Daktronics, Inc. Announces 2024 Fiscal First Quarter Results

About this update from Daktronics, Inc.

[{"type":"text","content":"BROOKINGS, S.D., Sept. 06, 2023 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ - DAKT) today reported results for its fiscal 2024 first quarter which ended July 29, 2023. Q1 FY2024 financial highlights: Record first quarter net sales of $232.5 million, a 35.3 percent increase from the first quarter of fiscal 2023Gross profit as a percentage of net sales of 30.6 percent as a result of record sales volume, stable operations and prior strategic pricing actionsOperating income rebounded to $40.2 million as compared to an operating loss of $5.5 million in the first quarter of fiscal 2023Product order backlog was $323.7 million(1) at July 29, 2023 compared to $400.7 million at the end of the fourth quarter of fiscal 2023 and $469.1 million in the year-earlier period. This change reflects a more stable operating environment and an intentional focus to reduce lead times. Reece Kurtenbach, Daktronics' Chairman, President and Chief Executive Officer, stated, \"Our first quarter of fiscal 2024 performance is a result of strong execution across all business areas. Our teams strategically utilized our capacity to complete the manufacturing and installation for the start of the fall football season in our High School Park and Recreation (\"HSPR\") and Live Events business units and to bring lead times back down toward pre-pandemic levels. As we look ahead to the remainder of the current fiscal year, our attention remains focused on our multi-year journey to capture the market's expected growth and broaden our leading market position by offering best in class technologies and services to both our traditional customers as well as new and adjacent markets. We have applied the experience of the preceding two fiscal years to closely monitor the ever-evolving geopolitical and global economic environment and as necessary quickly adjust our resources and market approaches so that we can maintain profitability and cash generation throughout various cycles. Our teams remain focused on the following priorities and strategies for fiscal year 2024 and beyond: Growing the business profitably while generating cash through working capital management, strategic pricing adjustments, product mix changes and careful expense managementImproving operational efficiency to lower costs, reduce lead times and improve the customer experienceDeveloping additional markets ...

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