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Daktronics, Inc. Reports Net Loss of $14.6 Million for Nine Months Ended January 28, 2023
By USInMinutes - Jul 10, 2023, 08:07 AM ET
Last Updated - Jul 18, 2023, 03:04 PM EDT
Revenue for Daktronics, Inc. Surpasses Half a Billion Dollars, Reaching $544.3 Million in Nine Months Ended January 28, 2023
Daktronics, Inc(DAKT)., a leading provider of electronic display systems and solutions, has announced its financial results for the nine months ended January 28, 2023. The company reported a net loss of $14.6 million during this period. However, Daktronics saw a significant increase in revenue, with sales reaching $544.3 million, reflecting strong demand for its products and services.
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Condensed Consolidated Balance Sheets
Daktronics, Inc. and its subsidiaries reported total assets of $453.7 million as of January 28, 2023, compared to $440.9 million as of April 30, 2022. The company's current assets stood at $341.8 million, including cash and cash equivalents of $10.0 million, marketable securities of $0.5 million, and accounts receivable of $115.8 million. Daktronics also reported long-term assets, including property and equipment, goodwill, and intangibles.
Condensed Consolidated Statements of Operations
During the nine months ended January 28, 2023, Daktronics generated net sales of $544.3 million, marking a significant increase from $448.8 million in the same period last year. The cost of sales amounted to $445.1 million, resulting in a gross profit of $99.2 million. Operating expenses totaled $96.1 million, including selling, general and administrative, and product design and development expenses. As a result, the company achieved an operating income of $3.1 million.
Condensed Consolidated Statements of Comprehensive (Loss) Income
Daktronics reported a net loss of $14.6 million for the nine months ended January 28, 2023, compared to a net income of $1.7 million in the same period last year. The company also recorded comprehensive income of $5.7 million, taking into account other comprehensive loss, including cumulative translation adjustments and unrealized gain on available-for-sale securities.
Condensed Consolidated Statements of Shareholders' Equity
As of January 28, 2023, Daktronics' total shareholders' equity amounted to $179.3 million. The company's common stock, additional paid-in capital, and retained earnings were $63.0 million, $49.7 million, and $82.0 million, respectively. Daktronics also reported treasury stock, accumulated other comprehensive loss, and additional changes in equity related to net income, cumulative translation adjustments, and share-based compensation.
Condensed Consolidated Statements of Cash Flows
Daktronics' cash flows from operating activities resulted in a net cash usage of $9.5 million for the nine months ended January 28, 2023. The company reported cash flows used in investing activities of $21.9 million, mainly due to purchases of property and equipment. In financing activities, Daktronics generated net cash of $23.5 million, primarily driven by borrowings on notes payable.
Note: The above financial data is in thousands, except per share data, and is unaudited.
Overall, while Daktronics, Inc. faced a net loss for the nine-month period, the company experienced strong revenue growth. The increase in sales demonstrates the market's demand for Daktronics' electronic display systems and solutions, indicating positive prospects for the company moving forward.
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