Business
Daktronics, Inc. Announces 2024 Fiscal Second Quarter Results
Andrew Siegel Appointed New Lead Independent Director BROOKINGS, S.D., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ - DAKT) today reported
About this update from Daktronics, Inc.
[{"type":"text","content":"Andrew Siegel Appointed New Lead Independent Director\nBROOKINGS, S.D., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ - DAKT) today reported results for its fiscal 2024 second quarter which ended October 28, 2023. Q2 FY2024 financial highlights: Sales of $199.4 million, a 6.4 percent increase from the second quarter of fiscal 2023Gross profit as a percentage of net sales of 27.2 percent as compared to 16.9 percent in the second quarter of fiscal 2023Operating income of $19.4 million as compared to $1.5 million in the second quarter of fiscal 2023Product order backlog was $306.9 million(1) at October 28, 2023 compared to $400.7 million at the end of the fourth quarter of fiscal 2023 and $463.1 million in the year-earlier period. \"Our second quarter performance reflect strong gross profit margin expansion and cash flow generation, contributing to a record first half year of financial results. I attribute our success to our teams strong execution across all business areas and pricing strategies that we undertook over the past several quarters. In addition, our backlog reduction reflects our efforts to reduce lead times and the more stable operating environment, allowing more consistent output,\" stated Reece Kurtenbach, Daktronics' Chairman, President and Chief Executive Officer.\" Andrew Siegel Appointed New Lead Independent Director Daktronics, Inc. also announced the appointment of Andrew Siegel as Lead Independent Director, succeeding Kevin McDermott who has served as Lead Director since June 2020. “Kevin provided outstanding leadership to the Board as our Lead Independent Director during a challenging time, including the pandemic business climate, post-pandemic supply-chain crisis, and our recent successful financing,\" Kurtenbach said. \"We thank Kevin for his significant leadership and commitment to Daktronics. We appreciate that his contributions will continue as Chair of the Audit Committee.” Andrew Siegel joined the Board in July 2022 part of the Company’s ongoing Board refreshment process. He currently manages Prairieland Holdco LLC, which entered into a Cooperation Agreement with the Company at that time, and co-manages, with Lawrence B. Benenson, TLI Bedrock, LLC, a private multi-strategy investment firm. Mr. Siegel commented, “As an investment firm we were drawn to Daktronics because of its values and cu...