Dycom Industries, Inc. Announces Fiscal 2014 Fourth Quarter And Fiscal Year Results And Provides Guidance For The Next Fiscal Quarter

PALM BEACH GARDENS, Fla., Aug. 26, 2014 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today its results for the fourth quarter and fiscal year ended July 26, 2014.

The Company reported:

• Contract revenues of $482.1 million for the quarter ended July 26, 2014, compared to $478.6 million for the quarter ended July 27, 2013.
• Adjusted EBITDA – Non-GAAP of $57.5 million for the quarter ended July 26, 2014, compared to $58.1 million for the quarter ended July 27, 2013.
• Net income – Non-GAAP was $16.9 million, or $0.48 per common share diluted, for the quarter ended July 26, 2014, compared to $15.1 million, or $0.44 per common share diluted for the quarter ended July 27, 2013. Net income – Non-GAAP excludes the impact of pre-tax charges of $0.6 million and $0.5 million for wage and hour class action settlements for the quarter ended July 26, 2014 and July 27, 2013, respectively. Net income – Non-GAAP for the quarter ended July 27, 2013 also excludes the impact of $0.2 million in pre-tax acquisition related costs. Net income on a GAAP basis was $16.5 million, or $0.47 per common share diluted, for the quarter ended July 26, 2014, compared to $14.7 million, or $0.43 per common share diluted, for the quarter ended July 27, 2013.

The Company also reported:

• Contract revenues of $1.812 billion for the fiscal year ended July 26, 2014, compared to $1.609 billion for the fiscal year ended July 27, 2013. Contract revenues for the fiscal year ended July 26, 2014 grew 4.7% on an organic basis after excluding revenues from businesses acquired that were not included for the full period in both the current and the prior year periods, and $16.7 million of revenues for storm restoration services in the fiscal year ended July 27, 2013. Total revenues from these businesses acquired were $499.3 million and $337.9 million for the fiscal year ended July 26, 2014 and July 27, 2013 respectively.
• Adjusted EBITDA – Non-GAAP of $188.4 million for the fiscal year ended July 26, 2014, compared to $179.8 million for the fiscal year ended July 27, 2013.
• Net income – Non-GAAP was $40.3 million, or $1.16 per common share diluted, for the fiscal year ended July 26, 2014, compared to $39.8 million, or $1.18 per common share diluted, for the fiscal year ended July 27, 2013. Net income – Non-GAAP excludes the impact of pre-tax charges of $0.6 million and $0.5 million for wage and hour class action settlements for the fiscal year ended July 26, 2014 and July 27, 2013, respectively. Net income – Non-GAAP for the fiscal year ended July 27, 2013 also excludes the impact of $6.8 million in pre-tax acquisition related costs and a pre-tax write-off of $0.3 million of deferred financing costs in connection with the replacement of the Company's credit facility in December 2012. Net income on a GAAP basis was $40.0 million, or $1.15 per common share diluted, for the fiscal year ended July 26, 2014, compared to $35.2 million, or $1.04 per common share diluted, for the fiscal year ended July 27, 2013.

The Company also announced its outlook for the first quarter of fiscal 2015. The Company currently expects total revenue for the first quarter of fiscal 2015 to range from $490 million to $510 million and diluted earnings per share to range from $0.45 to $0.52.

The Company has defined Adjusted EBITDA – Non-GAAP as earnings before interest, taxes, depreciation and amortization, gain on sale of fixed assets, acquisition related costs, write-off of deferred financing costs, charges for wage and hour class action settlements, stock-based compensation expense, and certain non-recurring items. See the accompanying tables which present a reconciliation of GAAP to Non-GAAP financial information.

A conference call to review the Company's results will be hosted at 9:00 a.m. (ET), Wednesday, August 27, 2014; call (800) 230-1074 (United States) or (612) 288-0329 (International) ten minutes before the conference call begins and ask for the "Dycom Results" conference call. A live webcast of the conference call, along with related materials, will be available at http://www.dycomind.com under the heading "Events." The conference call materials will be available at approximately 7:00 a.m. (ET) on August 27, 2014. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and the conference call materials will be available at http://www.dycomind.com until Saturday, September 27, 2014.

For additional detail on selected financial information including organic revenue, customer metrics, and certain other selected financial data and Non-GAAP measures, please refer to the Trend Schedule on Dycom's website at http://www.dycomind.com in the Investor Center. The Trend Schedule will be available at approximately 7:00 a.m. (ET) on August 27, 2014.

Dycom is a leading provider of specialty contracting services throughout the United States and in Canada. These services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including telecommunications providers, and other construction and maintenance services to electric and gas utilities and others.

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that the presentation of certain Non-GAAP financial measures in this press release provides information that is useful to investors because it allows for a more direct comparison of the Company's performance for the period with the Company's performance in the comparable prior-year period. The Company cautions that Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results.

Fiscal 2014 fourth quarter and full year results are preliminary and are unaudited. This press release contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements are based on management's current expectations, estimates and projections. Forward-looking statements are subject to risks and uncertainties that may cause actual results in the future to differ materially from the results projected or implied in any forward-looking statements contained in this press release. The most significant of these risks and uncertainties are described in our Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and include business and economic conditions and trends in the telecommunications industry affecting our customers, the adequacy of our insurance and other reserves and allowances for doubtful accounts, whether the carrying value of our assets may be impaired, preliminary purchase price allocations of businesses acquired, expected benefits and synergies of acquisitions, the future impact of any acquisitions or dispositions, the anticipated outcome of other contingent events, including litigation, liquidity and other financial needs, the availability of financing, and the other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements.

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SOURCE Dycom Industries, Inc.