Business
Daktronics, Inc. Announces 2025 Fiscal First Quarter Results
Solid Sequential GAAP Revenue Growth, Margin Expansion, and Cash Flow Generation Earned $22.7 Million of Operating Income and Adjusted Net Income(1) of $16.6
About this update from Daktronics, Inc.
[{"type":"text","content":"Solid Sequential GAAP Revenue Growth, Margin Expansion, and Cash Flow Generation Earned $22.7 Million of Operating Income and Adjusted Net Income(1) of $16.6 Million BROOKINGS, S.D., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ-DAKT), the leading U.S.-based designer and manufacturer of best-in-class dynamic video communication displays and control systems for customers worldwide, today reported results for its fiscal 2025 first quarter which ended July 27, 2024. Fiscal Q1 2025 financial highlights: Sales of $226.1 million, a 4.7 percent sequential increase from the fourth quarter of fiscal 2024, aligning with expected seasonal demand and driven by increased production and deliveries for sports and outdoor related seasonal businessGross profit as a percentage of net sales of 26.4 percent as compared to 25.7 percent for the fourth quarter of fiscal 2024Operating income of $22.7 million, a 16.9 percent increase as compared to $19.4 million for the fourth quarter of fiscal 2024Non-operating non-cash debt fair value adjustment created net loss of $4.9 million for the quarter, excluding the fair value adjustment, adjusted net income(1) was $16.6 million for the quarterProduct order backlog was $267.2 million(2) at July 27, 2024 compared to $316.9 million at the end of the fourth quarter of fiscal 2024 and $323.7 million at the end of the first quarter of fiscal 2024 as past periods' overbuilt backlog continues to be worked down through reductions in manufacturing lead timesProduct and service orders were $176.2 million(2), a decrease of 14.4 percent as compared to $205.8 million in fourth quarter fiscal 2024 and an increase of 11.1 percent as compared to $158.6 million in the same period of fiscal 2024 Reece Kurtenbach, Daktronicsʹ Chairman, President and Chief Executive Officer, commented \"We are off to a great start to the year against a record prior-year quarter. We built upon our fiscal 2024 accomplishments, focusing on efficient manufacturing and throughput and on-time deliveries for sports installs, especially in our Live Events and High School Parks and Recreation (HSPR) business units. We executed well to deliver year over year order growth, sequential revenue growth, and higher margins to generate returns above our cost of capital. Excluding a change in the fair value of our convertible note relating to our hi...