![](/cdn/assets/images/search/clock.png)
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% | 15.26 | 13.70 | 18.92 | 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 |
Page | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||||||||||||
Net sales | $ | 187,439 | $ | 164,477 | $ | 359,359 | $ | 309,209 | |||||||||||||||
Cost of sales | 155,735 | 132,213 | 301,861 | 244,757 | |||||||||||||||||||
Gross profit | 31,704 | 32,264 | 57,498 | 64,452 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling | 14,525 | 12,482 | 28,958 | 24,277 | |||||||||||||||||||
General and administrative | 8,687 | 8,201 | 18,128 | 15,772 | |||||||||||||||||||
Product design and development | 6,966 | 7,196 | 14,405 | 14,358 | |||||||||||||||||||
30,178 | 27,879 | 61,491 | 54,407 | ||||||||||||||||||||
Operating income (loss) | 1,526 | 4,385 | (3,993) | 10,045 | |||||||||||||||||||
Nonoperating (expense) income: | |||||||||||||||||||||||
Interest (expense) income, net | (263) | (59) | (323) | 78 | |||||||||||||||||||
Other expense, net | (208) | (952) | (955) | (1,820) | |||||||||||||||||||
Income (loss) before income taxes | 1,055 | 3,374 | (5,271) | 8,303 | |||||||||||||||||||
Income tax expense | 14,039 | 1,000 | 13,039 | 2,244 | |||||||||||||||||||
Net (loss) income | $ | (12,984) | $ | 2,374 | $ | (18,310) | $ | 6,059 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 45,317 | 45,350 | 45,258 | 45,271 | |||||||||||||||||||
Diluted | 45,317 | 45,499 | 45,258 | 45,490 | |||||||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Basic | $ | (0.29) | $ | 0.05 | $ | (0.40) | $ | 0.13 | |||||||||||||||
Diluted | $ | (0.29) | $ | 0.05 | $ | (0.40) | $ | 0.13 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||||||||||||
Net (loss) income | $ | (12,984) | $ | 2,374 | $ | (18,310) | $ | 6,059 | |||||||||||||||
Other comprehensive (loss): | |||||||||||||||||||||||
Cumulative translation adjustments | (1,521) | (50) | (2,163) | (423) | |||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | (1) | — | — | — | |||||||||||||||||||
Total other comprehensive (loss), net of tax | (1,522) | (50) | (2,163) | (423) | |||||||||||||||||||
Comprehensive (loss) income | $ | (14,506) | $ | 2,324 | $ | (20,473) | $ | 5,636 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||
Balance as of April 30, 2022 | $ | 61,794 | $ | 48,372 | $ | 96,608 | $ | (10,285) | $ | (4,925) | $ | 191,564 | |||||||||||||||||||||||
Net loss | — | — | (5,326) | — | — | (5,326) | |||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | (642) | (642) | |||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||
Share-based compensation | — | 511 | — | — | — | 511 | |||||||||||||||||||||||||||||
Employee savings plan activity | 594 | — | — | — | — | 594 | |||||||||||||||||||||||||||||
Balance as of July 30, 2022 | 62,388 | 48,883 | 91,282 | (10,285) | (5,566) | 186,702 | |||||||||||||||||||||||||||||
Net loss | — | — | (12,984) | — | — | (12,984) | |||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | (1,521) | (1,521) | |||||||||||||||||||||||||||||
Unrealized (loss) gain on available-for-sale securities, net of tax | — | — | — | — | (1) | (1) | |||||||||||||||||||||||||||||
Share-based compensation | — | 474 | — | — | — | 474 | |||||||||||||||||||||||||||||
Tax payments related to RSU issuances | — | (140) | — | — | — | (140) | |||||||||||||||||||||||||||||
Balance as of October 29, 2022 | $ | 62,388 | $ | 49,217 | $ | 78,298 | $ | (10,285) | $ | (7,088) | $ | 172,530 | |||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||
Balance as of May 1, 2021 | $ | 60,575 | $ | 46,595 | $ | 96,016 | $ | (7,297) | $ | (2,335) | $ | 193,554 | |||||||||||||||||||||||
Net income | — | — | 3,685 | — | — | 3,685 | |||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | (373) | (373) | |||||||||||||||||||||||||||||
Share-based compensation | — | 518 | — | — | — | 518 | |||||||||||||||||||||||||||||
Employee savings plan activity | 597 | — | — | — | — | 597 | |||||||||||||||||||||||||||||
Treasury stock reissued | — | 4 | — | 196 | — | 200 | |||||||||||||||||||||||||||||
Balance as of July 31, 2021 | 61,172 | 47,117 | 99,701 | (7,101) | (2,708) | 198,181 | |||||||||||||||||||||||||||||
Net income | — | — | 2,374 | — | — | 2,374 | |||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | (50) | (50) | |||||||||||||||||||||||||||||
Share-based compensation | — | 494 | — | — | — | 494 | |||||||||||||||||||||||||||||
Exercise of stock options | 3 | — | — | — | — | 3 | |||||||||||||||||||||||||||||
Tax payments related to RSU issuances | — | (199) | — | — | — | (199) | |||||||||||||||||||||||||||||
Balance as of October 30, 2021 | $ | 61,175 | $ | 47,412 | $ | 102,075 | $ | (7,101) | $ | (2,758) | $ | 200,803 | |||||||||||||||||||||||
Six Months Ended | |||||||||||
October 29, 2022 | October 30, 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net (loss) income | $ | (18,310) | $ | 6,059 | |||||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 8,225 | 7,789 | |||||||||
Gain on sale of property, equipment and other assets | (412) | (676) | |||||||||
Share-based compensation | 985 | 1,012 | |||||||||
Equity in loss of affiliates | 1,701 | 1,565 | |||||||||
Provision for doubtful accounts, net of recovery | 573 | (588) | |||||||||
Deferred income taxes, net | 13,037 | (41) | |||||||||
Change in operating assets and liabilities | (27,737) | (23,654) | |||||||||
Net cash (used in) operating activities | (21,938) | (8,534) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | (16,237) | (4,507) | |||||||||
Proceeds from sales of property, equipment and other assets | 432 | 760 | |||||||||
Proceeds from sales or maturities of marketable securities | 3,495 | — | |||||||||
Purchases of equity and loans to equity investees | (2,882) | (6,129) | |||||||||
Net cash (used in) investing activities | (15,192) | (9,876) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Borrowings on notes payable | 190,608 | — | |||||||||
Payments on notes payable | (164,190) | — | |||||||||
Principal payments on long-term obligations | — | (200) | |||||||||
Proceed from exercise of stock options | — | 3 | |||||||||
Tax payments related to RSU issuances | (140) | (199) | |||||||||
Net cash provided by (used in) financing activities | 26,278 | (396) | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (13) | 8 | |||||||||
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (10,865) | (18,798) | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||||||||||
Beginning of period | 18,008 | 80,402 | |||||||||
End of period | $ | 7,143 | $ | 61,604 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for: | |||||||||||
Interest | $ | 337 | $ | — | |||||||
Income taxes, net of refunds | 2,471 | 1,270 | |||||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Demonstration equipment transferred to inventory | $ | — | $ | 53 | |||||||
Purchases of property and equipment included in accounts payable | 4,093 | 1,283 | |||||||||
Contributions of common stock under the ESPP | 594 | 597 |
October 29, 2022 | October 30, 2021 | ||||||||||
Cash and cash equivalents | $ | 6,431 | $ | 59,727 | |||||||
Restricted cash | 712 | 1,877 | |||||||||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ | 7,143 | $ | 61,604 |
Net (loss) income | Shares | Per share (loss) income | |||||||||||||||
For the three months ended October 29, 2022 | |||||||||||||||||
Basic and diluted (loss) earnings per share | $ | (12,984) | 45,317 | $ | (0.29) | ||||||||||||
Diluted (loss) earnings per share | $ | (12,984) | 45,317 | $ | (0.29) | ||||||||||||
For the three months ended October 30, 2021 | |||||||||||||||||
Basic earnings per share | $ | 2,374 | 45,350 | $ | 0.05 | ||||||||||||
Dilution associated with stock compensation plans | — | 149 | — | ||||||||||||||
Diluted earnings per share | $ | 2,374 | 45,499 | $ | 0.05 | ||||||||||||
For the six months ended October 29, 2022 | |||||||||||||||||
Basic and diluted (loss) earnings per share | $ | (18,310) | 45,258 | $ | (0.40) | ||||||||||||
Diluted (loss) earnings per share | $ | (18,310) | 45,258 | $ | (0.40) | ||||||||||||
For the six months ended October 30, 2021 | |||||||||||||||||
Basic earnings per share | $ | 6,059 | 45,271 | $ | 0.13 | ||||||||||||
Dilution associated with stock compensation plans | — | 219 | — | ||||||||||||||
Diluted earnings per share | $ | 6,059 | 45,490 | $ | 0.13 |
Three Months Ended October 29, 2022 | |||||||||||||||||||||||||||||||||||
Commercial | Live Events | High School Park and Recreation | Transportation | International | Total | ||||||||||||||||||||||||||||||
Type of performance obligation | |||||||||||||||||||||||||||||||||||
Unique configuration | $ | 5,582 | $ | 52,862 | $ | 7,856 | $ | 11,398 | $ | 6,123 | $ | 83,821 | |||||||||||||||||||||||
Limited configuration | 26,768 | 9,675 | 32,975 | 4,542 | 14,285 | 88,245 | |||||||||||||||||||||||||||||
Service and other | 4,697 | 6,702 | 1,175 | 739 | 2,060 | 15,373 | |||||||||||||||||||||||||||||
$ | 37,047 | $ | 69,239 | $ | 42,006 | $ | 16,679 | $ | 22,468 | $ | 187,439 | ||||||||||||||||||||||||
Timing of revenue recognition | |||||||||||||||||||||||||||||||||||
Goods/services transferred at a point in time | $ | 28,078 | $ | 11,682 | $ | 31,129 | $ | 4,749 | $ | 15,019 | $ | 90,657 | |||||||||||||||||||||||
Goods/services transferred over time | 8,969 | 57,557 | 10,877 | 11,930 | 7,449 | 96,782 | |||||||||||||||||||||||||||||
$ | 37,047 | $ | 69,239 | $ | 42,006 | $ | 16,679 | $ | 22,468 | $ | 187,439 |
Six Months Ended October 29, 2022 | |||||||||||||||||||||||||||||||||||
Commercial | Live Events | High School Park and Recreation | Transportation | International | Total | ||||||||||||||||||||||||||||||
Type of performance obligation | |||||||||||||||||||||||||||||||||||
Unique configuration | $ | 10,269 | $ | 95,030 | $ | 14,448 | $ | 23,884 | $ | 12,624 | $ | 156,255 | |||||||||||||||||||||||
Limited configuration | 58,544 | 18,155 | 61,258 | 10,641 | 25,786 | 174,384 | |||||||||||||||||||||||||||||
Service and other | 8,352 | 12,437 | 2,109 | 1,694 | 4,128 | 28,720 | |||||||||||||||||||||||||||||
$ | 77,165 | $ | 125,622 | $ | 77,815 | $ | 36,219 | $ | 42,538 | $ | 359,359 | ||||||||||||||||||||||||
Timing of revenue recognition | |||||||||||||||||||||||||||||||||||
Goods/services transferred at a point in time | $ | 60,635 | $ | 20,904 | $ | 58,219 | $ | 11,131 | $ | 26,895 | $ | 177,784 | |||||||||||||||||||||||
Goods/services transferred over time | 16,530 | 104,718 | 19,596 | 25,088 | 15,643 | 181,575 | |||||||||||||||||||||||||||||
$ | 77,165 | $ | 125,622 | $ | 77,815 | $ | 36,219 | $ | 42,538 | $ | 359,359 |
Three Months Ended October 30, 2021 | |||||||||||||||||||||||||||||||||||
Commercial | Live Events | High School Park and Recreation | Transportation | International | Total | ||||||||||||||||||||||||||||||
Type of performance obligation | |||||||||||||||||||||||||||||||||||
Unique configuration | $ | 4,559 | $ | 43,528 | $ | 6,908 | $ | 8,976 | $ | 11,562 | $ | 75,533 | |||||||||||||||||||||||
Limited configuration | 25,977 | 8,825 | 24,916 | 4,552 | 10,466 | 74,736 | |||||||||||||||||||||||||||||
Service and other | 3,927 | 7,043 | 923 | 525 | 1,790 | 14,208 | |||||||||||||||||||||||||||||
$ | 34,463 | $ | 59,396 | $ | 32,747 | $ | 14,053 | $ | 23,818 | $ | 164,477 | ||||||||||||||||||||||||
Timing of revenue recognition | |||||||||||||||||||||||||||||||||||
Goods/services transferred at a point in time | $ | 26,362 | $ | 11,508 | $ | 23,115 | $ | 4,634 | $ | 10,815 | $ | 76,434 | |||||||||||||||||||||||
Goods/services transferred over time | 8,101 | 47,888 | 9,632 | 9,419 | 13,003 | 88,043 | |||||||||||||||||||||||||||||
$ | 34,463 | $ | 59,396 | $ | 32,747 | $ | 14,053 | $ | 23,818 | $ | 164,477 |
Six Months Ended October 30, 2021 | |||||||||||||||||||||||||||||||||||
Commercial | Live Events | High School Park and Recreation | Transportation | International | Total | ||||||||||||||||||||||||||||||
Type of performance obligation | |||||||||||||||||||||||||||||||||||
Unique configuration | $ | 8,146 | $ | 85,036 | $ | 11,074 | $ | 15,517 | $ | 17,445 | $ | 137,218 | |||||||||||||||||||||||
Limited configuration | 51,884 | 14,667 | 47,873 | 9,904 | 22,011 | 146,339 | |||||||||||||||||||||||||||||
Service and other | 7,214 | 12,080 | 1,694 | 1,190 | 3,474 | 25,652 | |||||||||||||||||||||||||||||
$ | 67,244 | $ | 111,783 | $ | 60,641 | $ | 26,611 | $ | 42,930 | $ | 309,209 | ||||||||||||||||||||||||
Timing of revenue recognition | |||||||||||||||||||||||||||||||||||
Goods/services transferred at a point in time | $ | 52,741 | $ | 18,337 | $ | 45,056 | $ | 10,205 | $ | 22,834 | $ | 149,173 | |||||||||||||||||||||||
Goods/services transferred over time | 14,503 | 93,446 | 15,585 | 16,406 | 20,096 | 160,036 | |||||||||||||||||||||||||||||
$ | 67,244 | $ | 111,783 | $ | 60,641 | $ | 26,611 | $ | 42,930 | $ | 309,209 |
October 29, 2022 | April 30, 2022 | Dollar Change | Percent Change | ||||||||||||||||||||
Contract assets | $ | 39,330 | $ | 41,687 | $ | (2,357) | (5.7) | % | |||||||||||||||
Contract liabilities - current | 90,403 | 90,393 | 10 | — | |||||||||||||||||||
Contract liabilities - noncurrent | 12,303 | 10,998 | 1,305 | 11.9 |
October 29, 2022 | |||||
Balance at beginning of period | $ | 26,346 | |||
New contracts sold | 25,860 | ||||
Less: reductions for revenue recognized | (21,381) | ||||
Foreign currency translation and other | (270) | ||||
Balance at end of period | $ | 30,555 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Commercial | $ | 37,047 | $ | 34,463 | $ | 77,165 | $ | 67,244 | |||||||||||||||
Live Events | 69,239 | 59,396 | 125,622 | 111,783 | |||||||||||||||||||
High School Park and Recreation | 42,006 | 32,747 | 77,815 | 60,641 | |||||||||||||||||||
Transportation | 16,679 | 14,053 | 36,219 | 26,611 | |||||||||||||||||||
International | 22,468 | 23,818 | 42,538 | 42,930 | |||||||||||||||||||
187,439 | 164,477 | 359,359 | 309,209 | ||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
Commercial | 6,197 | 7,445 | 11,018 | 14,623 | |||||||||||||||||||
Live Events | 7,983 | 5,585 | 11,769 | 14,167 | |||||||||||||||||||
High School Park and Recreation | 11,811 | 10,749 | 21,788 | 20,258 | |||||||||||||||||||
Transportation | 4,084 | 4,404 | 9,922 | 8,155 | |||||||||||||||||||
International | 1,629 | 4,081 | 3,001 | 7,249 | |||||||||||||||||||
31,704 | 32,264 | 57,498 | 64,452 | ||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling | 14,525 | 12,482 | 28,958 | 24,277 | |||||||||||||||||||
General and administrative | 8,687 | 8,201 | 18,128 | 15,772 | |||||||||||||||||||
Product design and development | 6,966 | 7,196 | 14,405 | 14,358 | |||||||||||||||||||
30,178 | 27,879 | 61,491 | 54,407 | ||||||||||||||||||||
Operating income (loss) | 1,526 | 4,385 | (3,993) | 10,045 | |||||||||||||||||||
Nonoperating (expense) income: | |||||||||||||||||||||||
Interest (expense) income, net | (263) | (59) | (323) | 78 | |||||||||||||||||||
Other expense, net | (208) | (952) | (955) | (1,820) | |||||||||||||||||||
Income (loss) before income taxes | $ | 1,055 | $ | 3,374 | $ | (5,271) | $ | 8,303 | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||
Commercial | $ | 834 | $ | 601 | $ | 1,637 | $ | 1,303 | |||||||||||||||
Live Events | 1,627 | 1,248 | 3,193 | 2,585 | |||||||||||||||||||
High School Park and Recreation | 383 | 340 | 722 | 778 | |||||||||||||||||||
Transportation | 128 | 127 | 253 | 266 | |||||||||||||||||||
International | 566 | 752 | 1,111 | 1,478 | |||||||||||||||||||
Unallocated corporate depreciation | 662 | 669 | 1,309 | 1,379 | |||||||||||||||||||
$ | 4,200 | $ | 3,737 | $ | 8,225 | $ | 7,789 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
October 29, 2022 | October 30, 2021 | October 29, 2022 | October 30, 2021 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
United States | $ | 163,142 | $ | 138,821 | $ | 312,580 | $ | 262,303 | |||||||||||||||
Outside United States | 24,297 | 25,656 | 46,779 | 46,906 | |||||||||||||||||||
$ | 187,439 | $ | 164,477 | $ | 359,359 | $ | 309,209 |
October 29, 2022 | April 30, 2022 | ||||||||||
Property and equipment, net of accumulated depreciation: | |||||||||||
United States | $ | 66,150 | $ | 58,643 | |||||||
Outside United States | 8,121 | 8,122 | |||||||||
$ | 74,271 | $ | 66,765 |
Live Events | Commercial | Transportation | International | Total | |||||||||||||||||||||||||
Balance as of April 30, 2022 | $ | 2,296 | $ | 3,349 | $ | 68 | $ | 2,214 | $ | 7,927 | |||||||||||||||||||
Foreign currency translation | (20) | (146) | (20) | (104) | (290) | ||||||||||||||||||||||||
Balance as of October 29, 2022 | $ | 2,276 | $ | 3,203 | $ | 48 | $ | 2,110 | $ | 7,637 |
October 29, 2022 | |||||
Beginning accrued warranty obligations | $ | 28,878 | |||
Warranties issued during the period | 5,951 | ||||
Settlements made during the period | (3,923) | ||||
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations | (1,152) | ||||
Ending accrued warranty obligations | $ | 29,754 |
Fair Value Measurements | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Balance as of October 29, 2022 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 6,431 | $ | — | $ | — | $ | 6,431 | |||||||||||||||
Restricted cash | 712 | — | — | 712 | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
US Government securities | — | — | — | — | |||||||||||||||||||
US Government sponsored entities | — | 525 | — | 525 | |||||||||||||||||||
Derivatives - asset position | — | 1,175 | — | 1,175 | |||||||||||||||||||
$ | 7,143 | $ | 1,700 | $ | — | $ | 8,843 | ||||||||||||||||
Balance as of April 30, 2022 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 17,143 | $ | — | $ | — | $ | 17,143 | |||||||||||||||
Restricted cash | 865 | — | — | 865 | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
US Government securities | 3,486 | — | — | 3,486 | |||||||||||||||||||
US Government sponsored entities | — | 534 | — | 534 | |||||||||||||||||||
Derivatives - asset position | — | 934 | — | 934 | |||||||||||||||||||
Derivatives - liability position | — | (311) | — | (311) | |||||||||||||||||||
$ | 21,494 | $ | 1,157 | $ | — | $ | 22,651 |
Three Months Ended | |||||||||||||||||||||||
(in thousands) | October 29, 2022 | October 30, 2021 | Dollar Change | Percent Change | |||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Commercial | $ | 37,047 | $ | 34,463 | $ | 2,584 | 7.5 | % | |||||||||||||||
Live Events | 69,239 | 59,396 | 9,843 | 16.6 | |||||||||||||||||||
High School Park and Recreation | 42,006 | 32,747 | 9,259 | 28.3 | |||||||||||||||||||
Transportation | 16,679 | 14,053 | 2,626 | 18.7 | |||||||||||||||||||
International | 22,468 | 23,818 | (1,350) | (5.7) | |||||||||||||||||||
$ | 187,439 | $ | 164,477 | $ | 22,962 | 14.0 | % | ||||||||||||||||
Orders: (1) | |||||||||||||||||||||||
Commercial | $ | 42,711 | $ | 58,358 | $ | (15,647) | (26.8) | % | |||||||||||||||
Live Events | 80,999 | 40,501 | 40,498 | 100.0 | |||||||||||||||||||
High School Park and Recreation | 31,898 | 25,651 | 6,247 | 24.4 | |||||||||||||||||||
Transportation | 16,583 | 14,699 | 1,884 | 12.8 | |||||||||||||||||||
International | 10,616 | 24,498 | (13,882) | (56.7) | |||||||||||||||||||
$ | 182,807 | $ | 163,707 | $ | 19,100 | 11.7 | % |
Three Months Ended | |||||||||||||||||||||||
October 29, 2022 | October 30, 2021 | ||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Amount | As a Percent of Net Sales | |||||||||||||||||||
Gross Profit: | |||||||||||||||||||||||
Commercial | $ | 6,197 | 16.7 | % | $ | 7,445 | 21.6 | % | |||||||||||||||
Live Events | 7,983 | 11.5 | 5,585 | 9.4 | |||||||||||||||||||
High School Park and Recreation | 11,811 | 28.1 | 10,749 | 32.8 | |||||||||||||||||||
Transportation | 4,084 | 24.5 | 4,404 | 31.3 | |||||||||||||||||||
International | 1,629 | 7.3 | 4,081 | 17.1 | |||||||||||||||||||
$ | 31,704 | 16.9 | % | $ | 32,264 | 19.6 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
October 29, 2022 | October 30, 2021 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Contribution Margin: | |||||||||||||||||||||||||||||||||||
Commercial | $ | 1,919 | 5.2 | % | $ | (1,490) | (43.7) | % | $ | 3,409 | 9.9 | % | |||||||||||||||||||||||
Live Events | 5,214 | 7.5 | 1,890 | 56.9 | 3,324 | 5.6 | |||||||||||||||||||||||||||||
High School Park and Recreation | 8,438 | 20.1 | 602 | 7.7 | 7,836 | 23.9 | |||||||||||||||||||||||||||||
Transportation | 3,026 | 18.1 | (484) | (13.8) | 3,510 | 25.0 | |||||||||||||||||||||||||||||
International | (1,418) | (6.3) | (3,121) | (183.3) | 1,703 | 7.2 | |||||||||||||||||||||||||||||
$ | 17,179 | 9.2 | % | $ | (2,603) | (13.2) | % | $ | 19,782 | 12.0 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
October 29, 2022 | October 30, 2021 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Contribution margin | $ | 17,179 | 9.2 | % | $ | (2,603) | (13.2) | % | $ | 19,782 | 12.0 | % | |||||||||||||||||||||||
General and administrative | 8,687 | 4.6 | 486 | 5.9 | 8,201 | 5.0 | |||||||||||||||||||||||||||||
Product design and development | 6,966 | 3.7 | (230) | (3.2) | 7,196 | 4.4 | |||||||||||||||||||||||||||||
Operating income | $ | 1,526 | 0.8 | % | $ | (2,859) | (65.2) | % | $ | 4,385 | 2.7 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
October 29, 2022 | October 30, 2021 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Interest (expense) income, net | $ | (263) | (0.1) | % | $ | (204) | 345.8 | % | $ | (59) | — | % | |||||||||||||||||||||||
Other expense, net | $ | (208) | (0.1) | % | $ | 744 | (78.1) | % | $ | (952) | (0.6) | % |
Six Months Ended | |||||||||||||||||||||||
(in thousands) | October 29, 2022 | October 30, 2021 | Dollar Change | Percent Change | |||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Commercial | $ | 77,165 | $ | 67,244 | $ | 9,921 | 14.8 | % | |||||||||||||||
Live Events | 125,622 | 111,783 | 13,839 | 12.4 | |||||||||||||||||||
High School Park and Recreation | 77,815 | 60,641 | 17,174 | 28.3 | |||||||||||||||||||
Transportation | 36,219 | 26,611 | 9,608 | 36.1 | |||||||||||||||||||
International | 42,538 | 42,930 | (392) | (0.9) | |||||||||||||||||||
$ | 359,359 | $ | 309,209 | $ | 50,150 | 16.2 | % | ||||||||||||||||
Orders: (1) | |||||||||||||||||||||||
Commercial | $ | 90,389 | $ | 96,687 | $ | (6,298) | (6.5) | % | |||||||||||||||
Live Events | 132,752 | 90,187 | 42,565 | 47.2 | |||||||||||||||||||
High School Park and Recreation | 69,477 | 71,362 | (1,885) | (2.6) | |||||||||||||||||||
Transportation | 32,287 | 36,044 | (3,757) | (10.4) | |||||||||||||||||||
International | 28,125 | 51,173 | (23,048) | (45.0) | |||||||||||||||||||
$ | 353,030 | $ | 345,453 | $ | 7,577 | 2.2 | % | ||||||||||||||||
Six Months Ended | |||||||||||||||||||||||
October 29, 2022 | October 30, 2021 | ||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Amount | As a Percent of Net Sales | |||||||||||||||||||
Gross Profit: | |||||||||||||||||||||||
Commercial | $ | 11,018 | 14.3 | % | $ | 14,623 | 21.7 | % | |||||||||||||||
Live Events | 11,769 | 9.4 | 14,167 | 12.7 | |||||||||||||||||||
High School Park and Recreation | 21,788 | 28.0 | 20,258 | 33.4 | |||||||||||||||||||
Transportation | 9,922 | 27.4 | 8,155 | 30.6 | |||||||||||||||||||
International | 3,001 | 7.1 | 7,249 | 16.9 | |||||||||||||||||||
$ | 57,498 | 16.0 | % | $ | 64,452 | 20.8 | % |
Six Months Ended | |||||||||||||||||||||||||||||||||||
October 29, 2022 | October 30, 2021 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Contribution Margin: | |||||||||||||||||||||||||||||||||||
Commercial | $ | 2,119 | 2.7 | % | $ | (4,807) | (69.4) | % | $ | 6,926 | 10.3 | % | |||||||||||||||||||||||
Live Events | 6,188 | 4.9 | (3,464) | (35.9) | 9,652 | 8.6 | |||||||||||||||||||||||||||||
High School Park and Recreation | 15,019 | 19.3 | 418 | 2.9 | 14,601 | 24.1 | |||||||||||||||||||||||||||||
Transportation | 7,969 | 22.0 | 1,605 | 25.2 | 6,364 | 23.9 | |||||||||||||||||||||||||||||
International | (2,755) | (6.5) | (5,387) | (204.7) | 2,632 | 6.1 | |||||||||||||||||||||||||||||
$ | 28,540 | 7.9 | % | $ | (11,635) | (29.0) | % | $ | 40,175 | 13.0 | % |
Six Months Ended | |||||||||||||||||||||||||||||||||||
October 29, 2022 | October 30, 2021 | ||||||||||||||||||||||||||||||||||
(in thousands) | Amount | As a Percent of Net Sales | Dollar Change | Percent Change | Amount | As a Percent of Net Sales | |||||||||||||||||||||||||||||
Interest (expense) income, net | $ | (323) | (0.1) | % | $ | (401) | (514.1) | % | $ | 78 | — | % | |||||||||||||||||||||||
Other expense, net | $ | (955) | (0.3) | % | $ | 865 | (47.5) | % | $ | (1,820) | (0.6) | % |
Six Months Ended | |||||||||||||||||
(in thousands) | October 29, 2022 | October 30, 2021 | Dollar Change | ||||||||||||||
Net cash (used in) provided by: | |||||||||||||||||
Operating activities | $ | (21,938) | $ | (8,534) | $ | (13,404) | |||||||||||
Investing activities | (15,192) | (9,876) | (5,316) | ||||||||||||||
Financing activities | 26,278 | (396) | 26,674 | ||||||||||||||
Effect of exchange rate changes on cash | (13) | 8 | (21) | ||||||||||||||
Net decrease in cash, cash equivalents and restricted cash | $ | (10,865) | $ | (18,798) | $ | 7,933 |
Six Months Ended | |||||||||||
October 29, 2022 | October 30, 2021 | ||||||||||
(Increase) decrease: | |||||||||||
Accounts receivable | $ | (15,512) | $ | (26,914) | |||||||
Long-term receivables | 884 | 334 | |||||||||
Inventories | (34,659) | (20,509) | |||||||||
Contract assets | 1,896 | (7,542) | |||||||||
Prepaid expenses and other current assets | 3,703 | (3,450) | |||||||||
Income tax receivables | (2,629) | 409 | |||||||||
Investment in affiliates and other assets | (842) | 6 | |||||||||
Increase (decrease): | |||||||||||
Accounts payable | 11,371 | 25,045 | |||||||||
Contract liabilities | 2,031 | 5,863 | |||||||||
Accrued expenses | 4,096 | 3,194 | |||||||||
Warranty obligations | (300) | (178) | |||||||||
Long-term warranty obligations | 1,177 | (2) | |||||||||
Income taxes payable | 183 | 253 | |||||||||
Long-term marketing obligations and other payables | 864 | (163) | |||||||||
$ | (27,737) | $ | (23,654) |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
(1)Filed herewith electronically. |
/s/ Sheila M. Anderson | |||||
Daktronics, Inc. | |||||
Sheila M. Anderson | |||||
Chief Financial Officer | |||||
(Principal Financial Officer and | |||||
Principal Accounting Officer) | |||||
Date: December 13, 2022 |
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