Daktronics, Inc. Announces 2023 Fiscal Third Quarter Results

About this update from Daktronics, Inc.

[{"type":"text","content":"BROOKINGS, S.D., March 08, 2023 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ - DAKT) today reported results for its fiscal 2023 third quarter which ended January 28, 2023. Q3 FY2023 financial highlights: Record third quarter net sales of $185.0 million, a 32.5 percent increase from the third quarter of fiscal 2022Product order backlog was $429.1 million(1) compared to backlog of $353.3 million in the year-earlier periodGross profit as a percentage of net sales improved from 16.0 percent to 22.6 percent compared to prior yearOperating income was $7.1 million and adjusted operating income(2) was $11.7 million, versus an adjusted operating loss of $5.7 million in the third quarter of fiscal 2022Overall margin improvements were driven by: Strategic pricing increases;Improved supply chain, production and inventory management; andPrograms to improve company-wide expense management. Reece Kurtenbach, Daktronics' Chairman, President, and Chief Executive Officer, stated, \"I am grateful to our customers who continue to turn to Daktronics for our industry leading products and systems, despite the unusually long lead times caused by supply chain constraints over the last two years. At the same time, I am proud of how our employees delivered for our customers while facing historically high demand and an unprecedented operating environment.\" Mr. Kurtenbach continued, \"Our deliberate actions to carefully align our production planning, inventory, and labor force to our strong customer demand are proving successful, as evidenced by our record sales and improved gross profit margins, operating income and cash flow during the third quarter. As we disclosed at the end of the last reported quarter, we have a robust order pipeline and backlog and improving revenue conversion.\" Business and Liquidity Improvement UpdateDuring the quarter we made significant progress across all initiatives of our liquidity enhancement program. We improved our financial flexibility with the extension of a $10.0 million maturity on our credit facility and adjustments to generate more cash and increase profits. Our ability to reduce order cycle times was aided by the easing of pandemic-related supply chain disruptions, enabling us to work through our built-up inventory, which we expect will return to more normalized levels over the next year. Over the course of the qua...

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