- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
-----------
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 29, 2000
Commission file number
0-23246
DAKTRONICS, INC.
South Dakota 46-0306862
------------ ----------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation of organization)
331 32nd Avenue Brookings, SD 57006
-----------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (605) 697-4000
------------------------------------------------------------
(Former name, address, and/or fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes _X_ No ___
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding at January 31, 2000
----- -------------------------------
Common Stock, No par value 8,866,966
- --------------------------------------------------------------------------------
<PAGE>
Daktronics, Inc.
Table of Contents
Part I. Financial Information Page(s)
-------
Consolidated Balance Sheets -
January 29, 2000 and May 1, 1999 ......................... 3 - 4
Consolidated Statements of Operations
Three months and nine months ended
January 29, 2000 and January 30, 1999..................... 5
Consolidated Statements of Cash Flows -
Nine months ended January 29, 2000 and
January 30, 1999.......................................... 6
Notes to Consolidated Financial Statements................ 7 - 8
Management's Discussion and Analysis of
Financial Condition and Results of Operation.............. 9 - 12
Part II. Other Information............................................ 13
Signatures................................................ 14
2
<PAGE>
DAKTRONICS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(In thousands)
<TABLE>
<CAPTION>
JANUARY 29,
2000 MAY 1,
ASSETS (UNAUDITED) 1999
------------ ------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents ......................... $ 416 $ 1,050
Accounts receivable less allowance
for doubtful accounts of $234 at
January 29, 2000 and $212 at May 1, 1999 ........ 16,059 19,832
Current maturities of long-term
receivables ..................................... 2,014 2,300
Inventories ....................................... 15,277 13,864
Costs and estimated earnings in
excess of billings on uncompleted
contracts ....................................... 14,211 5,374
Prepaid expenses and other ........................ 5 311
Deferred income tax benefit ....................... 1,139 1,476
------------ ------------
Total current assets ............................ $ 49,121 $ 44,207
============ ============
LONG-TERM RECEIVABLES
AND OTHER ASSETS
Advertising rights ................................ $ 825 $ --
Long-term receivables,
less current maturities ......................... 4,238 6,048
Intangible assets and other ....................... 978 621
------------ ------------
$ 6,041 $ 6,669
============ ============
PROPERTY AND EQUIPMENT,
at cost
Land ............................................ $ 532 $ 532
Buildings ....................................... 7,506 5,459
Machinery and equipment ......................... 16,768 14,036
Office furniture and equipment .................. 2,946 1,997
Transportation equipment ........................ 994 744
------------ ------------
$ 28,746 $ 22,768
Less accumulated depreciation ..................... 12,698 11,025
------------ ------------
$ 16,048 $ 11,743
------------ ------------
$ 71,210 $ 62,619
============ ============
</TABLE>
The accompanying notes are an integral part of these Consolidated Financial
Statements.
3
<PAGE>
DAKTRONICS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (CONTINUED)
(In thousands, except for share data)
<TABLE>
<CAPTION>
JANUARY 29,
2000 MAY 1,
LIABILITIES AND SHAREHOLDERS' EQUITY (UNAUDITED) 1999
------------ ------------
<S> <C> <C>
CURRENT LIABILITIES
Notes payable, bank ................................. $ 10,490 $ 2,659
Current maturities of
long-term debt .................................... 1,951 1,951
Accounts payable .................................... 8,662 8,815
Customer deposits ................................... 112 1,292
Accrued expenses .................................... 4,424 5,293
Billings in excess of costs and
estimated earnings on uncompleted contracts ....... 2,087 2,970
Income taxes payable ................................ 370 635
------------ ------------
Total current liabilities ......................... $ 28,096 $ 23,615
------------ ------------
LONG-TERM DEBT
Less current maturities ............................. $ 7,074 $ 8,275
DEFERRED INCOME ....................................... $ 516 $ 602
DEFERRED INCOME TAXES ................................. $ 515 $ 626
SHAREHOLDERS' EQUITY
Common stock, no par value
Authorized 30,000,000 shares
Issued January 29, 2000 8,866,962 shares
May 1, 1999 8,749,722 shares ...................... $ 12,210 $ 11,819
Retained earnings ................................... 22,808 17,691
------------ ------------
$ 35,018 $ 29,510
Less:
Cost of 9,840 treasury shares ....................... (9) (9)
------------ ------------
$ 35,009 $ 29,501
------------ ------------
$ 71,210 $ 62,619
============ ============
</TABLE>
The accompanying notes are an integral part of these Consolidated Financial
Statements.
4
<PAGE>
DAKTRONICS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except earnings per share)
(unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
------------------ -----------------
JANUARY 29, JANUARY 30, JANUARY 29, JANUARY 30,
2000 1999 2000 1999
(13 WEEKS) (13 WEEKS) (39 WEEKS) (39 WEEKS)
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net sales .................................. $ 27,159 $ 17,681 $ 95,753 $ 64,150
Cost of goods sold ......................... 19,610 12,721 70,223 46,724
------------ ------------ ------------ ------------
Gross profit ........................... $ 7,549 $ 4,960 $ 25,530 $ 17,426
------------ ------------ ------------ ------------
Operating expenses:
Selling .................................. $ 3,593 $ 2,738 $ 10,606 $ 8,429
General and administrative ............... 1,169 724 3,263 2,561
Product design and development ........... 1,023 933 3,009 2,602
------------ ------------ ------------ ------------
$ 5,785 $ 4,395 $ 16,878 $ 13,592
------------ ------------ ------------ ------------
Operating income ....................... $ 1,764 $ 565 $ 8,652 $ 3,834
Nonoperating income (expense):
Interest income .......................... 239 221 522 514
Interest expense ......................... (399) (255) (968) (674)
Other income ............................. 72 68 372 196
------------ ------------ ------------ ------------
Income before income taxes ............ $ 1,676 $ 599 $ 8,578 $ 3,870
Income tax expense ......................... 670 243 3,461 1,557
------------ ------------ ------------ ------------
Net income ............................. $ 1,006 $ 356 $ 5,117 $ 2,313
============ ============ ============ ============
Earnings per share:
Basic (1) ................................ $ .11 $ .04 $ .58 $ .27
============ ============ ============ ============
Diluted (1) .............................. $ .11 $ .04 $ .56 $ .26
============ ============ ============ ============
</TABLE>
(1) Share and per share amounts for the three and nine months ended
January 30, 1999 have been restated to reflect a two-for-one stock split in
January 2000.
The accompanying notes are an integral part of these Consolidated Financial
Statements.
5
<PAGE>
DAKTRONICS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
<TABLE>
<CAPTION>
NINE MONTHS ENDED
-----------------
JANUARY 29, JANUARY 30,
2000 1999
(39 WEEKS) (39 WEEKS)
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income ................................................ $ 5,117 $ 2,313
Adjustments to reconcile net income to
net cash (used in) operating activities:
Depreciation .......................................... 1,673 1,300
Amortization .......................................... 232 240
Provision for doubtful accounts ....................... 22 92
Change in operating assets and
liabilities ......................................... (8,132) (8,433)
------------ ------------
Net cash (used in)
operating activities ............................ $ (1,088) $ (4,488)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment ........................ $ (5,978) $ (3,186)
Other, net ................................................ (589) 155
------------ ------------
Net cash (used in)
investing activities ................................ $ (6,567) $ (3,031)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on notes payable ........................... $ 7,831 $ 3,118
Proceeds from lease ....................................... 390 --
Proceeds from long-term debt .............................. -- 5,000
Principal payments on
long-term debt .......................................... (1,591) (614)
Proceeds from exercise of stock options ................... 391 94
------------ ------------
Net cash provided by
financing activities .................................. $ 7,021 $ 7,598
------------ ------------
Increase (decrease) in cash and cash equivalents ........ $ (634) $ 79
Cash and cash equivalents:
Beginning ................................................. 1,050 148
------------ ------------
Ending .................................................... $ 416 $ 227
============ ============
</TABLE>
The accompanying notes are an integral part of these Consolidated Financial
Statements.
6
<PAGE>
DAKTRONICS, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
NOTE A. GENERAL
The consolidated financial statements include the accounts of
Daktronics, Inc. and its wholly-owned subsidiary, Star Circuits, Inc.
Intercompany accounts and transactions have been eliminated in consolidation.
The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with instructions for Form 10-Q and,
accordingly, do not include all information and footnotes required by generally
accepted accounting principles for complete financial statements. In the opinion
of management, the unaudited financial statements contain all adjustments,
consisting of normal recurring accruals, necessary to present fairly the
consolidated financial position of the Company and its subsidiary as of January
29, 2000 and the results of its operations and cash flows for the nine months
ended January 29, 2000 and January 30, 1999. These results may not be indicative
of the results to be expected for the full fiscal year.
These statements should be read in conjunction with the financial
statements and footnotes included in the Company's Annual Report on Form 10-K
for the year ended May 1, 1999, previously filed with the Commission.
Earnings per share are calculated in accordance with the provisions of
FASB Statement No. 128, "Earnings Per Share". A reconciliation of the income and
common stock share amounts used in the calculation of basic and diluted earnings
per share for the nine months ended January 29, 2000 and January 30, 1999
follows (amounts in thousands except per share amounts):
Per
Net Share
Income Shares Amount
------ ------ ------
For the nine months ended January 29, 2000:
Basic EPS ............................. $ 5,117 8,792 $ .58
Effect of dilutive securities:
Exercise of stock options ........... -- 376 (.02)
-------- -------- --------
Diluted EPS ........................... $ 5,117 9,168 $ .56
======== ======== ========
For the nine months ended January 30, 1999:
Basic EPS (1) ......................... $ 2,313 8,680 $ 0.27
Effect of dilutive securities:
Exercise of stock options (1) ....... -- 240 (.01)
-------- -------- --------
Diluted EPS (1) ....................... $ 2,313 8,920 $ 0.26
======== ======== ========
(1) Share and per share amounts for the nine months ended January 30,
1999 have been restated to reflect a two-for-one stock split in January 2000.
7
<PAGE>
NOTE B. INVENTORIES
Inventories consist of the following (in thousands):
January 29, May 1,
2000 1999
---- ----
Raw materials.................... $ 8,681 $ 8,465
Work-in-process.................. 2,339 1,596
Finished goods................... 4,257 3,803
--------- ---------
$ 15,277 $ 13,864
========= =========
NOTE C. LITIGATION
On February 17, 1999, Daktronics was sued in the circuit court of
Hillsborough County, Florida by the Buccaneers Football Stadium Limited
Partnership, an affiliated company of the Tampa Bay Buccaneers football team.
The lawsuit alleged that the video displays installed at Raymond James Stadium
in Tampa, Florida did not meet the contract requirements. The lawsuit sought
either to rescind the contract under which Daktronics furnished the scoring and
display equipment for the Stadium and obtain the return of all funds paid or to
obtain damages for breach of contract. The Tampa Sports Authority owns Raymond
James Stadium and was not a plaintiff in the action.
The contract, valued at approximately $7.9 million, included two large
end zone scoreboards with video displays, sideline auxiliary scoreboards,
advertising panels and installation. Daktronics had received approximately $3.1
million in payments under the contract and had unpaid invoices outstanding in
the amount of approximately $2.9 million. In addition, the plaintiff was in
default on a payment in the amount of $257,000 under a promissory note to
Daktronics as part of the contract. Daktronics believed those payments had been
unreasonably withheld and had filed a counterclaim for these payments, related
interest and acceleration of remaining payments under the promissory note.
In January 2000, Daktronics and Tampa Bay Buccaneers Entities reached
an out of court settlement. The settlement did not have a material effect on the
current financial statements.
NOTE D. STOCK SPLIT
On December 7, 1999, Daktronics approved a two-for-one stock split of
the Company's common stock in the form of a stock dividend. Stockholders of
record at the close of business on December 20, 1999 received one additional
share for each share of common stock on that date of record. Daktronics stock
began trading on the split-adjusted basis on January 10, 2000.
8
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The following discussion highlights the principal factors affecting
changes in financial condition and results of operations.
This discussion should be read in conjunction with the accompanying
Consolidated Financial Statements and Notes to Consolidated Financial
Statements.
In addition to statements of fact, this report contains forward-looking
statements reflecting the Company's expectations or beliefs concerning future
events which could materially affect Company performance in the future. The
Company cautions that these and similar statements involve risk and
uncertainties including changes in economic and market conditions, seasonality
of business in certain market niches, impact of large orders, management of
growth, and other risks noted in the Company's SEC filings which may cause
actual results to differ materially. Forward-looking statements are made in the
context of information available as of the date stated. The Company undertakes
no obligation to update or revise such statements to reflect new circumstances
or unanticipated events as they occur.
GENERAL
The Company designs, manufactures and sells a wide range of
computer-programmable information display systems to customers in a variety of
markets throughout the world. The Company focuses its sales and marketing
efforts on markets rather than products. Major categories of markets include
Sports, Business and Government.
The Company's net sales and profitability historically have fluctuated
due to the impact of large product orders, such as display systems for the
Olympic Games and major league sports, as well as the seasonality of the sports
market. The Company's gross margins on large product orders tend to fluctuate
more than those for small standard orders. Large product orders that involve
competitive bidding and substantial subcontract work for product installation
generally have lower gross margins. Although the Company follows the percentage
of completion method of recognizing revenues for these large orders, the Company
nevertheless has experienced fluctuations in operating results and expects that
its future results of operations may be subject to similar fluctuations.
The Company operates on a 52-53 week fiscal year, with fiscal years
ending on the Saturday closest to April 30 of each year. The first three
quarters of the fiscal year end on the Saturday closest to July 31, October 31
and January 31.
RESULTS OF OPERATIONS
The following table sets forth the percentage of net sales represented
by items included in the Company's Consolidated Statements of Operations for the
periods indicated:
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
------------------ -----------------
JANUARY 29, JANUARY 30, JANUARY 29, JANUARY 30,
2000 1999 2000 1999
(13 WEEKS) (13 WEEKS) (39 WEEKS) (39 WEEKS)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net sales ............................. 100.0% 100.0% 100.0% 100.0%
Cost of goods sold .................... 72.2% 71.9% 73.3% 72.8%
------ ------ ------ ------
Gross profit .......................... 27.8% 28.1% 26.7% 27.2%
Operating expenses .................... 21.3% 24.9% 17.7% 21.2%
------ ------ ------ ------
Operating income ...................... 6.5% 3.2% 9.0% 6.0%
Interest income ....................... 0.9% 1.2% 0.5% 0.8%
Interest expense ...................... (1.5%) (1.4%) (1.0%) (1.1%)
Other income .......................... 0.3% 0.4% 0.4% 0.3%
------ ------ ------ ------
Income before income taxes ............ 6.2% 3.4% 8.9% 6.0%
Income tax expense .................... 2.5% 1.4% 3.6% 2.4%
------ ------ ------ ------
Net income ............................ 3.7% 2.0% 5.3% 3.6%
====== ====== ====== ======
</TABLE>
9
<PAGE>
NET SALES
Net sales were $27.2 million and $95.8 million for the three and nine
months ended January 29, 2000 compared to $17.7 million and $64.2 million for
the three and nine months ended January 30, 1999. The increase in net sales was
primarily the result in increases in sales in the college and university, and
major league niches of the sports markets, and the commercial market. The
increases in these market niches were primarily the result of increased
Pro-Star(TM) Video Plus sales.
Based on current backlog and customer quotations, the Company believes
it will be a challenge to exceed the sales and earnings of the 1999 fourth
quarter for the fourth quarter of 2000.
GROSS PROFIT
Gross profit increased 50% to $7.5 million for the three months ended
January 29, 2000 from $5.0 million for the three months ended January 30, 1999
while gross profit as a percentage of net sales decreased from 28.1% to 27.8%
respectively.
Gross profit increased 47% to $25.5 million for the nine months ended
January 29, 2000 from $17.4 million for the nine months ended January 30, 1999
while gross profit as a percentage of net sales decreased from 27% to 26.7%
respectively.
OPERATING EXPENSES
Selling expenses increased to $3.6 million for the three months ended
January 29, 2000 from $2.7 million for the three months ended January 30, 1999.
Selling expenses increased to $10.6 million for the nine months ended January
29, 2000 from $8.4 million for the nine months ended January 30, 1999. The
increases were due primarily to the addition of sales staff and increased
selling activity.
General and administrative expenses increased to $1.2 million and $3.3
million for the three and nine months ended January 29, 2000 from $724,000 and
$2.6 million for the three and nine months ended January 30, 1999. The increases
were due to increases in salary and personnel to support company growth.
Product design and development expenses were $1.0 million and $3.0
million for the three and nine months ended January 29, 2000 and $933,000 and
$2.6 million for the three and nine months ended January 30, 1999. The Company
continues to improve the LED video product, and upgrade and expand the existing
products.
INTEREST INCOME
The Company occasionally sells products on an installment basis or in
exchange for advertising revenues from the scoreboard or display, both of which
result in long-term receivables. Interest income was $239,000 and $522,000 for
the three and nine months ended January 29, 2000 and $221,000 and $514,000 for
the three and nine months ended January 30, 1999.
INTEREST EXPENSE
Interest expense increased to $399,000 and $968,000 for the three and
nine month periods ended January 29, 2000 from $255,000 and $674,000 for the
three and nine months ended January 30, 1999. The increases were due to
increases in average loan balances.
INCOME TAX EXPENSE
Income taxes as a percentage of income before income taxes were
approximately 40% for the nine months ended January 29, 2000 and January 30,
1999.
NET INCOME
Net income was $1 million and $5.1 million for the three and nine
months ended January 29, 2000 compared to $356,000 and $2.3 million for the
three and nine months ended January 30, 1999. The increase was due to an
increase in net sales.
Management believes that one of the principal factors that will affect
net sales and income growth is the Company's ability to increase the marketing
of its products in existing markets and expand the marketing of its products to
new markets.
10
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
Working capital was $21 million at January 29, 2000 and $20.6 million
at May 1, 1999. Working capital provided by net income, depreciation and
amortization was offset by purchases of property and equipment and repayment of
long-term debt. The Company has historically financed working capital needs
through a combination of cash flow from operations and borrowings under bank
credit agreements.
Cash used by operations for the nine months ended January 29, 2000 was
$1.1 million. Net income of $5.1 million plus depreciation and amortization of
$1.9 million were offset by an increase in inventories including costs and
estimated earnings in excess of billings on uncompleted contracts. Cash used by
investing activities consisted of $6 million of purchases of property and
equipment. Cash provided from financing activities included $7.8 million of net
borrowings under the Company's line of credit, borrowing on a lease of $390,000
and $391,000 in proceeds from the exercise of stock options. Cash used for
financing activities consisted of $1.6 million of repayment of long-term debt.
The Company has used and expects to continue to use cash reserves and
bank borrowings to meet its short-term working capital requirements. On large
product orders, the time between acceptance and completion may extend up to 12
months depending on the amount of custom work and the customer's delivery needs.
The Company often receives a down payment or progress payments on these product
orders. To the extent that these payments are not sufficient to fund the costs
and other expenses associated with these orders, the Company uses working
capital and bank borrowings to finance these cash requirements.
The Company's product development activities include the enhancement of
existing products and the development of new products from existing
technologies. Product development expenses were $3 million for the nine months
ended January 29, 2000 and $2.6 million for the nine months ended January 30,
1999. The Company intends to continue to incur these expenditures to develop new
display products using various display technologies to offer higher resolution,
and more cost effective and energy efficient displays. Daktronics also intends
to continue developing software applications for its display controllers to
enable these products to continue to meet the needs and expectations of the
marketplace.
The Company has a credit agreement with a bank. The credit agreement
provides for a $15.0 million line of credit which includes up to $2.0 million
for standby letters of credit. The line of credit is at LIBOR rate plus 1.55%
(7.36% at January 29, 2000) and is due on October 1, 2001. As of January 29,
2000, $10.5 million had been drawn on the line of credit and no standby letters
of credit had been issued by the bank. The credit agreement is unsecured and
requires the Company to meet certain covenants. Financial covenants include the
maintenance of tangible net worth of at least $23 million, a minimum liquidity
ratio, a limit on dividends and distributions, and a minimum adjusted fixed
charge coverage ratio.
The Company is sometimes required to obtain performance bonds for
display installations. The Company currently has a bonding line available
through a surety company that provides for an aggregate of $50.0 million in
bonded work outstanding. At January 29, 2000, the Company had $13.2 million of
bonded work outstanding against this line.
The Company believes that if its growth continues, it may need to
increase the amount of its credit facility. The Company anticipates that it will
be able to obtain any needed funds under commercially reasonable terms from its
current lender. The Company believes that cash from operations, from its
existing or increased credit facility, and its current working capital will be
adequate to meet the cash requirements of its operations in the foreseeable
future.
11
<PAGE>
BUSINESS RISKS AND UNCERTAINTIES
A number of risks and uncertainties exist which could impact the
Company's future operating results. These uncertainties include, but are not
limited to, general economic conditions, competition, the Company's success in
developing new products and technologies, market acceptance of new products, and
other factors, including those set forth in the Company's SEC filings, including
its current report on Form 10-K for the year ended May 1, 1999.
YEAR 2000 ISSUES
Many computer programs used only two digits to identify a year in the
date field, with the result that data referring to the Year 2000 and subsequent
years may be misinterpreted by those programs. The Company did not suffer any
disruption of operations from its own computer applications or from any of its
key suppliers.
RECENT ACCOUNTING PRONOUNCEMENTS
The Financial Accounting Standards Board and the Accounting Standards
Executive Committee have issued certain Statements of Financial Accounting
Standards and Statements of Position, respectively, which have required
effective dates occurring after the Company's May 1, 1999 year end. The
Company's financial statements, including the disclosures therein, are not
expected to be materially affected by those accounting pronouncements.
12
<PAGE>
PART II-OTHER INFORMATION
Item 1-LEGAL PROCEEDINGS
The information set forth in the Notes to Financial Statements-Legal
Proceedings on page 13 of the January 29, 2000 10-Q is incorporated herein by
reference.
Item 2-CHANGES IN SECURITIES
On December 29, 1999, 22,000 warrants were issued to 21 individuals
and/or entities in partial consideration of the asset purchase of FibreLite.
These warrants are exercisable for shares of common stock at a price of $25.25
per share (pre-split price) during the period of December 30, 1999 through
December 30, 2006. There are restrictions on these warrants, which solidify the
exemption of these securities.
These securities were exempt from registration under the Securities Act of 1933,
Section 4(2) as not involving any public offerings.
13
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
/s/ Aelred J. Kurtenbach, Chairman and CEO
-------------------------------------------
Daktronics, Inc.
(Dr. Aelred J. Kurtenbach, Chairman and CEO)
(Chairman and CEO)
Date March 7, 2000
--------------
/s/ Paul J. Weinand, Treasurer
-------------------------------
Daktronics, Inc.
(Paul J. Weinand, Treasurer)
(Principal Financial Officer)
14
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-29-2000
<PERIOD-START> OCT-31-1999
<PERIOD-END> JAN-29-2000
<CASH> 416
<SECURITIES> 0
<RECEIVABLES> 16,293
<ALLOWANCES> 234
<INVENTORY> 15,277
<CURRENT-ASSETS> 49,121
<PP&E> 28,746
<DEPRECIATION> 12,698
<TOTAL-ASSETS> 71,210
<CURRENT-LIABILITIES> 28,096
<BONDS> 0
0
0
<COMMON> 12,210
<OTHER-SE> 22,808
<TOTAL-LIABILITY-AND-EQUITY> 71,210
<SALES> 95,753
<TOTAL-REVENUES> 95,753
<CGS> 70,223
<TOTAL-COSTS> 70,223
<OTHER-EXPENSES> 16,878
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 968
<INCOME-PRETAX> 8,578
<INCOME-TAX> 3,461
<INCOME-CONTINUING> 5,117
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,117
<EPS-BASIC> .58
<EPS-DILUTED> .56
</TABLE>
