Business
Daktronics, Inc. Announces 2025 Fiscal Third Quarter Results & Leadership Transition
Reece Kurtenbach to Step Down as Chairman, President and CEO and Transition to Advisory Role Brad Wiemann, Executive Vice President, Appointed Interim CEO
About this update from Daktronics, Inc.
[{"type":"text","content":"Reece Kurtenbach to Step Down as Chairman, President and CEO and Transition to Advisory Role Brad Wiemann, Executive Vice President, Appointed Interim CEO Howard Atkins, Board Member and Former CFO of Wells Fargo, Appointed Acting CFO and Chief Transformation Officer, Allowing Sheila Anderson to Focus on Her Role as Chief Data and Analytics Officer Board of Directors Has Initiated a Search for a Permanent CEO Andrew Siegel, current Lead Independent Director, to become Chairman of the Board BROOKINGS, S.D., March 05, 2025 (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 third quarter which ended January 25, 2025. Fiscal Q3 2025 financial highlights include: Sales of $149.5 million, a 12.2 percent decrease from the third quarter of fiscal 2024Gross profit as a percentage of net sales of 24.6 percent was similar as compared to 24.5 percent for the third quarter of fiscal 2024Operating loss of $3.6 million, compared to operating income of $8.0 million for the third quarter of fiscal 2024; adjusted operating income was $1.2 million(1) after excluding $4.8 million of consultant and advisor related expenses associated with business transformation initiatives and corporate governance mattersNet loss for the quarter was $17.2 million, adjusted net income(1) was $0.5 million for the quarter after excluding the non-operating non-cash debt fair value adjustment and tax impacted operating adjustment for consultant and advisor related expenses associated with business transformation initiatives and corporate governance mattersCash flows from operations of $12.0 million for the fiscal third quarter and $74.8 million for the first nine months of fiscal 2025Product and service orders of $186.9 million(2) for the quarter, a decrease of 2.7 percent from the third quarter of 2024 and $540.7 million on a year-to-date basis, a year-to-date increase of 1.2 percentProduct order backlog of $273.2 million(2) at January 25, 2025, compared to $236.0 million at the end of the second quarter of fiscal 2025 and $328.3 million at the end of the third quarter of fiscal 2024 Reece Kurtenbach, Daktronicsʹ Chairman, President and Chief Executive Officer, commented, “Our ord...