Business
Daktronics, Inc. Announces Fiscal Year and Fourth Quarter 2023 Results
BROOKINGS, S.D., July 12, 2023 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ - DAKT) today reported fiscal year and fourth quarter 2023 results. Fiscal 2023
About this update from Daktronics, Inc.
[{"type":"text","content":"BROOKINGS, S.D., July 12, 2023 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ - DAKT) today reported fiscal year and fourth quarter 2023 results. Fiscal 2023 financial highlights: Record sales of $754.2 million for the 2023 fiscal year and $209.9 million for the fourth quarter, up 23.4 percent and 29.4 percent compared to the 2022 fiscal year and fourth quarter, respectivelyGross profit levels improved to 20.1 percent of sales for fiscal year 2023 as compared to 19.1 percent of sales for fiscal 2022 and improved to 24.8 percent from 18.5 percent for the fourth quarters of fiscal 2023 and fiscal 2022, respectivelySupply chain stabilization and temporary investments in inventory and capacity contributed to more effective and efficient production and order fulfillment starting late in the 2023 second quarter through the end of the fiscal yearIncreased net sales coupled with strategic pricing adjustments and prudent expense management resulted in operating income of $21.4 million for the 2023 fiscal year and $18.3 million for the fourth quarterAdjusted operating income(1) was $26.0 million for the 2023 fiscal year an increase from $4.0 million for the 2022 fiscal yearThe events and conditions that gave rise to substantial doubt about our ability to continue as a going concern were resolvedFiscal 2024 starting with product order backlog at $401 million(2) Reflection on FY2023Reece Kurtenbach, chairman, president and chief executive officer, stated, “Thanks to all of our stakeholders, especially customers, employees and suppliers, Daktronics has emerged from the challenges of the last three years strategically renewed, operationally focused, and financially sound. Our teams came together to take decisive and deliberate actions to improve our customers' experience while increasing our profitability and working capital levels through the past's dynamic and challenging operating environment. Fiscal 2023 was an incredibly positive transition year and our successful navigation on multiple fronts positions us for long-term success. Fiscal 2023 performance is a testimony to the resiliency and strength of our diversified markets, teams, and innovation.” Outlook for FY2024 and Beyond Our priorities for fiscal 2024 include: Growing the business profitably while generating cash through working capital management, strategic pricing adjustments, pro...