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Brookings, South Dakota - Daktronics Inc/SD/ (NASDAQ: DAKT) announced today its financial results for the third quarter ended July 29, 2023. The company reported a strong net income of $19.2 million for the quarter, reflecting a significant improvement compared to the same period last year. The company also reported quarterly revenue of $232.5 million, indicating a solid performance.
Daktronics achieved a gross profit of $71.1 million, an impressive increase compared to the previous year. Operating expenses remained relatively stable, with selling expenses at $12.9 million and general and administrative expenses at $9.6 million. The company's product design and development expenses increased to $8.4 million, reflecting ongoing investment in innovation and new product offerings. Overall, Daktronics reported an operating income of $40.2 million, a substantial improvement from the loss it incurred in the same period last year.
During the quarter, Daktronics experienced a significant growth in net sales, reaching $232.5 million. This represents an increase of approximately 35% compared to the same period in the previous year. The strong performance can be attributed to increased demand for Daktronics' products and services across various industries, including sports and entertainment, transportation, and commercial sectors.
Daktronics demonstrated solid financial stability with a healthy balance sheet. The company reported total assets of $508.0 million, reflecting an increase compared to the previous quarter. Total current assets increased to $386.7 million, driven by higher cash and cash equivalents, marketable securities, and inventories. The company's long-term liabilities also increased, primarily due to the net increase in long-term debt. However, Daktronics maintained a strong shareholders' equity of $221.0 million, indicating a solid financial position.
Daktronics reported earnings per share (EPS) of $0.42 for the quarter on a basic and diluted basis. This marks a significant improvement compared to the loss per share in the same period last year. The increase in earnings per share can be attributed to the company's improved profitability and strong financial performance. The weighted average shares outstanding increased slightly, reflecting the impact of stock options exercised during the quarter.
Looking ahead, Daktronics remains optimistic about its future prospects. The company's leadership is focused on driving innovation, expanding market reach, and delivering exceptional customer experiences. Daktronics continues to invest in research and development to enhance its product portfolio, leveraging emerging technologies and industry trends. The company is confident in its ability to capture new market opportunities and deliver sustained growth in the coming quarters.
Daktronics' strong financial performance in the third quarter of 2023 reflects its continued growth and profitability. The company's net income of $19.2 million and solid revenue of $232.5 million demonstrate its ability to capitalize on market demand and deliver value to its customers. With a strong balance sheet and a positive outlook, Daktronics is well-positioned for future success in the dynamic digital display industry.