Daktronics, Inc. Announces First Quarter Fiscal 2022 Results

About this update from Daktronics, Inc.

[{"type":"text","content":"BROOKINGS, S.D., Sept. 01, 2021 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ - DAKT) today reported results for fiscal 2022 first quarter which ended July 31, 2021. Q1 FY2022 financial highlights: Net sales of $144.7 million were similar to Q1 FY2021 net sales of $143.6 million.Operating income of $5.7 million was lower than Q1 FY2021 operating income of $9.5 million due to inflation in materials and freight costs, increased personnel spend compared to prior year during the pandemic, and due to sales mix difference between the two quarters. Operating income as a percent of sales for Q1 FY2022 was 3.9 percent as compared to 6.6 percent in Q1 FY2021.Net income of $3.7 million, and earnings per diluted share of $0.08 compared to net income of $7.5 million, and $0.17 earnings per diluted share, for Q1 FY2021.First quarter orders of $181.7 million, grew 48.8% year-over-year, driven by increased market activity as the pandemic restrictions eased and large project bookings.Product order backlog of $285 million compared to $192 million a year earlier.(1) The increase was driven by strong order volume offset by muted conversion to sales due to supply chain challenges.Balance sheet remains strong. There were no advances under the loan portion of the line of credit compared to $15 million borrowed at the end of Q1 FY2021. Reece Kurtenbach, chairman, president and chief executive officer stated, \"Late last fiscal year, order and quoting activities began to recover as the pandemic impacts subsided. Strong market conditions and recovery continued through the first quarter and orders increased in all business units. At the same time, material, labor, and freight availability constraints are creating headwinds in lead times and inflationary pressures. We expect these headwinds to persist through this calendar year with some impacts continuing into next calendar year. Our teams are performing well to keep up with the robust demand and working through the dynamic supply chain conditions.\" OutlookKurtenbach added, \"Our solid backlog and strong pipeline of opportunities positions us for a successful year. However, as we work through supply chain challenges, we expect volatility in our revenue cycles and production costs. Over the long-term, we believe the fundamentals of the audiovisual industry are strong and are poised for growth. We are activ...

More updates from Daktronics, Inc.