Daktronics Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended January 27, 2018; Provides Tax Rate Guidance for the Fourth Quarter of Fiscal 2018 and Fiscal 2019
February 20, 2018 at 07:30 am EST
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Daktronics Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended January 27, 2018. For the quarter, the company reported net sales of $130,316,000 against $115,719,000 a year ago. Operating loss was $3,338,000 against $6,934,000 a year ago. Loss before income taxes was $3,707,000 against $7,112,000 a year ago. Net loss was $6,189,000 or $0.14 per basic and diluted share against $5,127,000 or $0.12 per basic and diluted share a year ago.
For the nine months, the company reported net sales of $472,353,000 against $442,857,000 a year ago. Operating income was $17,825,000 against $13,714,000 a year ago. Income before income taxes was $17,743,000 against $13,849,000 a year ago. Net income was $9,372,000 or $0.21 per basic and diluted share against $9,433,000 or $0.21 per basic and diluted share a year ago. Net cash provided by operating activities was $26,953,000 against $45,387,000 a year ago. Purchases of property and equipment were $10,865,000 against $6,709,000 a year ago. Free cash flow was $18,195,000 against $38,844,000 a year ago.
The company expects effective tax rate for the fourth quarter of fiscal 2018 to be approximately 30%.
For fiscal 2019, the company estimates an effective tax rate of approximately 21%.
Daktronics, Inc. is engaged in designing and manufacturing electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial and transportation applications. The Company's segments include Commercial, Live Events, High School Park and Recreation, Transportation, and International. Its Commercial segment primarily consists of sales of its integrated video display systems, digital billboards, Galaxy and Fuelight product lines, and dynamic messaging systems to resellers (primarily sign companies), out-of-home (OOH) companies, national retailers, quick-serve restaurants, casinos, shopping centers, cruise ships, commercial building owners, and petroleum retailers. Its Live Events segment primarily consists of sales of integrated scoring and video display systems to college and professional sports facilities and convention centers and sales of its mobile display technology to video rental organizations and other live event type venues.
Daktronics Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended January 27, 2018; Provides Tax Rate Guidance for the Fourth Quarter of Fiscal 2018 and Fiscal 2019