Wed, Sep 4, 7:56 PM (132 days ago)
Daktronics, Inc. reported a decline in net sales to $226,088 in Q1 FY2025 from $232,531 in Q1 FY2024, reflecting a 2.8% decrease. This was attributed to lower volumes in the Commercial, High School Park and Recreation, and International segments, despite growth in Live Events and Transportation. Gross profit fell significantly to $59,698, with a gross margin decrease from 30.6% to 26.4%. Operating expenses increased by 19.6%, driven by higher selling, general, and administrative costs, leading to a sharp drop in operating income to $22,716 from $40,216. The company reported a net loss of $4,946, translating to a diluted loss per share of $0.11, compared to a profit of $19,196 or $0.42 per share in the prior year. Cash flow from operations remained stable at $19,481, while cash and cash equivalents increased to $96,809. The backlog decreased to $267.2 million from $323.7 million year-over-year, indicating a normalization in order fulfillment. Looking ahead, Daktronics anticipates continued investment in capacity and technology, with projected capital expenditures of $27 million for FY2025.