PR Newswire
PALM BEACH GARDENS, Fla., Nov. 21, 2016
PALM BEACH GARDENS, Fla., Nov. 21, 2016 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the first quarter ended October 29, 2016. The Company reported:
Additionally, the Company has adjusted its outlook for the operations of Goodman Networks acquired in July 2016. The Company now expects revenues from the acquired operations for the next several quarters to approximate $10.0 million per quarter. As a result, the Company has reduced its contract backlog by a total of $211 million, of which $49 million was expected to be completed over the next twelve months. In addition, since the Company reported last quarter, a customer has modified its plans. As a result, the Company has reduced its forecasted revenue for that customer for the remainder of fiscal 2017 by approximately $80 million and its contract backlog associated with one project by $413 million. The total remaining backlog associated with other projects for this customer represents less than 2.5% of the Company's total backlog of $5.203 billion at October 29, 2016.
The Company also announced its outlook for the second quarter of fiscal 2017. The Company currently expects total contract revenues for the second quarter of fiscal 2017 to range from $640 million to $670 million. On a GAAP basis, diluted earnings per common share for the second quarter of fiscal 2017 is expected to range from $0.53 to $0.65. Non-GAAP Adjusted Diluted Earnings per Common Share is expected to range from $0.61 to $0.73. Non-GAAP Adjusted Diluted Earnings per Common Share guidance excludes $4.4 million of pre-tax interest expense for non-cash amortization of debt discount, or $0.08 per common share diluted on an after-tax basis. A reconciliation of Non-GAAP Adjusted Diluted Earnings per Common Share guidance provided for the second quarter of fiscal 2017 is included within the press release tables.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, the Company may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. See Explanation of Non-GAAP Financial Measures directly following the press release tables.
Conference Call Information and Other Selected Data
A conference call to review the Company's results will be hosted at 9:00 a.m. (ET), Tuesday, November 22, 2016; call (800) 230-1093 (United States) or (612) 332-0107 (International) ten minutes before the conference call begins and ask for the "Dycom Results" conference call. A live webcast of the conference call, along with related materials, will be available at www.dycomind.com. The conference call materials will be available at approximately 7:00 a.m. (ET) on November 22, 2016. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and the conference call materials will be available at www.dycomind.com until Thursday, December 22, 2016.
For additional detail on selected financial information including organic contract revenue, customer metrics, and certain other selected financial data and Non-GAAP financial measures, please refer to the Trend Schedule at www.dycomind.com in the Investor Center. The Trend Schedule will be available at approximately 7:00 a.m. (ET) on November 22, 2016.
About Dycom Industries, Inc.
Dycom is a leading provider of specialty contracting services throughout the United States and in Canada. These services include program management, engineering, construction, maintenance and installation services for telecommunications providers, underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.
Forward Looking Information
Fiscal 2017 first quarter results are preliminary and unaudited. This press release contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements are based on management's current expectations, estimates and projections and include the second quarter of fiscal 2017 outlook, backlog and statements found under the "Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures" section of this release. Forward-looking statements are subject to risks and uncertainties that may cause actual results in the future to differ materially from the results projected or implied in any forward-looking statements contained in this press release. The most significant of these risks and uncertainties are described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and include business and economic conditions and trends in the telecommunications industry affecting the Company's customers, the adequacy of the Company's insurance and other reserves and allowances for doubtful accounts, whether the carrying value of the Company's assets may be impaired, preliminary purchase price allocations of acquired businesses, expected benefits and synergies of acquisitions, the future impact of any acquisitions or dispositions, adjustments and cancellations related to the Company's backlog, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, and the other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements.
---Tables Follow---
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
Unaudited | |||||||
| | | | ||||
| As of | | As of | ||||
| October 29, 2016 | | July 30, 2016 | ||||
| (Dollars in thousands) | ||||||
ASSETS | | | | ||||
Current assets: | | | | ||||
Cash and equivalents | $ | 21,711 | | $ | 33,787 | ||
Accounts receivable, net | 329,786 | | 328,030 | ||||
Costs and estimated earnings in excess of billings | 488,960 | | 376,972 | ||||
Inventories | 81,054 | | 73,606 | ||||
Deferred tax assets, net | 24,021 | | 22,733 | ||||
Other current assets | 21,416 | | 16,106 | ||||
Total current assets | 966,948 | | 851,234 | ||||
| | | | ||||
Property and equipment, net | 337,653 | | 326,670 | ||||
Goodwill and other intangible assets, net | 500,333 | | 508,036 | ||||
Other | 33,473 | | 33,776 | ||||
Total non-current assets | 871,459 | | 868,482 | ||||
Total assets | $ | 1,838,407 | | $ | 1,719,716 | ||
| | | | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | ||||
Current liabilities: | | | | ||||
Accounts payable | $ | 114,730 | | $ | 115,492 | ||
Current portion of debt | 17,500 | | 13,125 | ||||
Billings in excess of costs and estimated earnings | 15,271 | | 19,557 | ||||
Accrued insurance claims | 38,748 | | 36,844 | ||||
Income taxes payable | 27,904 | | 15,307 | ||||
Other accrued liabilities | 97,810 | | 122,302 | ||||
Total current liabilities | 311,963 | | 322,627 | ||||
| | | | ||||
Long-term debt | 774,501 | | 706,202 | ||||
Accrued insurance claims | 54,557 | | 52,835 | ||||
Deferred tax liabilities, net non-current | 79,395 | | 76,587 Werbung Mehr Nachrichten zur Dycom Industries Aktie kostenlos abonnieren
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