Daktronics, Inc. Announces Fiscal Year and Fourth Quarter 2021 Results

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[{"type":"text","content":"BROOKINGS, S.D., June 09, 2021 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ - DAKT) today reported fiscal year and fourth quarter 2021 results. Daktronics reported fiscal year 2021 net sales of $482.0 million, operating income of $17.1 million, net income of $10.9 million, and earnings per diluted share of $0.24. This compares to net sales of $608.9 million, operating loss of $0.2 million, and net income of $0.5 million, or $0.01 earnings per diluted share for fiscal 2020. Fiscal 2021 orders were $515.9 million compared to $620.8 million for fiscal 2020. Daktronics reported fiscal 2021 fourth quarter net sales of $116.9 million, operating income of $1.1 million, and net income of $0.3 million, or $0.01 earnings per diluted share, compared to net sales of $126.1 million, operating loss of $3.5 million, and net loss of $1.1 million, or $0.02 loss per diluted share for the fourth quarter of fiscal 2020. Fiscal 2021 fourth quarter orders were $171.2 million compared to $147.2 million for the fourth quarter of fiscal 2020. Product backlog at the end of the fiscal 2021 fourth quarter was $251 million, compared to a backlog of $212 million a year earlier and $195 million at the end of the third quarter of fiscal 2021. Fiscal 2021 is a 52-week year and fiscal 2020 was a 53-week year. Sales, orders and other results of operations were impacted due to the additional week of operations. Cash generated by operating activities for the fiscal year ended May 1, 2021 was $66.2 million, compared to cash generated of $10.8 million in fiscal 2020. Cash generated by operating activities is primarily derived from cash received from customers, offset by cash payments for inventories, subcontractors, employee related costs, and operating expense outflows. Cash provided from operations differed as compared to last year primarily due to a focus on customer collections, decreasing inventory levels, and lowering personnel and operating expense outflows as we managed operations through the uncertain times created by the COVID-19 pandemic. Cash generation and use can vary based on order timing and levels, varying contractual payment terms from customers, and payments for inventory to meet delivery and installation schedules. Free cash flow, defined as cash provided from or used in operating activities less net investment in property and equipment, was a pos...

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