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Dycom Industries, Inc. Announces Fiscal 2012 Third Quarter Results

PALM BEACH GARDENS, Fla. May 22, 2012 April 28

The Company reported:

  • $296.1 million April 28, 2012 $252.4 million April 30, 2011
  • $29.9 million April 28, 2012 $23.8 million April 30, 2011
  • $9.6 million $0.28 April 28, 2012 $1.5 million $0.04 April 30, 2011 April 30, 2011 $3.4 million $0.10 April 30, 2011 $2.6 million $48.4 million $0.6 million

The Company also reported:

  • $883.1 million April 28, 2012 $732.1 million April 30, 2011
  • $95.0 million April 28, 2012 $70.4 million
  • $26.1 million $0.76 April 28, 2012 $3.1 million $0.09 April 30, 2011 April 30, 2011 $8.9 million $0.25 April 30, 2011 $8.3 million $0.6 million $0.2 million

The Company has defined Adjusted EBITDA (Non-GAAP) as earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets, stock-based compensation expense, loss on debt extinguishment, acquisition related costs, and charges for a wage and hour class action settlement. See the accompanying tables which present a reconciliation of GAAP to Non-GAAP financial information.

Wednesday, May 23, 2012 United States http://www.dycomind.com 8 a.m. (ET) May 23, 2012 http://www.dycomind.com Friday, June 22, 2012

the United States Canada

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that the presentation of certain Non-GAAP financial measures in this press release provides information that is useful to investors because it allows for a more direct comparison of the Company’s performance for the period with the Company’s performance in the comparable prior-year period.  The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results.

Fiscal 2012 third quarter results are preliminary and are unaudited.  This press release may contain 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.  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.  Such risks and uncertainties include business and economic conditions and trends in the telecommunications industry affecting our customers, the adequacy of our insurance and other reserves and allowances for doubtful accounts, whether the carrying value of our assets may be impaired, the future impact of any acquisitions or dispositions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, and the other risks detailed in our filings with the Securities and Exchange Commission.  The Company does not undertake to update forward-looking statements.

 

—Tables Follow—

 

NYSE: "DY"

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

April 28, 2012 and July 30, 2011

Unaudited

April 28,

July 30,

2012

2011

ASSETS

(Dollars in thousands)

CURRENT ASSETS:

Cash and equivalents

$

66,710

$

44,766

Accounts receivable, net

121,638

138,552

Costs and estimated earnings in excess of billings

105,874

90,855

Inventories

29,795

20,558

Deferred tax assets, net

15,653

15,957

Income taxes receivable

867

8,685

Other current assets

12,278

10,938

Total current assets

352,815

330,311

PROPERTY AND EQUIPMENT, NET

155,036

149,439

GOODWILL

174,849

174,849

INTANGIBLE ASSETS, NET

51,364

56,279

OTHER

12,981

13,877

TOTAL NON-CURRENT ASSETS

394,230

394,444

TOTAL ASSETS

$

747,045

$

724,755

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

33,287

$

39,399

Current portion of debt

121

232

Billings in excess of costs and estimated earnings

979

749

Accrued insurance claims

25,123

26,092

Other accrued liabilities

51,294

52,041

Total current liabilities

110,804

118,513

LONG-TERM DEBT

187,500

187,574

ACCRUED INSURANCE CLAIMS

22,546

23,344

DEFERRED TAX LIABILITIES, NET NON-CURRENT

44,011

39,923

OTHER LIABILITIES

3,798

3,550

Total liabilities

368,659

372,904

Total Stockholders’ Equity

378,386

351,851

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

747,045

$

724,755

  

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