|
|
|
|
|
|
|
South Dakota
(State or other jurisdiction of incorporation or organization)
|
|
46-0306862
(I.R.S. Employer Identification Number)
|
201 Daktronics Drive
Brookings SD
|
|
57006 |
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
o
|
Accelerated filer
|
x
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company.)
|
Smaller reporting company
|
o
|
|
|
|
|
|
|
Net income
|
|
Shares
|
|
Per share income
|
|||||
For the three months ended July 27, 2013:
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
5,720
|
|
|
42,528
|
|
|
$
|
0.13
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
238
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
5,720
|
|
|
42,766
|
|
|
$
|
0.13
|
|
For the three months ended July 28, 2012:
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
6,678
|
|
|
42,068
|
|
|
$
|
0.16
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
73
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
6,678
|
|
|
42,141
|
|
|
$
|
0.16
|
|
|
Three Months Ended
|
||||||
|
July 27,
2013 |
|
July 28,
2012 |
||||
Net sales:
|
|
|
|
||||
Commercial
|
$
|
33,701
|
|
|
$
|
38,356
|
|
Live Events
|
55,077
|
|
|
44,509
|
|
||
Schools & Theatres
|
17,917
|
|
|
18,174
|
|
||
Transportation
|
13,042
|
|
|
16,596
|
|
||
International
|
18,985
|
|
|
15,284
|
|
||
|
138,722
|
|
|
132,919
|
|
||
|
|
|
|
||||
Contribution margin:
|
|
|
|
||||
Commercial
|
5,944
|
|
|
6,202
|
|
||
Live Events
|
8,342
|
|
|
7,076
|
|
||
Schools & Theatres
|
3,148
|
|
|
2,577
|
|
||
Transportation
|
2,145
|
|
|
5,979
|
|
||
International
|
2,305
|
|
|
1,476
|
|
||
|
21,884
|
|
|
23,310
|
|
||
|
|
|
|
||||
Non-allocated operating expenses:
|
|
|
|
||||
General and administrative
|
7,299
|
|
|
6,581
|
|
||
Product design and development
|
5,989
|
|
|
6,021
|
|
||
Operating income
|
8,596
|
|
|
10,708
|
|
||
|
|
|
|
||||
Nonoperating income (expense):
|
|
|
|
||||
Interest income
|
343
|
|
|
431
|
|
||
Interest expense
|
(115
|
)
|
|
(87
|
)
|
||
Other (expense) income, net
|
(392
|
)
|
|
(180
|
)
|
||
|
|
|
|
||||
Income before income taxes
|
8,432
|
|
|
10,872
|
|
||
Income tax expense
|
2,712
|
|
|
4,194
|
|
||
Net income
|
$
|
5,720
|
|
|
$
|
6,678
|
|
|
|
|
|
||||
Depreciation and amortization:
|
|
|
|
||||
Commercial
|
$
|
1,052
|
|
|
$
|
1,280
|
|
Live Events
|
1,147
|
|
|
1,104
|
|
||
Schools & Theatres
|
546
|
|
|
576
|
|
||
Transportation
|
286
|
|
|
324
|
|
||
International
|
236
|
|
|
137
|
|
||
Unallocated corporate depreciation
|
555
|
|
|
455
|
|
||
|
$
|
3,822
|
|
|
$
|
3,876
|
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
||||||||
Balance as of July 27, 2013:
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
$
|
4,677
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,677
|
|
U.S. Government securities
|
5,000
|
|
|
10
|
|
|
—
|
|
|
5,010
|
|
||||
U.S. Government sponsored entities
|
4,251
|
|
|
—
|
|
|
(2
|
)
|
|
4,249
|
|
||||
Municipal obligations
|
10,706
|
|
|
—
|
|
|
(6
|
)
|
|
10,700
|
|
||||
|
$
|
24,634
|
|
|
$
|
10
|
|
|
$
|
(8
|
)
|
|
$
|
24,636
|
|
Balance as of April 27, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Certificates of deposit
|
$
|
4,677
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,677
|
|
U.S. Government securities
|
4,999
|
|
|
19
|
|
|
—
|
|
|
5,018
|
|
||||
U.S. Government sponsored entities
|
4,752
|
|
|
—
|
|
|
—
|
|
|
4,752
|
|
||||
Municipal obligations
|
9,596
|
|
|
9
|
|
|
—
|
|
|
9,605
|
|
||||
|
$
|
24,024
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
24,052
|
|
|
Less than 12 months
|
|
Greater than 12 months
|
|
Total
|
||||||
Certificates of deposit
|
$
|
1,718
|
|
|
$
|
2,959
|
|
|
$
|
4,677
|
|
U.S. Government securities
|
3,011
|
|
|
1,999
|
|
|
5,010
|
|
|||
U.S. Government sponsored entities
|
—
|
|
|
4,249
|
|
|
4,249
|
|
|||
Municipal obligations
|
4,141
|
|
|
6,559
|
|
|
10,700
|
|
|||
|
$
|
8,870
|
|
|
$
|
15,766
|
|
|
$
|
24,636
|
|
|
Live Events
|
|
Commercial
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||
Balance as of April 27, 2013:
|
$
|
2,417
|
|
|
$
|
725
|
|
|
$
|
164
|
|
|
$
|
—
|
|
|
$
|
3,306
|
|
Acquisition, net of cash acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
1,300
|
|
|
1,300
|
|
|||||
Foreign currency translation
|
(3
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
14
|
|
|
7
|
|
|||||
Balance as of July 27, 2013:
|
$
|
2,414
|
|
|
$
|
724
|
|
|
$
|
161
|
|
|
$
|
1,314
|
|
|
$
|
4,613
|
|
|
July 27,
2013 |
|
April 27,
2013 |
||||
Raw materials
|
$
|
26,589
|
|
|
$
|
20,979
|
|
Work-in-process
|
9,088
|
|
|
8,523
|
|
||
Finished goods
|
23,235
|
|
|
19,543
|
|
||
|
$
|
58,912
|
|
|
$
|
49,045
|
|
|
|
|
Amount
|
||
Beginning accrued warranty costs
|
|
|
$
|
25,146
|
|
Warranties issued during the period
|
|
|
2,792
|
|
|
Settlements made during the period
|
|
|
(4,260
|
)
|
|
Changes in accrued warranty costs for pre-existing warranties during the period, including expirations
|
|
|
1,309
|
|
|
Ending accrued warranty costs
|
|
|
$
|
24,987
|
|
Fiscal years ending
|
|
Amount
|
||
2014
|
|
$
|
1,221
|
|
2015
|
|
514
|
|
|
2016
|
|
377
|
|
|
2017
|
|
250
|
|
|
2018
|
|
250
|
|
|
Thereafter
|
|
—
|
|
|
|
|
$
|
2,612
|
|
|
Fair Value Measurements
|
||||||||||
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
Balance as of July 27, 2013:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
22,122
|
|
|
$
|
—
|
|
|
$
|
22,122
|
|
Restricted cash
|
43
|
|
|
—
|
|
|
43
|
|
|||
Available-for-sale securities:
|
|
|
|
|
|
|
|
||||
Certificates of deposit
|
—
|
|
|
4,677
|
|
|
4,677
|
|
|||
U.S. Government securities
|
5,010
|
|
|
—
|
|
|
5,010
|
|
|||
U.S. Government sponsored entities
|
—
|
|
|
4,249
|
|
|
4,249
|
|
|||
Municipal obligations
|
—
|
|
|
10,700
|
|
|
10,700
|
|
|||
Derivatives - currency forward contracts
|
—
|
|
|
59
|
|
|
59
|
|
|||
|
$
|
27,175
|
|
|
$
|
19,685
|
|
|
$
|
46,860
|
|
Balance as of April 27, 2013:
|
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
$
|
40,628
|
|
|
$
|
—
|
|
|
$
|
40,628
|
|
Restricted cash
|
48
|
|
|
—
|
|
|
48
|
|
|||
Available-for-sale securities:
|
|
|
|
|
|
|
|
||||
Certificates of deposit
|
—
|
|
|
4,677
|
|
|
4,677
|
|
|||
U.S. Government securities
|
5,018
|
|
|
—
|
|
|
5,018
|
|
|||
U.S. Government sponsored entities
|
—
|
|
|
4,752
|
|
|
4,752
|
|
|||
Municipal obligations
|
—
|
|
|
9,605
|
|
|
9,605
|
|
|||
Derivatives - currency forward contracts
|
—
|
|
|
7
|
|
|
7
|
|
|||
|
$
|
45,694
|
|
|
$
|
19,041
|
|
|
$
|
64,735
|
|
|
July 27, 2013
|
|
April 27, 2013
|
||||||||
|
U.S.
Dollars
|
|
Foreign
Currency
|
|
U.S.
Dollars
|
|
Foreign
Currency
|
||||
Foreign Currency Exchange Forward Contracts:
|
|
|
|
|
|
|
|
||||
U.S. Dollars/Australian Dollars
|
4,307
|
|
|
4,653
|
|
|
2,944
|
|
|
2,873
|
|
U.S. Dollars/Canadian Dollars
|
—
|
|
|
—
|
|
|
492
|
|
|
492
|
|
U.S. Dollars/British Pounds
|
694
|
|
|
447
|
|
|
1,554
|
|
|
1,005
|
|
U.S. Dollars/Euros
|
756
|
|
|
574
|
|
|
153
|
|
|
114
|
|
•
|
The growing interest in our standard display products used in many different retail-type establishments, among other types of applications. The demand in this area is driven by retailers' and other types of commercial establishments' desire to attract the attention of motorists and others into their storefronts. It is also driven by the need to communicate messages to the public. National accounts may replace their displays reaching end of life, which could lead to increased sales. Furthermore, we believe in the future there will be increased demand from national accounts, including retailers, quick serve restaurants and other types of nationwide organizations, which could lead to increasing sales.
|
•
|
Increasing interest in spectaculars, which include very large and sometimes highly customized displays as part of entertainment venues such as casinos, amusement parks and Times Square type locations.
|
•
|
The introduction of architectural lighting products for commercial buildings, which real estate owners use to add accents or effects to an entire side or circumference of a building to communicate messages or to decorate the building.
|
•
|
The continued deployment of digital billboards as billboard companies continue developing new sites for these and start to replace digital billboards which are reaching end of life. This is dependent on there being no adverse changes in the digital billboard regulatory environment, which could restrict future deployments of billboards, as well as maintaining our current market share of the business concentrated in a few large billboard companies.
|
•
|
Facilities spending more on larger display systems.
|
•
|
Lower product costs, which are driving an expansion of the marketplace.
|
•
|
Our product and service offerings, which remain the most integrated and comprehensive offerings in the industry.
|
•
|
The competitive nature of sports teams, which strive to out-perform their competitors with display systems.
|
•
|
The desire for high-definition video displays, which typically drives larger displays or higher resolution displays, both of which increase the average transaction size.
|
•
|
Increased demand for video systems in high schools as school districts realize the revenue generating potential of these displays versus traditional scoreboards.
|
•
|
Increased demand for different types of displays, such as message centers at schools to communicate to students, parents and the broader community.
|
•
|
The use of more sophisticated displays in more athletic venues, such as aquatics in schools.
|
|
Three Months Ended
|
|||||||||
(in thousands)
|
July 27,
2013 |
|
July 28,
2012 |
|
Percent Change
|
|||||
Net Sales:
|
|
|
|
|
|
|||||
Commercial
|
$
|
33,701
|
|
|
$
|
38,356
|
|
|
(12.1
|
)%
|
Live Events
|
55,077
|
|
|
44,509
|
|
|
23.7
|
|
||
Schools & Theatres
|
17,917
|
|
|
18,174
|
|
|
(1.4
|
)
|
||
Transportation
|
13,042
|
|
|
16,596
|
|
|
(21.4
|
)
|
||
International
|
18,985
|
|
|
15,284
|
|
|
24.2
|
|
||
|
$
|
138,722
|
|
|
$
|
132,919
|
|
|
4.4
|
%
|
Orders:
|
|
|
|
|
|
|
|
|
||
Commercial
|
$
|
36,975
|
|
|
$
|
44,599
|
|
|
(17.1
|
)%
|
Live Events
|
67,400
|
|
|
50,699
|
|
|
32.9
|
|
||
Schools & Theatres
|
19,551
|
|
|
23,458
|
|
|
(16.7
|
)
|
||
Transportation
|
13,969
|
|
|
32,036
|
|
|
(56.4
|
)
|
||
International
|
21,388
|
|
|
22,750
|
|
|
(6.0
|
)
|
||
|
$
|
159,283
|
|
|
$
|
173,542
|
|
|
(8.2
|
)%
|
•
|
An increase of $0.6 million in sales of large custom video contracts due to a previous multi-million dollar custom video project order converting to sales in the first quarter of fiscal 2014. The level of large custom contract orders and sales in this niche is subject to volatility.
|
•
|
A decrease of $3.2 million in our billboard niche due to the $9.5 million decline in order volume. Lower order levels were primarily the result of the volatility in the timing of orders.
|
•
|
A decrease of $2.4 million in sales of on-premise advertising displays, which was primarily due to a decrease in replacement program orders for a national account customer as compared to the first quarter of fiscal 2013.
|
•
|
An increase of $2.6 million in orders for large custom video projects during the three months ended July 27, 2013 compared to the same period in fiscal 2013. During the first quarter of fiscal 2014, we booked two video system orders for a combined total of $5.6 million.
|
•
|
A decrease of $9.5 million in orders for billboard customers due to the volatility in the timing of orders.
|
•
|
An increase of $4.7 million in sales related to university arena and stadium displays for orders booked in previous quarters.
|
•
|
An increase of $3.7 million in sales related to professional sports stadiums for significant orders that were booked during the fourth quarter of fiscal 2013.
|
|
Three Months Ended
|
||||||||||||||
|
July 27, 2013
|
|
|
|
July 28, 2012
|
||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
|
|
Amount
|
|
As a Percent of Net Sales
|
||||||
(in thousands)
|
|||||||||||||||
Commercial
|
$
|
9,432
|
|
|
28.0
|
%
|
|
|
|
$
|
9,849
|
|
|
25.7
|
%
|
Live Events
|
11,347
|
|
|
20.6
|
|
|
|
|
10,237
|
|
|
23.0
|
|
||
Schools & Theatres
|
5,859
|
|
|
32.7
|
|
|
|
|
5,188
|
|
|
28.5
|
|
||
Transportation
|
2,972
|
|
|
22.8
|
|
|
|
|
6,732
|
|
|
40.6
|
|
||
International
|
5,891
|
|
|
31.0
|
|
|
|
|
4,384
|
|
|
28.7
|
|
||
|
$
|
35,501
|
|
|
25.6
|
%
|
|
|
|
$
|
36,390
|
|
|
27.4
|
%
|
|
Three Months Ended
|
|||||||||||||||
|
July 27, 2013
|
|
|
|
July 28, 2012
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
|
|
|
|
||||||||||||
Commercial
|
$
|
3,489
|
|
|
10.4
|
%
|
|
(4.3
|
)%
|
|
$
|
3,646
|
|
|
9.5
|
%
|
Live Events
|
3,005
|
|
|
5.5
|
|
|
(5.0
|
)
|
|
3,162
|
|
|
7.1
|
|
||
Schools & Theatres
|
2,711
|
|
|
15.1
|
|
|
3.9
|
|
|
2,610
|
|
|
14.4
|
|
||
Transportation
|
826
|
|
|
6.3
|
|
|
9.7
|
|
|
753
|
|
|
4.5
|
|
||
International
|
3,586
|
|
|
18.9
|
|
|
23.3
|
|
|
2,909
|
|
|
19.0
|
|
||
|
$
|
13,617
|
|
|
9.8
|
%
|
|
4.1
|
%
|
|
$
|
13,080
|
|
|
9.8
|
%
|
|
Three Months Ended
|
|||||||||||||||
|
July 27, 2013
|
|
|
|
July 28, 2012
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
||||||||||||||||
General and administrative
|
$
|
7,299
|
|
|
5.3
|
%
|
|
10.9
|
%
|
|
$
|
6,581
|
|
|
5.0
|
%
|
Product design and development
|
$
|
5,989
|
|
|
4.3
|
%
|
|
(0.5
|
)%
|
|
$
|
6,021
|
|
|
4.5
|
%
|
|
Three Months Ended
|
|||||||||||||||
|
July 27, 2013
|
|
|
|
July 28, 2012
|
|||||||||||
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||
(in thousands)
|
||||||||||||||||
Interest income, net
|
$
|
228
|
|
|
0.2
|
%
|
|
(33.7
|
)%
|
|
$
|
344
|
|
|
0.3
|
%
|
Other (expense) income, net
|
$
|
(392
|
)
|
|
(0.3
|
)%
|
|
117.8
|
%
|
|
$
|
(180
|
)
|
|
(0.1
|
)%
|
•
|
A decrease of approximately 3.2 percentage points due to a true-up in both federal and state accrued taxes from items received in the first quarter of fiscal 2014 outstanding from fiscal 2012.
|
•
|
A decrease of approximately 2.3 percentage points caused by a change in our forecasted pre-tax income on the research and development tax credit which is currently set to expire on December 31, 2013.
|
•
|
Various other items which have a greater impact on the effective rate due to lower income before taxes but are not material to the results.
|
|
Three Months Ended
|
|||||||||
|
July 27,
2013 |
|
July 28,
2012 |
|
Percent Change
|
|||||
(in thousands)
|
||||||||||
Net cash (used in) provided by:
|
|
|
|
|
|
|||||
Operating activities
|
$
|
(4,618
|
)
|
|
$
|
16,508
|
|
|
(128.0
|
)%
|
Investing activities
|
(5,959
|
)
|
|
(1,209
|
)
|
|
392.9
|
|
||
Financing activities
|
(8,175
|
)
|
|
(5,754
|
)
|
|
42.1
|
|
||
Effect of exchange rate changes on cash
|
246
|
|
|
(128
|
)
|
|
(292.2
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
$
|
(18,506
|
)
|
|
$
|
9,417
|
|
|
(296.5
|
)%
|
•
|
A decrease in net income of $1.0 million plus a decrease of $20.2 million from a net reduction for changes in net operating assets and liabilities, adjusted by $0.7 million for the increase in our provision for doubtful accounts.
|
•
|
The most significant drivers of the change in net operating assets and liabilities from our previous fiscal year end at April 27, 2013 were the net result of the following:
|
•
|
A decrease in cash from operations of $23.3 million caused by an increase in accounts receivable primarily due to the general increase in sales due to the seasonality of the sports business and general inherent variability of large contract timing and related billing schedule. Our accounts receivable balance was also $11.4 million higher than the first quarter of fiscal 2013 due to the general inherent variability of large contract timing and related billing schedule.
|
•
|
An increase in inventories, which decreased cash from operations by $7.7 million. Days inventory outstanding (DIO)increased from 46 days as of April 27, 2013 to 54 days as of July 27, 2013, but it has remained consistent with 53 days as of July 28, 2012. Changes in inventory are primarily the result of increased backlog and planning for pending orders because of long part lead times. Our inventory balance was $3.0 million higher at July 27, 2013 than the balance at July 28, 2012 primarily due to the manufacturing and shipping schedules of larger video project orders during the first quarter.
|
•
|
A net increase in cash of $3.6 million resulting from a decrease in costs and estimated earnings in excess of billings and billings in excess of costs and estimated earnings. Variability in costs and earnings in excess of billings and billings in excess of costs relates to the timing of billings on construction-type contracts and revenue recognition, which can vary significantly depending on contractual payment terms and build and installation schedules. Balances are also impacted by the seasonality of the sports business.
|
•
|
A net increase in accounts payable and accrued liabilities of $7.5 million was primarily the result of a $1.8 million increase in payables related to a change in extended payment terms with one large supplier, a $5.4 million increase in payables and accruals related to outsourced installation costs for multiple large projects in process during the first quarter of fiscal 2014, and a $1.3 million increase in payables related to increases in inventory purchases.
|
•
|
A net change in various other operating assets and liabilities, which increased cash from operations by $5.0 million.
|
•
|
A decrease in the net cash invested in marketable securities, net of maturities. Our investment approach has remained consistent year over year as we try to maintain a consistent level of marketable securities and, therefore, the change was the result of the timing of investment decisions and investments of excess cash in marketable securities.
|
•
|
An increase in purchases of property and equipment of $2.6 million. During the first
three
months of fiscal
2014
, we invested $2.8 million in manufacturing equipment, $0.4 million in product demonstration equipment, $0.6 million in information systems infrastructure, including software, and $0.2 million in other assets. Capital expenditures are expected to be less than $16 million for fiscal 2014.
|
•
|
$1.3 million used for an acquisition during the first quarter of fiscal 2014.
|
•
|
A minimum fixed charge coverage ratio of at least 2 to 1 at the end of any fiscal year. The ratio is equal to (a) EBITDA less dividends, a capital expenditure reserve of $6 million, and income tax expense, over (b) all principal and interest payments with respect to debt, excluding debt outstanding on the line of credit; and
|
•
|
A ratio of interest-bearing debt, excluding any marketing obligations, to EBITDA of less than 1 to 1 at the end of any fiscal quarter.
|
|
Fiscal Years
(in thousands)
|
|
|
||||||||||||||||||||
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
Thereafter
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term receivables, including current maturities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed-rate
|
$
|
3,524
|
|
|
$
|
3,901
|
|
|
$
|
3,026
|
|
|
$
|
1,908
|
|
|
$
|
1,248
|
|
|
$
|
1,363
|
|
Average interest rate
|
8.1
|
%
|
|
8.1
|
%
|
|
7.9
|
%
|
|
8.2
|
%
|
|
8.3
|
%
|
|
8.5
|
%
|
||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long and short-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Variable-rate
|
$
|
318
|
|
|
$
|
783
|
|
|
$
|
443
|
|
|
$
|
463
|
|
|
$
|
484
|
|
|
$
|
506
|
|
Average interest rate
|
5.0
|
%
|
|
4.5
|
%
|
|
4.5
|
%
|
|
4.5
|
%
|
|
4.5
|
%
|
|
4.5
|
%
|
||||||
Long-term marketing obligations, including current portion:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed-rate
|
$
|
322
|
|
|
$
|
247
|
|
|
$
|
121
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
2
|
|
Average interest rate
|
8.8
|
%
|
|
8.9
|
%
|
|
8.8
|
%
|
|
8.2
|
%
|
|
8.4
|
%
|
|
9.0
|
%
|
3.1
|
Amended and Restated Articles of Incorporation of the Company. (1)
|
|
3.2
|
Amended and Restated Bylaws of the Company (Incorporated by reference to Exhibit 3.4 filed with our Annual Report on Form 10-K on June 12, 2013 as Commission File No. 0-23246).
|
|
31.1
|
Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (1)
|
|
31.2
|
Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (1)
|
|
32.1
|
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350). (1)
|
|
32.2
|
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350). (1)
|
|
101
|
The following financial information from our Quarterly Report on Form 10-Q for the period ended July 27, 2013, formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements. (1)(2)
|
|
|
(1)
|
Filed herewith electronically.
|
|
(2)
|
Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be deemed part of a registration statement, prospectus or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filings.
|
|
/s/ Sheila M. Anderson
|
|
Daktronics, Inc.
|
|
Sheila M. Anderson
|
|
Chief Financial Officer
|
|
(Principal Financial Officer and
|
|
Principal Accounting Officer)
|
|
|
Date: August 30, 2013
|
|
3.1
|
Amended and Restated Articles of Incorporation of the Company. (1)
|
|
3.2
|
Amended and Restated Bylaws of the Company (Incorporated by reference to Exhibit 3.4 filed with our Annual Report on Form 10-K on June 12, 2013 as Commission File No. 0-23246).
|
|
31.1
|
Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (1)
|
|
31.2
|
Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (1)
|
|
32.1
|
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350). (1)
|
|
32.2
|
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350). (1)
|
|
101
|
The following financial information from our Quarterly Report on Form 10-Q for the period ended July 27, 2013, formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements. (1)(2)
|
|
|
(1)
|
Filed herewith electronically.
|
|
(2)
|
Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be deemed part of a registration statement, prospectus or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filings.
|
|
DAKTRONICS, INC.
|
|
|
|
|
|
By:
/s/ James B. Morgan
|
|
James B. Morgan, President
|
(NO SEAL)
|
|
|
By:
/s/ Carla S. Gatzke
|
|
Carla S. Gatzke, Secretary
|
|
|
STATE OF SOUTH DAKOTA )
|
|
) SS.
|
|
COUNTY OF BROOKINGS )
|
|
|
|
|
|
|
Audrey Kress
|
|
Notary Public
|
|
|
|
My Commission Expires: 12/07/2016
|
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q for the quarter ended
July 27, 2013
of Daktronics, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financially reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ James B. Morgan
|
|
James B. Morgan
|
|
Chief Executive Officer
|
|
Date: August 30, 2013
|
1.
|
I have reviewed this quarterly report on Form 10-Q for the quarter ended
July 27, 2013
of Daktronics, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financially reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Sheila M. Anderson
|
|
Sheila M. Anderson
|
|
Chief Financial Officer
|
|
Date: August 30, 2013
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ James B. Morgan
|
James B. Morgan
|
Chief Executive Officer
|
Date: August 30, 2013
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Sheila M. Anderson
|
Sheila M. Anderson
|
Chief Financial Officer
|
Date: August 30, 2013
|