638
|
|
|
$
|
0.10
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
193
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
4,574
|
|
|
44,831
|
|
|
$
|
0.10
|
|
|
Three Months Ended August 3, 2019
|
||||||||||||||||||||||
|
Commercial
|
|
Live Events
|
|
High School Park and Recreation
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||||
Type of performance obligation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unique configuration
|
$
|
12,965
|
|
|
$
|
45,587
|
|
|
$
|
6,030
|
|
|
$
|
11,897
|
|
|
$
|
15,678
|
|
|
$
|
92,157
|
|
Limited configuration
|
27,235
|
|
|
7,713
|
|
|
23,800
|
|
|
6,587
|
|
|
9,930
|
|
|
75,265
|
|
||||||
Service and other
|
3,835
|
|
|
6,006
|
|
|
635
|
|
|
534
|
|
|
1,824
|
|
|
12,834
|
|
||||||
|
$
|
44,035
|
|
|
$
|
59,306
|
|
|
$
|
30,465
|
|
|
$
|
19,018
|
|
|
$
|
27,432
|
|
|
$
|
180,256
|
|
Timing of revenue recognition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goods/services transferred at a point in time
|
$
|
27,703
|
|
|
$
|
9,120
|
|
|
$
|
22,599
|
|
|
$
|
6,697
|
|
|
$
|
10,188
|
|
|
$
|
76,307
|
|
Goods/services transferred over time
|
16,332
|
|
|
50,186
|
|
|
7,866
|
|
|
12,321
|
|
|
17,244
|
|
|
103,949
|
|
||||||
|
$
|
44,035
|
|
|
$
|
59,306
|
|
|
$
|
30,465
|
|
|
$
|
19,018
|
|
|
$
|
27,432
|
|
|
$
|
180,256
|
|
|
Three Months Ended July 28, 2018
|
||||||||||||||||||||||
|
Commercial
|
|
Live Events
|
|
High School Park and Recreation
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||||
Type of performance obligation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unique configuration
|
$
|
3,049
|
|
|
$
|
38,921
|
|
|
$
|
8,943
|
|
|
$
|
9,618
|
|
|
$
|
16,216
|
|
|
$
|
76,747
|
|
Limited configuration
|
23,867
|
|
|
5,818
|
|
|
18,547
|
|
|
7,083
|
|
|
10,778
|
|
|
66,093
|
|
||||||
Service and other
|
3,653
|
|
|
4,733
|
|
|
630
|
|
|
456
|
|
|
1,876
|
|
|
11,348
|
|
||||||
|
$
|
30,569
|
|
|
$
|
49,472
|
|
|
$
|
28,120
|
|
|
$
|
17,157
|
|
|
$
|
28,870
|
|
|
$
|
154,188
|
|
Timing of revenue recognition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goods/services transferred at a point in time
|
$
|
24,583
|
|
|
$
|
6,802
|
|
|
$
|
16,998
|
|
|
$
|
7,232
|
|
|
$
|
11,536
|
|
|
$
|
67,151
|
|
Goods/services transferred over time
|
5,986
|
|
|
42,670
|
|
|
11,122
|
|
|
9,925
|
|
|
17,334
|
|
|
87,037
|
|
||||||
|
$
|
30,569
|
|
|
$
|
49,472
|
|
|
$
|
28,120
|
|
|
$
|
17,157
|
|
|
$
|
28,870
|
|
|
$
|
154,188
|
|
|
August 3, 2019
|
|
April 27, 2019
|
|
Dollar Change
|
|
Percent Change
|
|||||||
Contract assets
|
$
|
42,809
|
|
|
$
|
33,704
|
|
|
$
|
9,105
|
|
|
27.0
|
%
|
Contract liabilities - current
|
53,421
|
|
|
47,178
|
|
|
6,243
|
|
|
13.2
|
|
|||
Contract liabilities - noncurrent
|
10,140
|
|
|
10,053
|
|
|
87
|
|
|
0.9
|
|
|
Three Months Ended
|
|
||||||
|
August 3,
2019 |
|
July 28,
2018 |
|
||||
Net sales:
|
|
|
|
|
||||
Commercial
|
$
|
44,035
|
|
|
$
|
30,569
|
|
|
Live Events
|
59,306
|
|
|
49,472
|
|
|
||
High School Park and Recreation
|
30,465
|
|
|
28,120
|
|
|
||
Transportation
|
19,018
|
|
|
17,157
|
|
|
||
International
|
27,432
|
|
|
28,870
|
|
|
||
|
180,256
|
|
|
154,188
|
|
|
||
|
|
|
|
|
||||
Gross profit:
|
|
|
|
|
||||
Commercial
|
9,218
|
|
|
6,894
|
|
|
||
Live Events
|
12,737
|
|
|
10,233
|
|
|
||
High School Park and Recreation
|
10,187
|
|
|
9,502
|
|
|
||
Transportation
|
6,754
|
|
|
5,451
|
|
|
||
International
|
6,609
|
|
|
6,167
|
|
|
||
|
45,505
|
|
|
38,247
|
|
|
||
|
|
|
|
|
||||
Contribution margin: (1)
|
|
|
|
|
||||
Commercial
|
4,084
|
|
|
2,474
|
|
|
||
Live Events
|
8,872
|
|
|
6,985
|
|
|
||
High School Park and Recreation
|
6,592
|
|
|
6,552
|
|
|
||
Transportation
|
5,452
|
|
|
4,295
|
|
|
||
International
|
2,208
|
|
|
1,563
|
|
|
||
|
27,208
|
|
|
21,869
|
|
|
||
|
|
|
|
|
||||
Non-allocated operating expenses:
|
|
|
|
|
||||
General and administrative
|
9,093
|
|
|
8,537
|
|
|
||
Product design and development
|
10,500
|
|
|
9,292
|
|
|
||
Operating income
|
7,615
|
|
|
4,040
|
|
|
||
|
|
|
|
|
||||
Nonoperating income (expense):
|
|
|
|
|
||||
Interest income
|
269
|
|
|
197
|
|
|
||
Interest expense
|
(35
|
)
|
|
(39
|
)
|
|
||
Other income (expense), net
|
193
|
|
|
(154
|
)
|
|
||
|
|
|
|
|
||||
Income before income taxes
|
8,042
|
|
|
4,044
|
|
|
||
Income tax expense (benefit)
|
1,012
|
|
|
(530
|
)
|
|
||
Net income
|
$
|
7,030
|
|
|
$
|
4,574
|
|
|
|
|
|
|
|
||||
Depreciation and amortization:
|
|
|
|
|
||||
Commercial
|
$
|
974
|
|
|
$
|
1,178
|
|
|
Live Events
|
1,398
|
|
|
1,172
|
|
|
||
High School Park and Recreation
|
512
|
|
|
443
|
|
|
||
Transportation
|
264
|
|
|
274
|
|
|
||
International
|
524
|
|
|
700
|
|
|
||
Unallocated corporate depreciation
|
711
|
|
|
721
|
|
|
||
|
$
|
4,383
|
|
|
$
|
4,488
|
|
|
|
Three Months Ended
|
|
||||||
|
August 3,
2019 |
|
July 28,
2018 |
|
||||
Net sales:
|
|
|
|
|
||||
United States
|
$
|
149,460
|
|
|
$
|
121,325
|
|
|
Outside United States
|
30,796
|
|
|
32,863
|
|
|
||
|
$
|
180,256
|
|
|
$
|
154,188
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
||||
|
August 3,
2019 |
|
April 27,
2019 |
|
||||
Property and equipment, net of accumulated depreciation:
|
|
|
|
|
||||
United States
|
$
|
59,446
|
|
|
$
|
59,192
|
|
|
Outside United States
|
7,261
|
|
|
6,122
|
|
|
||
|
$
|
66,707
|
|
|
$
|
65,314
|
|
|
|
Amortized Cost
|
|
Unrealized Losses
|
|
Fair Value
|
||||||
Balance as of August 3, 2019
|
|
|
|
|
|
||||||
Certificates of deposit
|
$
|
3,464
|
|
|
$
|
—
|
|
|
$
|
3,464
|
|
U.S. Government securities
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|||
U.S. Government sponsored entities
|
5,913
|
|
|
(2
|
)
|
|
5,911
|
|
|||
Municipal bonds
|
1,503
|
|
|
—
|
|
|
1,503
|
|
|||
|
$
|
11,880
|
|
|
$
|
(2
|
)
|
|
$
|
11,878
|
|
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
|
|
|
Less than 12 months
|
|
1-5 Years
|
|
Total
|
||||||
Certificates of deposit
|
$
|
2,234
|
|
|
$
|
1,230
|
|
|
$
|
3,464
|
|
U.S. Government securities
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|||
U.S. Government sponsored entities
|
3,661
|
|
|
2,250
|
|
|
5,911
|
|
|||
Municipal bonds
|
1,503
|
|
|
—
|
|
|
1,503
|
|
|||
|
$
|
8,398
|
|
|
$
|
3,480
|
|
|
$
|
11,878
|
|
|
Live Events
|
|
Commercial
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||
Balance as of April 27, 2019
|
$
|
2,276
|
|
|
$
|
3,218
|
|
|
$
|
49
|
|
|
$
|
2,346
|
|
|
$
|
7,889
|
|
Foreign currency translation
|
8
|
|
|
53
|
|
|
8
|
|
|
(18
|
)
|
|
51
|
|
|||||
Balance as of August 3, 2019
|
$
|
2,284
|
|
|
$
|
3,271
|
|
|
$
|
57
|
|
|
$
|
2,328
|
|
|
$
|
7,940
|
|
|
August 3,
2019 |
|
April 27,
2019 |
||||
Raw materials
|
$
|
36,239
|
|
|
$
|
30,789
|
|
Work-in-process
|
9,291
|
|
|
8,239
|
|
||
Finished goods
|
39,928
|
|
|
39,804
|
|
||
|
$
|
85,458
|
|
|
$
|
78,832
|
|
|
August 3,
2019 |
|
April 27,
2019 |
||||
Land
|
$
|
1,754
|
|
|
$
|
1,738
|
|
Buildings
|
66,731
|
|
|
66,403
|
|
||
Machinery and equipment
|
99,055
|
|
|
96,486
|
|
||
Office furniture and equipment
|
6,145
|
|
|
6,195
|
|
||
Computer software and hardware
|
53,611
|
|
|
55,460
|
|
||
Equipment held for rental
|
287
|
|
|
287
|
|
||
Demonstration equipment
|
7,172
|
|
|
7,422
|
|
||
Transportation equipment
|
7,943
|
|
|
7,715
|
|
||
|
242,698
|
|
|
241,706
|
|
||
Less accumulated depreciation
|
175,991
|
|
|
176,392
|
|
||
|
$
|
66,707
|
|
|
$
|
65,314
|
|
|
|
Three Months Ended August 3, 2019
|
||
Operating lease cost(1)
|
|
$
|
852
|
|
|
|
August 3, 2019
|
|
Weighted average remaining lease term
|
|
5.4 years
|
|
Weighted average discount rate
|
|
3.5
|
%
|
|
|
Three Months Ended August 3, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
816
|
|
|
|
Operating Leases(1)
|
||
Fiscal years ending
|
|
|
||
2020
|
|
$
|
2,264
|
|
2021
|
|
2,649
|
|
|
2022
|
|
1,924
|
|
|
2023
|
|
1,133
|
|
|
2024
|
|
1,035
|
|
|
Thereafter
|
|
2,377
|
|
|
Total lease payments
|
|
11,382
|
|
|
Less imputed interest
|
|
(1,008
|
)
|
|
Total lease liabilities
|
|
$
|
10,374
|
|
|
|
August 3, 2019
|
||
Beginning accrued warranty obligations
|
|
$
|
24,470
|
|
Warranties issued during the period
|
|
3,545
|
|
|
Settlements made during the period
|
|
(2,510
|
)
|
|
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations
|
|
(55
|
)
|
|
Ending accrued warranty obligations
|
|
$
|
25,450
|
|
Fiscal years ending
|
|
Amount
|
||
2020
|
|
$
|
3,254
|
|
2021
|
|
4,485
|
|
|
2022
|
|
2,692
|
|
|
2023
|
|
1,820
|
|
|
2024
|
|
113
|
|
|
Thereafter
|
|
153
|
|
|
|
|
$
|
12,517
|
|
|
Fair Value Measurements
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Balance as of August 3, 2019
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
20,762
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20,762
|
|
Restricted cash
|
339
|
|
|
—
|
|
|
—
|
|
|
339
|
|
||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposit
|
—
|
|
|
3,464
|
|
|
—
|
|
|
3,464
|
|
||||
U.S. Government securities
|
1,000
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
||||
U.S. Government sponsored entities
|
—
|
|
|
5,911
|
|
|
—
|
|
|
5,911
|
|
||||
Municipal bonds
|
—
|
|
|
1,503
|
|
|
—
|
|
|
1,503
|
|
||||
Derivatives - asset position
|
—
|
|
|
334
|
|
|
—
|
|
|
334
|
|
||||
Derivatives - liability position
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
||||
Acquisition-related contingency consideration
|
—
|
|
|
—
|
|
|
(1,554
|
)
|
|
(1,554
|
)
|
||||
|
$
|
22,101
|
|
|
$
|
11,202
|
|
|
$
|
(1,554
|
)
|
|
$
|
31,749
|
|
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
|
|
Acquisition-related contingency consideration as of April 27, 2019
|
|
$
|
3,065
|
|
Additions
|
|
25
|
|
|
Settlements
|
|
(1,591
|
)
|
|
Interest
|
|
18
|
|
|
Foreign currency translation
|
|
37
|
|
|
Acquisition-related contingency consideration as of August 3, 2019
|
|
$
|
1,554
|
|
|
August 3, 2019
|
|
April 27, 2019
|
||||||||
|
U.S. Dollars
|
|
Foreign
Currency |
|
U.S.
Dollars |
|
Foreign
Currency |
||||
Foreign Currency Exchange Forward Contracts:
|
|
|
|
|
|
|
|
||||
U.S. Dollars/Australian Dollars
|
1,524
|
|
|
2,165
|
|
|
2,688
|
|
|
3,772
|
|
U.S. Dollars/Canadian Dollars
|
619
|
|
|
821
|
|
|
625
|
|
|
821
|
|
U.S. Dollars/British Pounds
|
4,747
|
|
|
3,639
|
|
|
3,547
|
|
|
2,680
|
|
U.S. Dollars/Swiss Franc
|
—
|
|
|
—
|
|
|
927
|
|
|
925
|
|
U.S. Dollars/Malaysian Ringgit
|
60
|
|
|
246
|
|
|
60
|
|
|
246
|
|
•
|
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-light emitting diode ("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.
|
|
Three Months Ended
|
|||||||||||||
(in thousands)
|
August 3,
2019 |
|
July 28,
2018 |
|
Dollar Change
|
|
Percent Change
|
|||||||
Net sales:
|
|
|
|
|
|
|
|
|||||||
Commercial
|
$
|
44,035
|
|
|
$
|
30,569
|
|
|
$
|
13,466
|
|
|
44.1
|
%
|
Live Events
|
59,306
|
|
|
49,472
|
|
|
9,834
|
|
|
19.9
|
|
|||
High School Park and Recreation
|
30,465
|
|
|
28,120
|
|
|
2,345
|
|
|
8.3
|
|
|||
Transportation
|
19,018
|
|
|
17,157
|
|
|
1,861
|
|
|
10.8
|
|
|||
International
|
27,432
|
|
|
28,870
|
|
|
(1,438
|
)
|
|
(5.0
|
)
|
|||
|
$
|
180,256
|
|
|
$
|
154,188
|
|
|
$
|
26,068
|
|
|
16.9
|
%
|
Orders:
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial
|
$
|
38,648
|
|
|
$
|
35,792
|
|
|
$
|
2,856
|
|
|
8.0
|
%
|
Live Events
|
66,969
|
|
|
39,395
|
|
|
27,574
|
|
|
70.0
|
|
|||
High School Park and Recreation
|
30,552
|
|
|
38,449
|
|
|
(7,897
|
)
|
|
(20.5
|
)
|
|||
Transportation
|
22,215
|
|
|
21,916
|
|
|
299
|
|
|
1.4
|
|
|||
International
|
29,079
|
|
|
24,058
|
|
|
5,021
|
|
|
20.9
|
|
|||
|
$
|
187,463
|
|
|
$
|
159,610
|
|
|
$
|
27,853
|
|
|
17.5
|
%
|
|
Three Months Ended
|
||||||||||||||
|
August 3, 2019
|
|
|
|
July 28, 2018
|
||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
|
|
Amount
|
|
As a Percent of Net Sales
|
||||||
(in thousands)
|
|||||||||||||||
Commercial
|
$
|
9,218
|
|
|
20.9
|
%
|
|
|
|
$
|
6,894
|
|
|
22.6
|
%
|
Live Events
|
12,737
|
|
|
21.5
|
|
|
|
|
10,233
|
|
|
20.7
|
|
||
High School Park and Recreation
|
10,187
|
|
|
33.4
|
|
|
|
|
9,502
|
|
|
33.8
|
|
||
Transportation
|
6,754
|
|
|
35.5
|
|
|
|
|
5,451
|
|
|
31.8
|
|
||
International
|
6,609
|
|
|
24.1
|
|
|
|
|
6,167
|
|
|
21.4
|
|
||
|
$
|
45,505
|
|
|
25.2
|
%
|
|
|
|
$
|
38,247
|
|
|
24.8
|
%
|
|
Three Months Ended
|
|||||||||||||||
|
August 3, 2019
|
|
|
|
July 28, 2018
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
|
|
|
|
||||||||||||
Commercial
|
$
|
4,084
|
|
|
9.3
|
%
|
|
65.1
|
%
|
|
$
|
2,474
|
|
|
8.1
|
%
|
Live Events
|
8,872
|
|
|
15.0
|
|
|
27.0
|
|
|
6,985
|
|
|
14.1
|
|
||
High School Park and Recreation
|
6,592
|
|
|
21.6
|
|
|
0.6
|
|
|
6,552
|
|
|
23.3
|
|
||
Transportation
|
5,452
|
|
|
28.7
|
|
|
26.9
|
|
|
4,295
|
|
|
25.0
|
|
||
International
|
2,208
|
|
|
8.0
|
|
|
41.3
|
|
|
1,563
|
|
|
5.4
|
|
||
|
$
|
27,208
|
|
|
15.1
|
%
|
|
24.4
|
%
|
|
$
|
21,869
|
|
|
14.2
|
%
|
|
Three Months Ended
|
|||||||||||||||
|
August 3, 2019
|
|
|
|
July 28, 2018
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
||||||||||||||||
General and administrative
|
$
|
9,093
|
|
|
5.0
|
%
|
|
6.5
|
%
|
|
$
|
8,537
|
|
|
5.5
|
%
|
Product design and development
|
$
|
10,500
|
|
|
5.8
|
%
|
|
13.0
|
%
|
|
$
|
9,292
|
|
|
6.0
|
%
|
|
Three Months Ended
|
|||||||||||||||
|
August 3, 2019
|
|
|
|
July 28, 2018
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
||||||||||||||||
Interest income, net
|
$
|
234
|
|
|
0.1
|
%
|
|
48.1
|
%
|
|
$
|
158
|
|
|
0.1
|
%
|
Other income (expense), net
|
$
|
193
|
|
|
0.1
|
%
|
|
(225.3
|
)%
|
|
$
|
(154
|
)
|
|
(0.1
|
)%
|
|
Three Months Ended
|
|||||||||
|
August 3,
2019 |
|
July 28,
2018 |
|
Percent Change
|
|||||
(in thousands)
|
||||||||||
Net cash (used in) provided by:
|
|
|
|
|
|
|||||
Operating activities
|
$
|
(18,218
|
)
|
|
$
|
(10,260
|
)
|
|
77.6
|
%
|
Investing activities
|
8,272
|
|
|
(102
|
)
|
|
(8,209.8
|
)
|
||
Financing activities
|
(4,658
|
)
|
|
(3,522
|
)
|
|
32.3
|
|
||
Effect of exchange rate changes on cash
|
(37
|
)
|
|
70
|
|
|
(152.9
|
)
|
||
Net decrease in cash, cash equivalents and restricted cash
|
$
|
(14,641
|
)
|
|
$
|
(13,814
|
)
|
|
6.0
|
%
|
|
Three Months Ended
|
||||||
|
August 3,
2019 |
|
July 28,
2018 |
||||
(Increase) decrease:
|
|
|
|
||||
Accounts receivable
|
$
|
(30,973
|
)
|
|
$
|
(23,504
|
)
|
Long-term receivables
|
(2,298
|
)
|
|
381
|
|
||
Inventories
|
(6,763
|
)
|
|
(4,025
|
)
|
||
Contract assets
|
(9,180
|
)
|
|
(10,480
|
)
|
||
Prepaid expenses and other current assets
|
(1,296
|
)
|
|
1,108
|
|
||
Income tax receivables
|
52
|
|
|
(926
|
)
|
||
Investment in affiliates and other assets
|
(53
|
)
|
|
134
|
|
||
Increase (decrease):
|
|
|
|
||||
Accounts payable
|
12,535
|
|
|
1,217
|
|
||
Contract liabilities
|
6,341
|
|
|
12,126
|
|
||
Accrued expenses
|
206
|
|
|
5,674
|
|
||
Warranty obligations
|
158
|
|
|
(420
|
)
|
||
Long-term warranty obligations
|
823
|
|
|
(282
|
)
|
||
Income taxes payable
|
461
|
|
|
(122
|
)
|
||
Long-term marketing obligations and other payables
|
(344
|
)
|
|
(825
|
)
|
||
|
$
|
(30,331
|
)
|
|
$
|
(19,944
|
)
|
Period
|
Total number of shares purchased
|
Average price paid per share (including fees)
|
Total number of shares purchased as part of publicly announced plans or programs
|
Approximate dollar value of shares that may yet be purchased under the share repurchase program(1)
|
||||||
April 28, 2019 - June 1, 2019
|
—
|
|
$
|
—
|
|
—
|
|
$
|
38,174,942
|
|
June 2, 2019 - June 29, 2019
|
171,822
|
|
6.39
|
|
171,822
|
|
37,076,999
|
|
||
June 30, 2019 - August 3, 2019
|
14,838
|
|
6.02
|
|
14,838
|
|
36,987,674
|
|
||
Total
|
186,660
|
|
|
186,660
|
|
|
|
|
/s/ Sheila M. Anderson
|
|
|
Daktronics, Inc.
|
|
|
Sheila M. Anderson
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer and
|
|
|
Principal Accounting Officer)
|
|
|
|
Date:
|
August 30, 2019
|
|
|
||
101
|
The following financial information from our Quarterly Report on Form 10-Q for the period ended August 3, 2019 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 |
1 Month Daktronics Chart |
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