Daktronics, Inc. (DAKT) swung to a net profit for the quarter ended Apr. 29, 2017. The company has made a net profit of $0.91 million, or $ 0.02 a share in the quarter, against a net loss of $2.93 million, or $0.07 a share in the last year period.
Revenue during the quarter grew 3.77 percent to $143.68 million from $138.46 million in the previous year period. Gross margin for the quarter expanded 327 basis points over the previous year period to 23.47 percent. Operating margin for the quarter period stood at positive 1.19 percent as compared to a negative 2.64 percent for the previous year period.
Operating income for the quarter was $1.71 million, compared with an operating loss of $3.66 million in the previous year period.
Reece Kurtenbach, chairman, president and chief executive officer, stated, "Fiscal 2017 was a positive year for Daktronics. We realized an increase in order volume, sales, and profit. Our financial improvement is attributable to a number of factors. The global economic conditions improved over the year prompting more projects to move forward, which we benefited from as our solutions provide value to a broad customer base. We were successful in winning a number of projects for high-profile locations, for larger sized sports video projects, and standardized solutions for businesses and schools. During the year, we increased sales by integrating ADFLOW solutions into our portfolio. ADFLOW is the company we acquired late in fiscal 2016."
Operating cash flow improves significantly
Daktronics, Inc. has generated cash of $39.57 million from operating activities during the year, up 191.39 percent or $25.99 million, when compared with the last year.
The company has spent $18.36 million cash to meet investing activities during the year as against cash outgo of $23.82 million in the last year. It has incurred net capital expenditure of $8.49 million on net basis during the year, down 49.79 percent or $8.42 million from year ago.
The company has spent $16.32 million cash to carry out financing activities during the year as against cash outgo of $17.75 million in the last year period.
Cash and cash equivalents stood at $32.62 million as on Apr. 29, 2017, up 15.16 percent or $4.29 million from $28.33 million on Apr. 30, 2016.
Debt increases substantially
Daktronics, Inc. has witnessed an increase in total debt over the last one year. It stood at $1.41 million as on Apr. 29, 2017, up 140.85 percent or $0.82 million from $0.58 million on Apr. 30, 2016. Daktronics has witnessed an increase in short-term debt over the last one year. It stood at $1.41 million as on Apr. 29, 2017, up 140.85 percent or $0.82 million from $0.58 million on Apr. 30, 2016.
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