South Dakota
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46-0306862
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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201 Daktronics Drive
Brookings SD
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57006 |
(Address of principal executive offices)
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(Zip Code)
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Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock, No Par Value
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NASDAQ Global Select Market
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Common Stock Purchase Rights
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NASDAQ Global Select Market
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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Emerging growth company
o
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•
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new product introductions;
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•
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variations in product mix;
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•
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production capacity utilization; and
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•
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delays or cancellations of orders.
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changes in the demand for and mix of products that our customers buy;
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our ability to add and train our manufacturing staff in advance of demand;
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the market’s pace of technological change;
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variability in our manufacturing productivity;
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long lead time for components used in production;
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geography of the order and related shipping methods; and
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long lead times for our plant and equipment expenditures.
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diversion of management attention;
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difficulty with integrating acquired businesses;
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difficulty with the integration of different corporate cultures;
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•
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personnel issues;
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increased expenses;
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assumption of unknown liabilities and indemnification obligations;
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•
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potential disputes with the buyers or sellers;
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the time involved in evaluating or modifying the financial systems of an acquired business; and
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establishment of appropriate internal controls.
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the ability of our Board of Directors to issue undesignated shares on terms and with the rights, preferences and designations determined by the Board without shareholder action;
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•
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the classification of our Board of Directors, which effectively prevents shareholders from electing a majority of the directors at any one meeting of shareholders;
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•
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the adoption of a shareholder rights plan providing for the exercise of common stock purchase rights when a person becomes the beneficial owner of 15 percent or more of our outstanding common stock (subject to certain exceptions);
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under the SD Act, limitations on the voting rights of shares acquired in specified types of acquisitions and restrictions on specified types of business combinations; and
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•
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under the SD Act, prohibitions against engaging in a “business combination” with an “interested shareholder” for a period of four years after the date of the transaction in which the person became an interested shareholder unless the business combination is approved.
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Facilities
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Owned or Leased
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Square Footage
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Facility Activities
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Brookings, SD, USA
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Owned
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773,000
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Corporate Office, Manufacturing, Sales, Service
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Redwood Falls, MN, USA
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Owned
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150,000
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Manufacturing, Sales, Service, Office
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Rupelmonde, Belgium
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Owned
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40,000
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Manufacturing, Sales, Service, Office
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Ennistymon, Ireland
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Owned
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44,000
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Manufacturing, Sales, Service, Office
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Sioux Falls, SD, USA
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Leased
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295,000
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Manufacturing, Sales, Service, Office
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Shanghai, China
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Leased
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90,500
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Manufacturing, Sales, Service, Office
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Fiscal Year 2017
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Fiscal Year 2016
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||||||||||||||||||||
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Sales Price
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Cash Dividends Declared
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Sales Price
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Cash Dividends Declared
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High
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Low
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High
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Low
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1
st
Quarter
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$
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8.55
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$
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6.00
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$
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0.10
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$
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12.23
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$
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10.13
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$
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0.10
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2
nd
Quarter
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9.97
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6.45
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0.07
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12.24
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8.20
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0.10
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3
rd
Quarter
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11.00
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8.19
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0.07
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10.25
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7.37
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0.10
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4
th
Quarter
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10.17
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8.97
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0.07
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8.72
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6.90
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0.10
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2017
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2016
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2015
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2014
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2013
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||||||||||
Statement of Operations Data:
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Net sales
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$
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586,539
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$
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570,168
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$
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615,942
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$
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551,970
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$
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518,322
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Gross profit
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140,415
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121,019
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144,579
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141,710
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133,894
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Gross profit margin
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23.9
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%
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21.2
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%
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23.5
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%
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25.7
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%
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25.8
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%
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|||||
Operating income
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15,421
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2,495
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31,285
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36,557
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30,600
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Operating margin
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2.6
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%
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0.4
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%
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5.1
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%
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6.6
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%
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5.9
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%
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|||||
Net income
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10,342
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2,061
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20,882
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22,206
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22,779
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Diluted earnings per share
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0.23
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0.05
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0.47
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0.51
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0.53
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Weighted average diluted shares outstanding
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44,303
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44,456
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44,443
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43,762
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42,621
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Balance Sheet Data:
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Working capital
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$
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127,130
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$
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123,714
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$
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149,075
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$
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140,532
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$
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125,456
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Total assets
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355,433
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349,948
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379,479
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357,451
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319,418
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Total long-term liabilities
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26,552
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27,364
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25,420
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20,624
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16,480
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Total shareholders' equity
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198,286
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201,067
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212,039
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203,119
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188,246
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Cash dividends per share
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0.31
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0.40
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0.40
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0.39
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0.73
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•
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Standard display product market growth due to market adoption and lower product costs, which drive marketplace expansion. Standard display products are used to attract or communicate with customers and potential customers of retail, commercial, and other establishments. Pricing and economic conditions are the principle factors that impact our success in this business unit. We utilize a reseller network to distribute our standard products.
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•
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National accounts standard display market opportunities due to customers' desire to communicate their message, advertising and content consistently across the country. Increased demand is possible from retailers, quick serve restaurants, petroleum businesses, and other nationwide organizations.
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Increasing interest in spectaculars, which include very large and sometimes highly customized displays as part of entertainment venues such as casinos, shopping centers, cruise ships and Times Square type locations.
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•
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Dynamic messaging systems demand growth due to market adoption and marketplace expansion.
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•
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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.
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•
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The continued deployment of digital billboards as OOH companies continue developing new sites 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 OOH companies.
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•
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Replacement cycles within each of these areas.
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Facilities spending more on larger display systems to enhance the game-day and event experience for attendees.
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•
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Lower product costs, driving an expansion of the marketplace.
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•
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Our product and service offerings, which remain the most integrated and comprehensive offerings in the industry.
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•
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The competitive nature of sports teams, which strive to out-perform their competitors with display systems.
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•
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The desire for high-definition video displays, which typically drives larger displays or higher resolution displays, both of which increase the average transaction size.
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•
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Dynamic messaging systems needs throughout a sports facility.
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•
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Replacement cycles within each of these areas.
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•
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Increased demand for video systems in high schools as school districts realize the revenue generating potential of these displays versus traditional scoreboards.
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•
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Increased demand for different types of displays and Dynamic Messaging Systems, such as message centers at schools to communicate to students, parents and the broader community.
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•
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The use of more sophisticated displays in athletic facilities, such as aquatic venues in schools.
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||||||||||||||||||||||
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April 29, 2017
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April 30, 2016
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2017 vs 2016
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May 2, 2015
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2016 vs 2015
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||||||||||||||
(dollars in thousands)
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Amount
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Amount
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Dollar Change
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Percent Change
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Amount
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Dollar Change
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Percent Change
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||||||||||||
Net Sales:
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||||||||||||
Commercial
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$
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148,073
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$
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148,261
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$
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(188
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)
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(0.1
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)%
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$
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165,793
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$
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(17,532
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)
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(10.6
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)%
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Live Events
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213,982
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205,151
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8,831
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4.3
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%
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231,877
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(26,726
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)
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(11.5
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)%
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|||||
High School Park and Recreation
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82,798
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70,035
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12,763
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18.2
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%
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67,657
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2,378
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3.5
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%
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|||||
Transportation
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52,426
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52,249
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177
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0.3
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%
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48,333
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3,916
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8.1
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%
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|||||
International
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89,260
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94,472
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(5,212
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)
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(5.5
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)%
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102,282
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(7,810
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)
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(7.6
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)%
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|||||
|
$
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586,539
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|
|
$
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570,168
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|
|
$
|
16,371
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|
2.9
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%
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|
$
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615,942
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$
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(45,774
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)
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(7.4
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)%
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Orders:
|
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|||||||
Commercial
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$
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151,562
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|
|
$
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135,824
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|
|
$
|
15,738
|
|
11.6
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%
|
|
$
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170,209
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|
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$
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(34,385
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)
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(20.2
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)%
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Live Events
|
222,965
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|
|
220,377
|
|
|
2,588
|
|
1.2
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%
|
|
226,354
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|
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(5,977
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)
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(2.6
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)%
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|||||
High School Park and Recreation
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83,605
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|
|
76,485
|
|
|
7,120
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|
9.3
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%
|
|
69,188
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|
|
7,297
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|
10.5
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%
|
|||||
Transportation
|
62,638
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|
|
56,834
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|
|
5,804
|
|
10.2
|
%
|
|
50,845
|
|
|
5,989
|
|
11.8
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%
|
|||||
International
|
92,734
|
|
|
71,266
|
|
|
21,468
|
|
30.1
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%
|
|
114,977
|
|
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(43,711
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)
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(38.0
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)%
|
|||||
|
$
|
613,504
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|
|
$
|
560,786
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|
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$
|
52,718
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|
9.4
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%
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|
$
|
631,573
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$
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(70,787
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)
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(11.2
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)%
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|
Year Ended
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||||||||||||||||||||
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April 29, 2017
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|
April 30, 2016
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|
May 2, 2015
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||||||||||||||||
(dollars in thousands)
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Amount
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As a Percent of Net Sales
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|
Amount
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As a Percent of Net Sales
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|
Amount
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As a Percent of Net Sales
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||||||||||
Commercial
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$
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36,514
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|
|
24.7
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%
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|
$
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29,147
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|
|
19.7
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%
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$
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44,344
|
|
|
26.7
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%
|
|
Live Events
|
40,810
|
|
|
19.1
|
|
|
36,568
|
|
|
17.8
|
|
|
40,945
|
|
|
17.7
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|
||||
High School Park and Recreation
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26,388
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|
|
31.9
|
|
|
20,624
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|
|
29.4
|
|
|
21,561
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|
|
31.9
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|
||||
Transportation
|
18,027
|
|
|
34.4
|
|
|
16,572
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|
|
31.7
|
|
|
14,647
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|
|
30.3
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|
||||
International
|
18,676
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|
|
20.9
|
|
|
18,108
|
|
|
19.2
|
|
|
23,082
|
|
|
22.6
|
|
||||
|
$
|
140,415
|
|
|
23.9
|
%
|
|
$
|
121,019
|
|
|
21.2
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%
|
|
$
|
144,579
|
|
|
23.5
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%
|
|
Year Ended
|
|||||||||||||||||||||||||
|
April 29, 2017
|
|
April 30, 2016
|
|
May 2, 2015
|
|||||||||||||||||||||
(dollars in thousands)
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||||||
Commercial
|
$
|
18,468
|
|
|
12.5
|
%
|
|
15.9
|
%
|
|
$
|
15,938
|
|
|
10.7
|
%
|
|
0.9
|
%
|
|
$
|
15,802
|
|
|
9.5
|
%
|
Live Events
|
13,060
|
|
|
6.1
|
|
|
(2.5
|
)
|
|
13,390
|
|
|
6.5
|
|
|
(1.6
|
)
|
|
13,611
|
|
|
5.9
|
|
|||
High School Park and Recreation
|
10,275
|
|
|
12.4
|
|
|
(0.3
|
)
|
|
10,310
|
|
|
14.7
|
|
|
(1.2
|
)
|
|
10,436
|
|
|
15.4
|
|
|||
Transportation
|
4,561
|
|
|
8.7
|
|
|
11.1
|
|
|
4,106
|
|
|
7.9
|
|
|
(3.3
|
)
|
|
4,244
|
|
|
8.8
|
|
|||
International
|
15,323
|
|
|
17.2
|
|
|
1.7
|
|
|
15,068
|
|
|
15.9
|
|
|
8.6
|
|
|
13,870
|
|
|
13.6
|
|
|||
|
$
|
61,687
|
|
|
10.5
|
%
|
|
4.9
|
%
|
|
$
|
58,812
|
|
|
10.3
|
%
|
|
1.5
|
%
|
|
$
|
57,963
|
|
|
9.4
|
%
|
|
Year Ended
|
|||||||||||||||||||||||||
|
April 29, 2017
|
|
April 30, 2016
|
|
May 2, 2015
|
|||||||||||||||||||||
(dollars in thousands)
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||||||
General and administrative
|
$
|
34,226
|
|
|
5.8
|
%
|
|
4.3
|
%
|
|
$
|
32,801
|
|
|
5.8
|
%
|
|
6.9
|
%
|
|
$
|
30,679
|
|
|
5.0
|
%
|
Product design and development
|
$
|
29,081
|
|
|
5.0
|
%
|
|
8.1
|
%
|
|
$
|
26,911
|
|
|
4.7
|
%
|
|
9.2
|
%
|
|
$
|
24,652
|
|
|
4.0
|
%
|
|
Year Ended
|
|||||||||||||||||||||||||
|
April 29, 2017
|
|
April 30, 2016
|
|
May 2, 2015
|
|||||||||||||||||||||
(dollars in thousands)
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|
Percent Change
|
|
Amount
|
|
As a Percent of Net Sales
|
|||||||||||
Interest income, net
|
$
|
521
|
|
|
0.1
|
%
|
|
(31.4
|
)%
|
|
$
|
759
|
|
|
0.1
|
%
|
|
(15.3
|
)%
|
|
$
|
896
|
|
|
0.1
|
%
|
Other (expense) income, net
|
$
|
(354
|
)
|
|
(0.1
|
)%
|
|
176.6
|
%
|
|
$
|
(128
|
)
|
|
—
|
%
|
|
(74.3
|
)%
|
|
$
|
(498
|
)
|
|
(0.1
|
)%
|
|
Year Ended
|
|||||||||
|
April 29,
2017 |
|
April 30,
2016 |
|
Percent Change
|
|||||
(dollars in thousands)
|
||||||||||
Net cash provided by (used in):
|
|
|
|
|
|
|||||
Operating activities
|
$
|
39,389
|
|
|
$
|
13,581
|
|
|
190.0
|
%
|
Investing activities
|
(18,180
|
)
|
|
(23,818
|
)
|
|
(23.7
|
)
|
||
Financing activities
|
(16,323
|
)
|
|
(17,754
|
)
|
|
(8.1
|
)
|
||
Effect of exchange rate changes on cash
|
(591
|
)
|
|
(965
|
)
|
|
(38.8
|
)
|
||
Net increase in cash and cash equivalents
|
$
|
4,295
|
|
|
$
|
(28,956
|
)
|
|
114.8
|
%
|
Date Declared
|
Record Date
|
Payment Date
|
Amount per Share
|
June 16, 2016
|
June 27, 2016
|
July 8, 2016
|
$0.04
|
Contractual Obligations
|
|
Total
|
|
Less than 1 year
|
|
1-3 Years
|
|
4-5 Years
|
|
After 5 Years
|
||||||||||
Cash commitments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term obligations and accrued interest
|
|
$
|
3,224
|
|
|
$
|
1,506
|
|
|
$
|
1,707
|
|
|
$
|
11
|
|
|
$
|
—
|
|
Operating leases
|
|
9,783
|
|
|
2,740
|
|
|
3,778
|
|
|
2,843
|
|
|
422
|
|
|||||
Unconditional purchase obligations
|
|
4,909
|
|
|
3,151
|
|
|
1,083
|
|
|
296
|
|
|
379
|
|
|||||
Conditional purchase obligations
|
|
400
|
|
|
100
|
|
|
200
|
|
|
100
|
|
|
—
|
|
|||||
Unrecognized tax benefits
|
|
3,113
|
|
|
3,113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
21,429
|
|
|
$
|
10,610
|
|
|
$
|
6,768
|
|
|
$
|
3,250
|
|
|
$
|
801
|
|
Other commercial commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Standby letters of credit
|
|
$
|
10,466
|
|
|
$
|
6,724
|
|
|
$
|
3,175
|
|
|
$
|
567
|
|
|
$
|
—
|
|
Surety bonds
|
|
$
|
39,994
|
|
|
$
|
30,625
|
|
|
$
|
9,369
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fiscal Years
(dollars in thousands)
|
||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term receivables, including current maturities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed-rate
|
$
|
2,274
|
|
|
$
|
1,259
|
|
|
$
|
620
|
|
|
$
|
392
|
|
|
$
|
290
|
|
|
$
|
55
|
|
Average interest rate
|
8.8
|
%
|
|
8.8
|
%
|
|
8.7
|
%
|
|
8.7
|
%
|
|
8.4
|
%
|
|
9.0
|
%
|
||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long- and short-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Variable-rate
|
$
|
1,226
|
|
|
$
|
500
|
|
|
$
|
918
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average interest rate
|
3.6
|
%
|
|
4.5
|
%
|
|
3.3
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
||||||
Long-term marketing obligations, including current portion:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed-rate
|
$
|
280
|
|
|
$
|
195
|
|
|
$
|
94
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average interest rate
|
8.6
|
%
|
|
9.0
|
%
|
|
9.0
|
%
|
|
9.0
|
%
|
|
—
|
%
|
|
—
|
%
|
|
Years
|
Buildings
|
7 - 40
|
Machinery and equipment
|
5 - 7
|
Office furniture and equipment
|
3 - 5
|
Computer software and hardware
|
3 - 5
|
Equipment held for rental
|
2 - 7
|
Demonstration equipment
|
3 - 5
|
Transportation equipment
|
5 - 7
|
|
Net income
|
|
Shares
|
|
Per share income
|
|||||
For the year ended April 29, 2017:
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
10,342
|
|
|
44,114
|
|
|
$
|
0.23
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
189
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
10,342
|
|
|
44,303
|
|
|
$
|
0.23
|
|
For the year ended April 30, 2016:
|
|
|
|
|
|
|
|
|||
Basic earnings per share
|
$
|
2,061
|
|
|
43,990
|
|
|
$
|
0.05
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
466
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
2,061
|
|
|
44,456
|
|
|
$
|
0.05
|
|
For the year ended May 2, 2015:
|
|
|
|
|
|
|
|
|||
Basic earnings per share
|
$
|
20,882
|
|
|
43,514
|
|
|
$
|
0.48
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
929
|
|
|
(0.01
|
)
|
||
Diluted earnings per share
|
$
|
20,882
|
|
|
44,443
|
|
|
$
|
0.47
|
|
|
Year Ended
|
||||||||||
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
Net sales:
|
|
|
|
|
|
||||||
Commercial
|
$
|
148,073
|
|
|
$
|
148,261
|
|
|
$
|
165,793
|
|
Live Events
|
213,982
|
|
|
205,151
|
|
|
231,877
|
|
|||
High School Park and Recreation
|
82,798
|
|
|
70,035
|
|
|
67,657
|
|
|||
Transportation
|
52,426
|
|
|
52,249
|
|
|
48,333
|
|
|||
International
|
89,260
|
|
|
94,472
|
|
|
102,282
|
|
|||
|
586,539
|
|
|
570,168
|
|
|
615,942
|
|
|||
|
|
|
|
|
|
||||||
Contribution margin:
|
|
|
|
|
|
||||||
Commercial
|
18,046
|
|
|
13,210
|
|
|
28,541
|
|
|||
Live Events
|
27,750
|
|
|
23,178
|
|
|
27,334
|
|
|||
High School Park and Recreation
|
16,114
|
|
|
10,314
|
|
|
11,125
|
|
|||
Transportation
|
13,465
|
|
|
12,466
|
|
|
10,404
|
|
|||
International
|
3,353
|
|
|
3,039
|
|
|
9,212
|
|
|||
|
78,728
|
|
|
62,207
|
|
|
86,616
|
|
|||
|
|
|
|
|
|
||||||
Non-allocated operating expenses:
|
|
|
|
|
|
||||||
General and administrative
|
34,226
|
|
|
32,801
|
|
|
30,679
|
|
|||
Product design and development
|
29,081
|
|
|
26,911
|
|
|
24,652
|
|
|||
Operating income
|
15,421
|
|
|
2,495
|
|
|
31,285
|
|
|||
|
|
|
|
|
|
||||||
Nonoperating income (expense):
|
|
|
|
|
|
||||||
Interest income
|
751
|
|
|
987
|
|
|
1,119
|
|
|||
Interest expense
|
(230
|
)
|
|
(228
|
)
|
|
(223
|
)
|
|||
Other (expense) income, net
|
(354
|
)
|
|
(128
|
)
|
|
(498
|
)
|
|||
|
|
|
|
|
|
||||||
Income before income taxes
|
15,588
|
|
|
3,126
|
|
|
31,683
|
|
|||
Income tax expense
|
5,246
|
|
|
1,065
|
|
|
10,801
|
|
|||
Net income
|
$
|
10,342
|
|
|
$
|
2,061
|
|
|
$
|
20,882
|
|
|
|
|
|
|
|
||||||
Depreciation, amortization, and impairment:
|
|
|
|
|
|
||||||
Commercial
|
$
|
6,337
|
|
|
$
|
4,925
|
|
|
$
|
4,846
|
|
Live Events
|
5,032
|
|
|
4,970
|
|
|
4,610
|
|
|||
High School Park and Recreation
|
1,725
|
|
|
1,722
|
|
|
1,836
|
|
|||
Transportation
|
1,267
|
|
|
1,364
|
|
|
1,148
|
|
|||
International
|
2,317
|
|
|
1,227
|
|
|
1,053
|
|
|||
Unallocated corporate depreciation
|
2,714
|
|
|
2,735
|
|
|
1,643
|
|
|||
|
$
|
19,392
|
|
|
$
|
16,943
|
|
|
$
|
15,136
|
|
|
Year Ended
|
||||||||||
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
Net sales:
|
|
|
|
|
|
||||||
United States
|
$
|
479,846
|
|
|
$
|
465,598
|
|
|
$
|
494,860
|
|
Outside U.S.
|
106,693
|
|
|
104,570
|
|
|
121,082
|
|
|||
|
$
|
586,539
|
|
|
$
|
570,168
|
|
|
$
|
615,942
|
|
Property and equipment, net of accumulated depreciation:
|
|
|
|
|
|
||||||
United States
|
$
|
62,425
|
|
|
$
|
68,233
|
|
|
$
|
67,882
|
|
Outside U.S.
|
4,324
|
|
|
4,930
|
|
|
4,962
|
|
|||
|
$
|
66,749
|
|
|
$
|
73,163
|
|
|
$
|
72,844
|
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
||||||||
Balance as of April 29, 2017:
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
$
|
12,487
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,487
|
|
U.S. Government securities
|
400
|
|
|
—
|
|
|
—
|
|
|
400
|
|
||||
U.S. Government sponsored entities
|
12,260
|
|
|
—
|
|
|
(22
|
)
|
|
12,238
|
|
||||
Municipal bonds
|
7,574
|
|
|
14
|
|
|
—
|
|
|
7,588
|
|
||||
|
$
|
32,721
|
|
|
$
|
14
|
|
|
$
|
(22
|
)
|
|
$
|
32,713
|
|
Balance as of April 30, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Certificates of deposit
|
$
|
14,927
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,927
|
|
U.S. Government sponsored entities
|
8,523
|
|
|
—
|
|
|
(1
|
)
|
|
8,522
|
|
||||
Municipal bonds
|
1,221
|
|
|
2
|
|
|
—
|
|
|
1,223
|
|
||||
|
$
|
24,671
|
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
$
|
24,672
|
|
|
Less than 12 months
|
|
1-5 Years
|
|
Total
|
||||||
Certificates of deposit
|
$
|
6,536
|
|
|
$
|
5,951
|
|
|
$
|
12,487
|
|
U.S. Government securities
|
400
|
|
|
—
|
|
|
400
|
|
|||
U.S. Government sponsored entities
|
5,588
|
|
|
6,650
|
|
|
12,238
|
|
|||
Municipal obligations
|
2,905
|
|
|
4,683
|
|
|
7,588
|
|
|||
|
$
|
15,429
|
|
|
$
|
17,284
|
|
|
$
|
32,713
|
|
|
Live Events
|
|
Commercial
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||
Balance as of April 30, 2016:
|
$
|
2,304
|
|
|
$
|
3,350
|
|
|
$
|
75
|
|
|
$
|
2,387
|
|
|
$
|
8,116
|
|
Acquisition, net of cash acquired
|
—
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|||||
Foreign currency translation
|
(30
|
)
|
|
(206
|
)
|
|
(30
|
)
|
|
(93
|
)
|
|
(359
|
)
|
|||||
Balance as of April 29, 2017:
|
$
|
2,274
|
|
|
$
|
3,199
|
|
|
$
|
45
|
|
|
$
|
2,294
|
|
|
$
|
7,812
|
|
|
April 29, 2017
|
||||||||||||||||
|
Weighted Average Life (in years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Impairment
|
|
Net Carrying Amount
|
||||||||
Registered trademarks
|
20.0
|
|
$
|
1,604
|
|
|
$
|
429
|
|
|
$
|
604
|
|
|
$
|
571
|
|
Software
|
3.0
|
|
2,814
|
|
|
1,055
|
|
|
—
|
|
|
1,759
|
|
||||
Customer relationships
|
9.7
|
|
3,209
|
|
|
608
|
|
|
226
|
|
|
2,375
|
|
||||
Other
|
1.0
|
|
95
|
|
|
95
|
|
|
—
|
|
|
—
|
|
||||
Total amortized intangible assets
|
9.3
|
|
$
|
7,722
|
|
|
$
|
2,187
|
|
|
$
|
830
|
|
|
$
|
4,705
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
April 30, 2016
|
||||||||||||||||
|
Weighted Average Life (in years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Impairment
|
|
Net Carrying Amount
|
||||||||
Registered trademarks
|
18.3
|
|
$
|
1,676
|
|
|
$
|
194
|
|
|
$
|
—
|
|
|
$
|
1,482
|
|
Software
|
3.0
|
|
3,046
|
|
|
46
|
|
|
—
|
|
|
3,000
|
|
||||
Customer relationships
|
9.7
|
|
3,449
|
|
|
300
|
|
|
—
|
|
|
3,149
|
|
||||
Other
|
1.0
|
|
103
|
|
|
13
|
|
|
—
|
|
|
90
|
|
||||
Total amortized intangible assets
|
8.8
|
|
$
|
8,274
|
|
|
$
|
553
|
|
|
$
|
—
|
|
|
$
|
7,721
|
|
Fiscal years ending
|
|
Amount
|
||
2018
|
|
$
|
1,250
|
|
2019
|
|
1,132
|
|
|
2020
|
|
312
|
|
|
2021
|
|
308
|
|
|
2022
|
|
285
|
|
|
Thereafter
|
|
1,418
|
|
|
Total expected amortization expense
|
|
$
|
4,705
|
|
|
April 29,
2017 |
|
April 30,
2016 |
||||
Raw materials
|
$
|
24,801
|
|
|
$
|
28,184
|
|
Work-in-process
|
7,366
|
|
|
6,158
|
|
||
Finished goods
|
34,319
|
|
|
35,485
|
|
||
|
$
|
66,486
|
|
|
$
|
69,827
|
|
|
April 29,
2017 |
|
April 30,
2016 |
||||
Land
|
$
|
2,099
|
|
|
$
|
2,155
|
|
Buildings
|
65,935
|
|
|
65,247
|
|
||
Machinery and equipment
|
84,189
|
|
|
82,973
|
|
||
Office furniture and equipment
|
5,604
|
|
|
14,746
|
|
||
Computer software and hardware
|
51,523
|
|
|
48,917
|
|
||
Equipment held for rental
|
374
|
|
|
374
|
|
||
Demonstration equipment
|
7,109
|
|
|
8,026
|
|
||
Transportation equipment
|
7,108
|
|
|
6,596
|
|
||
|
223,941
|
|
|
229,034
|
|
||
Less accumulated depreciation
|
157,192
|
|
|
155,871
|
|
||
|
$
|
66,749
|
|
|
$
|
73,163
|
|
|
April 29,
2017 |
|
April 30,
2016 |
||||
Compensation
|
$
|
12,732
|
|
|
$
|
12,065
|
|
Taxes, other than income taxes
|
3,878
|
|
|
3,969
|
|
||
Other
|
8,423
|
|
|
7,498
|
|
||
|
$
|
25,033
|
|
|
$
|
23,532
|
|
|
Year Ended
|
||||||||||
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
Foreign currency transaction losses
|
$
|
(331
|
)
|
|
$
|
(326
|
)
|
|
$
|
(514
|
)
|
Equity in losses of affiliates
|
(136
|
)
|
|
—
|
|
|
—
|
|
|||
Other
|
113
|
|
|
198
|
|
|
16
|
|
|||
|
$
|
(354
|
)
|
|
$
|
(128
|
)
|
|
$
|
(498
|
)
|
|
April 29,
2017 |
|
April 30,
2016 |
||||
Costs incurred
|
$
|
508,993
|
|
|
$
|
530,594
|
|
Estimated earnings
|
161,611
|
|
|
173,356
|
|
||
|
670,604
|
|
|
703,950
|
|
||
Less billings to date
|
645,098
|
|
|
684,111
|
|
||
|
$
|
25,506
|
|
|
$
|
19,839
|
|
|
April 29,
2017 |
|
April 30,
2016 |
||||
Costs and estimated earnings in excess of billings
|
$
|
36,403
|
|
|
$
|
30,200
|
|
Billings in excess of costs and estimated earnings
|
(10,897
|
)
|
|
(10,361
|
)
|
||
|
$
|
25,506
|
|
|
$
|
19,839
|
|
•
|
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 or other distributions (with the exception of any U.S. bank approved special cash dividend), a capital expenditure reserve of
$6,000
, and income tax expenses paid in cash, but excluding cash used to repurchase any Daktronics, Inc. stock over (b) all principal and interest payments with respect to debt, excluding principal payments 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.
|
|
Year Ended
|
|||||||||||||||||||
|
April 29, 2017
|
|
April 30, 2016
|
|
May 2, 2015
|
|||||||||||||||
|
Number of
Nonvested
Shares
|
|
Weighted Average Grant Date Fair Value Per Share
|
|
Number of
Nonvested
Shares
|
|
Weighted Average Grant Date Fair Value Per Share
|
|
Number of
Nonvested
Shares
|
|
Weighted Average Grant Date Fair Value Per Share
|
|||||||||
Outstanding at beginning of year
|
384
|
|
|
$
|
9.10
|
|
|
344
|
|
|
$
|
10.63
|
|
|
318
|
|
|
$
|
9.59
|
|
Granted
|
157
|
|
|
8.00
|
|
|
159
|
|
|
7.04
|
|
|
150
|
|
|
12.25
|
|
|||
Vested
|
(134
|
)
|
|
9.03
|
|
|
(110
|
)
|
|
10.76
|
|
|
(111
|
)
|
|
9.83
|
|
|||
Forfeited
|
(5
|
)
|
|
8.98
|
|
|
(9
|
)
|
|
10.69
|
|
|
(13
|
)
|
|
10.70
|
|
|||
Outstanding at end of year
|
402
|
|
|
$
|
8.69
|
|
|
384
|
|
|
$
|
9.10
|
|
|
344
|
|
|
$
|
10.63
|
|
|
Stock Options
|
|
Weighted Average Exercise Price Per Share
|
|
Weighted Average Remaining Contractual Life (Years)
|
|
Aggregate Intrinsic Value
|
||||||
Outstanding at April 30, 2016
|
2,606
|
|
|
$
|
13.50
|
|
|
4.57
|
|
|
$
|
158
|
|
Granted
|
234
|
|
|
9.57
|
|
|
—
|
|
|
—
|
|
||
Canceled or forfeited
|
(320
|
)
|
|
29.41
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
(39
|
)
|
|
8.78
|
|
|
—
|
|
|
64
|
|
||
Outstanding at April 29, 2017
|
2,481
|
|
|
$
|
11.15
|
|
|
4.53
|
|
|
$
|
768
|
|
|
|
|
|
|
|
|
|
||||||
Shares vested and expected to vest
|
2,458
|
|
|
$
|
11.16
|
|
|
4.50
|
|
|
$
|
762
|
|
Exercisable at April 29, 2017
|
1,868
|
|
|
$
|
11.49
|
|
|
3.49
|
|
|
$
|
635
|
|
|
Year Ended
|
||||||||||
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
Fair value of options granted
|
$
|
2.93
|
|
|
$
|
2.92
|
|
|
$
|
5.44
|
|
Risk-free interest rate
|
1.31 - 1.44%
|
|
|
1.70 - 1.90%
|
|
|
1.93 - 2.14%
|
|
|||
Expected dividend rate
|
3.15
|
%
|
|
2.78
|
%
|
|
2.60
|
%
|
|||
Expected volatility
|
44.12 - 44.51%
|
|
|
42.71 - 48.32%
|
|
|
48.01 - 51.89%
|
|
|||
Expected life of option
|
5.78 - 6.98 years
|
|
|
5.78 - 6.98 years
|
|
|
5.84 - 6.95 years
|
|
|
Year Ended
|
||||||||||
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
Stock options
|
$
|
1,072
|
|
|
$
|
1,179
|
|
|
$
|
1,311
|
|
Restricted stock and stock units
|
1,287
|
|
|
1,237
|
|
|
1,234
|
|
|||
Employee stock purchase plans
|
555
|
|
|
542
|
|
|
493
|
|
|||
|
$
|
2,914
|
|
|
$
|
2,958
|
|
|
$
|
3,038
|
|
|
Year Ended
|
||||||||||
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
Cost of goods sold
|
$
|
714
|
|
|
$
|
751
|
|
|
$
|
737
|
|
Selling
|
723
|
|
|
780
|
|
|
825
|
|
|||
General and administrative
|
877
|
|
|
839
|
|
|
908
|
|
|||
Product design and development
|
600
|
|
|
588
|
|
|
568
|
|
|||
|
$
|
2,914
|
|
|
$
|
2,958
|
|
|
$
|
3,038
|
|
|
Year Ended
|
||||||||||
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
Domestic
|
$
|
16,010
|
|
|
$
|
3,264
|
|
|
$
|
29,194
|
|
Foreign
|
(422
|
)
|
|
(138
|
)
|
|
2,489
|
|
|||
Income before income taxes
|
$
|
15,588
|
|
|
$
|
3,126
|
|
|
$
|
31,683
|
|
|
Year Ended
|
||||||||||
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
5,268
|
|
|
$
|
(467
|
)
|
|
$
|
6,657
|
|
State
|
1,158
|
|
|
123
|
|
|
1,150
|
|
|||
Foreign
|
863
|
|
|
557
|
|
|
848
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(1,625
|
)
|
|
463
|
|
|
1,906
|
|
|||
State
|
(397
|
)
|
|
(89
|
)
|
|
307
|
|
|||
Foreign
|
(21
|
)
|
|
478
|
|
|
(67
|
)
|
|||
|
$
|
5,246
|
|
|
$
|
1,065
|
|
|
$
|
10,801
|
|
|
|
Year Ended
|
||||||||||
|
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
Computed income tax expense at federal, state and local jurisdiction statutory rates
|
|
$
|
5,456
|
|
|
$
|
1,063
|
|
|
$
|
11,089
|
|
State taxes, net of federal benefit
|
|
539
|
|
|
40
|
|
|
1,016
|
|
|||
Research and development tax credit
|
|
(1,573
|
)
|
|
(2,015
|
)
|
|
(1,292
|
)
|
|||
Meals and entertainment
|
|
299
|
|
|
334
|
|
|
369
|
|
|||
Stock compensation
|
|
497
|
|
|
525
|
|
|
566
|
|
|||
Dividends paid to retirement plan
|
|
(293
|
)
|
|
(323
|
)
|
|
(352
|
)
|
|||
Domestic production activities deduction
|
|
(542
|
)
|
|
(91
|
)
|
|
(529
|
)
|
|||
Change in valuation allowances
|
|
388
|
|
|
1,265
|
|
|
(2,295
|
)
|
|||
Change in uncertain tax positions
|
|
97
|
|
|
125
|
|
|
2,357
|
|
|||
Other, net
|
|
378
|
|
|
142
|
|
|
(128
|
)
|
|||
|
|
$
|
5,246
|
|
|
$
|
1,065
|
|
|
$
|
10,801
|
|
|
April 29,
2017 |
|
April 30,
2016 |
||||
Deferred tax assets:
|
|
|
|
||||
Accrued warranty obligations
|
$
|
10,469
|
|
|
$
|
11,407
|
|
Vacation accrual
|
2,100
|
|
|
1,963
|
|
||
Net losses on investments
|
—
|
|
|
336
|
|
||
Deferred maintenance revenue
|
1,336
|
|
|
341
|
|
||
Allowance for excess and obsolete inventory
|
1,254
|
|
|
1,314
|
|
||
Equity compensation
|
848
|
|
|
745
|
|
||
Allowance for doubtful accounts
|
677
|
|
|
703
|
|
||
Inventory capitalization
|
354
|
|
|
595
|
|
||
Accrued compensation and benefits
|
1,232
|
|
|
1,015
|
|
||
Unrealized loss on foreign currency exchange
|
226
|
|
|
—
|
|
||
Net operating loss carry forwards
|
1,772
|
|
|
1,404
|
|
||
Research and development tax credit carry forwards
|
311
|
|
|
1,005
|
|
||
Other
|
1,266
|
|
|
617
|
|
||
|
21,845
|
|
|
21,445
|
|
||
Valuation allowance
|
(2,061
|
)
|
|
(1,673
|
)
|
||
|
19,784
|
|
|
19,772
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
||
Property and equipment
|
(6,762
|
)
|
|
(7,988
|
)
|
||
Prepaid expenses
|
(601
|
)
|
|
(631
|
)
|
||
Intangible assets
|
(1,809
|
)
|
|
(1,479
|
)
|
||
Unrealized gain on foreign currency exchange
|
—
|
|
|
(931
|
)
|
||
Other
|
(156
|
)
|
|
(60
|
)
|
||
|
(9,328
|
)
|
|
(11,089
|
)
|
||
|
$
|
10,456
|
|
|
$
|
8,683
|
|
|
April 29,
2017 |
|
April 30,
2016 |
||||
Non-current assets
|
$
|
11,292
|
|
|
$
|
9,437
|
|
Non-current liabilities
|
(836
|
)
|
|
(754
|
)
|
||
|
$
|
10,456
|
|
|
$
|
8,683
|
|
|
April 29, 2017
|
April 30, 2016
|
May 2, 2015
|
||||||
Balance at beginning of year
|
$
|
3,016
|
|
$
|
2,891
|
|
$
|
494
|
|
Gross increases related to prior period tax positions
|
235
|
|
137
|
|
6
|
|
|||
Gross increases related to current period tax positions
|
—
|
|
8
|
|
2,496
|
|
|||
Lapse of statute of limitations
|
(138
|
)
|
(20
|
)
|
(105
|
)
|
|||
Balance at end of year
|
$
|
3,113
|
|
$
|
3,016
|
|
$
|
2,891
|
|
|
Year Ended
|
||||||||||
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
(Increase) decrease:
|
|
|
|
|
|
||||||
Restricted cash
|
$
|
(18
|
)
|
|
$
|
298
|
|
|
$
|
18
|
|
Account receivable
|
(2,718
|
)
|
|
3,789
|
|
|
6,412
|
|
|||
Long-term receivables
|
2,213
|
|
|
2,851
|
|
|
3,234
|
|
|||
Inventories
|
3,581
|
|
|
(5,100
|
)
|
|
(1,907
|
)
|
|||
Costs and estimated earnings in excess of billings
|
(6,203
|
)
|
|
4,867
|
|
|
(1,667
|
)
|
|||
Prepaid expenses and other current assets
|
(980
|
)
|
|
1,290
|
|
|
(575
|
)
|
|||
Income taxes receivables
|
4,201
|
|
|
1,061
|
|
|
(3,084
|
)
|
|||
Investment in affiliates and other assets
|
(475
|
)
|
|
(776
|
)
|
|
912
|
|
|||
Increase (decrease):
|
|
|
|
|
|
|
|
|
|||
Current marketing obligations and other payables
|
857
|
|
|
21
|
|
|
(146
|
)
|
|||
Accounts payable
|
5,544
|
|
|
(9,926
|
)
|
|
5,594
|
|
|||
Customer deposits (billed or collected)
|
(1,514
|
)
|
|
(941
|
)
|
|
(1,315
|
)
|
|||
Accrued expenses
|
2,351
|
|
|
776
|
|
|
3,128
|
|
|||
Warranty obligations
|
(2,986
|
)
|
|
4,726
|
|
|
(2,638
|
)
|
|||
Billings in excess of costs and estimated earnings
|
536
|
|
|
(13,436
|
)
|
|
1,314
|
|
|||
Long-term warranty obligations
|
389
|
|
|
(710
|
)
|
|
1,869
|
|
|||
Income taxes payable
|
1,331
|
|
|
(37
|
)
|
|
(627
|
)
|
|||
Deferred revenue (billed or collected)
|
1,256
|
|
|
2,120
|
|
|
(250
|
)
|
|||
Long-term marketing obligations and other payables
|
(43
|
)
|
|
(456
|
)
|
|
3,468
|
|
|||
|
$
|
7,322
|
|
|
$
|
(9,583
|
)
|
|
$
|
13,740
|
|
|
Year Ended
|
||||||||||
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
Cash payments for:
|
|
|
|
|
|
||||||
Interest
|
$
|
228
|
|
|
$
|
303
|
|
|
$
|
289
|
|
Income taxes, net of refunds
|
3,196
|
|
|
(824
|
)
|
|
8,690
|
|
|
|
Year Ended
|
||||||||||
|
|
April 29,
2017 |
|
April 30,
2016 |
|
May 2,
2015 |
||||||
Demonstration equipment transferred to inventory
|
|
$
|
218
|
|
|
$
|
227
|
|
|
$
|
34
|
|
Purchases of property and equipment included in accounts payable
|
|
2,524
|
|
|
142
|
|
|
1,510
|
|
|||
Contributions of common stock under the ESPP
|
|
840
|
|
|
1,777
|
|
|
2,512
|
|
|||
Contingent consideration related to acquisition of ADFLOW
|
|
31
|
|
|
1,955
|
|
|
—
|
|
|
Fair Value Measurements
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Balance as of April 29, 2017:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
32,623
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32,623
|
|
Restricted cash
|
216
|
|
|
—
|
|
|
—
|
|
|
216
|
|
||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposit
|
—
|
|
|
12,487
|
|
|
—
|
|
|
12,487
|
|
||||
U.S. Government securities
|
400
|
|
|
—
|
|
|
—
|
|
|
400
|
|
||||
U.S. Government sponsored entities
|
—
|
|
|
12,238
|
|
|
—
|
|
|
12,238
|
|
||||
Municipal obligations
|
—
|
|
|
7,588
|
|
|
—
|
|
|
7,588
|
|
||||
Derivatives - asset position
|
—
|
|
|
64
|
|
|
—
|
|
|
64
|
|
||||
Derivatives - liability position
|
—
|
|
|
(277
|
)
|
|
—
|
|
|
(277
|
)
|
||||
Contingent liability
|
—
|
|
|
—
|
|
|
(1,891
|
)
|
|
(1,891
|
)
|
||||
|
$
|
33,239
|
|
|
$
|
32,100
|
|
|
$
|
(1,891
|
)
|
|
$
|
63,448
|
|
Balance as of April 30, 2016:
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
28,328
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,328
|
|
Restricted cash
|
198
|
|
|
—
|
|
|
—
|
|
|
198
|
|
||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposit
|
—
|
|
|
14,927
|
|
|
—
|
|
|
14,927
|
|
||||
U.S. Government sponsored entities
|
—
|
|
|
8,522
|
|
|
—
|
|
|
8,522
|
|
||||
Municipal obligations
|
—
|
|
|
1,223
|
|
|
—
|
|
|
1,223
|
|
||||
Derivatives - liability position
|
—
|
|
|
(453
|
)
|
|
—
|
|
|
(453
|
)
|
||||
Contingent liability
|
—
|
|
|
—
|
|
|
(1,955
|
)
|
|
(1,955
|
)
|
||||
|
$
|
28,526
|
|
|
$
|
24,219
|
|
|
$
|
(1,955
|
)
|
|
$
|
50,790
|
|
Contingent liability as of April 30, 2016
|
|
$
|
1,955
|
|
Fair value adjustments
|
|
31
|
|
|
Interest accretion
|
|
53
|
|
|
Foreign currency translation
|
|
(148
|
)
|
|
Contingent liability as of April 29, 2017
|
|
$
|
1,891
|
|
|
April 29, 2017
|
|
April 30, 2016
|
||||||||
|
U.S.
Dollars
|
|
Foreign
Currency
|
|
U.S.
Dollars
|
|
Foreign
Currency
|
||||
Foreign Currency Exchange Forward Contracts:
|
|
|
|
|
|
|
|
||||
U.S. Dollars/Australian Dollars
|
7,984
|
|
|
10,669
|
|
|
7,216
|
|
|
10,027
|
|
U.S. Dollars/Canadian Dollars
|
256
|
|
|
345
|
|
|
563
|
|
|
771
|
|
U.S. Dollars/British Pounds
|
4,936
|
|
|
3,959
|
|
|
1,795
|
|
|
1,263
|
|
U.S. Dollars/Singapore Dollars
|
605
|
|
|
844
|
|
|
261
|
|
|
356
|
|
U.S. Dollars/Euros
|
528
|
|
|
491
|
|
|
147
|
|
|
132
|
|
|
April 29, 2017
|
|
April 30, 2016
|
||||
Beginning accrued warranty obligations
|
$
|
30,496
|
|
|
$
|
26,481
|
|
Warranties issued during the period
|
10,930
|
|
|
10,528
|
|
||
Settlements made during the period
|
(16,790
|
)
|
|
(18,377
|
)
|
||
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations
|
3,263
|
|
|
11,864
|
|
||
Ending accrued warranty obligations
|
$
|
27,899
|
|
|
$
|
30,496
|
|
Fiscal years ending
|
|
Amount
|
||
2018
|
|
$
|
2,740
|
|
2019
|
|
2,038
|
|
|
2020
|
|
1,740
|
|
|
2021
|
|
1,545
|
|
|
2022
|
|
1,298
|
|
|
Thereafter
|
|
422
|
|
|
|
|
$
|
9,783
|
|
Fiscal years ending
|
|
Amount
|
||
2018
|
|
$
|
3,251
|
|
2019
|
|
1,030
|
|
|
2020
|
|
253
|
|
|
2021
|
|
253
|
|
|
2022
|
|
143
|
|
|
Thereafter
|
|
379
|
|
|
|
|
$
|
5,309
|
|
|
|
April 29, 2017
|
|
April 30, 2016
|
||||
Advertising
|
|
$
|
580
|
|
|
$
|
589
|
|
Deferred purchase price
|
|
2,479
|
|
|
3,228
|
|
||
Other
|
|
165
|
|
|
214
|
|
||
Total outstanding
|
|
3,224
|
|
|
4,031
|
|
||
Less: current liability
|
|
1,506
|
|
|
681
|
|
||
Other long-term obligations
|
|
$
|
1,718
|
|
|
$
|
3,350
|
|
|
Fiscal 2017 Quarter Ended
|
||||||||||||||
|
July 30,
2016 |
|
October 29,
2016 |
|
January 28,
2017 |
|
April 29,
2017 |
||||||||
Net sales
|
$
|
157,146
|
|
|
$
|
169,992
|
|
|
$
|
115,719
|
|
|
$
|
143,682
|
|
Gross profit
|
39,067
|
|
|
44,308
|
|
|
23,316
|
|
|
33,724
|
|
||||
Net income (loss)
|
5,539
|
|
|
9,021
|
|
|
(5,127
|
)
|
|
909
|
|
||||
Basic earnings (loss) per share
|
0.13
|
|
|
0.21
|
|
|
(0.12
|
)
|
|
0.02
|
|
||||
Diluted earnings (loss) per share
|
0.13
|
|
|
0.20
|
|
|
(0.12
|
)
|
|
0.02
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
Fiscal 2016 Quarter Ended
|
||||||||||||||
|
August 1,
2015 |
|
October 31,
2015 |
|
January 30,
2016 |
|
April 30,
2016 |
||||||||
Net sales
|
$
|
150,221
|
|
|
$
|
157,668
|
|
|
$
|
123,816
|
|
|
$
|
138,463
|
|
Gross profit
|
35,501
|
|
|
35,513
|
|
|
22,029
|
|
|
27,976
|
|
||||
Net income (loss)
|
3,776
|
|
|
3,168
|
|
|
(1,953
|
)
|
|
(2,930
|
)
|
||||
Basic earnings (loss) per share
|
0.09
|
|
|
0.07
|
|
|
(0.04
|
)
|
|
(0.07
|
)
|
||||
Diluted earnings (loss) per share
|
0.09
|
|
|
0.07
|
|
|
(0.04
|
)
|
|
(0.07
|
)
|
By /s/ Reece A. Kurtenbach
|
By /s/ Sheila M. Anderson
|
Reece A. Kurtenbach
|
Sheila M. Anderson
|
Chief Executive Officer
|
Chief Financial Officer
|
June 9, 2017
|
June 9, 2017
|
(a)(1)
|
Financial Statements
|
(2)
|
Schedules
|
(3)
|
Exhibits
|
|
DAKTRONICS, INC.
|
|
|
By: /s/ Reece A. Kurtenbach
|
|
|
|
Chief Executive Officer and President
|
|
|
(Principal Executive Officer)
|
|
|
|
|
By: /s/ Sheila M. Anderson
|
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
Signature
|
Title
|
Date
|
|
|
|
|
|
By /s/ Byron J. Anderson
|
Director
|
June 9, 2017
|
|
|
Byron J. Anderson
|
|
|
|
|
|
|
By /s/ Robert G. Dutcher
|
Director
|
June 9, 2017
|
|
|
Robert G. Dutcher
|
|
|
|
|
|
|
By /s/ Nancy D. Frame
|
Director
|
June 9, 2017
|
|
|
Nancy D. Frame
|
|
|
|
|
|
|
By /s/ Reece A. Kurtenbach
|
Director
|
June 9, 2017
|
|
|
Reece A. Kurtenbach
|
|
|
|
|
|
|
By /s/ James B. Morgan
|
Director
|
June 9, 2017
|
|
|
James B. Morgan
|
|
|
|
|
|
|
By /s/ John L. Mulligan
|
Director
|
June 9, 2017
|
|
|
John L. Mulligan
|
|
|
|
|
|
|
By /s/ John P. Friel
|
Director
|
June 9, 2017
|
|
|
John P. Friel
|
|
|
|
|
|
|
By /s/ Kevin P. McDermott
|
Director
|
June 9, 2017
|
|
|
Kevin P. McDermott
|
|
|
DAKTRONICS, INC. AND SUBSIDIARIES
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
(in thousands)
|
|||||||||||||||||||
|
|
|
Additions
|
|
|
|
|
||||||||||||
Description
|
Balance at
Beginning of Year |
|
Charged to
Costs and
Expenses
|
|
Charged to
Other Accounts |
|
Deductions
|
|
Balance
at End of Year |
||||||||||
For the year ended April 29, 2017:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
$
|
2,797
|
|
|
$
|
2,496
|
|
|
$
|
—
|
|
|
$
|
(2,683
|
)
|
(b)
|
$
|
2,610
|
|
Allowance for excess and obsolete inventories
|
4,975
|
|
|
2,437
|
|
|
(68
|
)
|
(a)
|
(2,377
|
)
|
(c)
|
4,967
|
|
|||||
For the year ended April 30, 2016:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
2,316
|
|
|
934
|
|
|
—
|
|
|
(453
|
)
|
(b)
|
2,797
|
|
|||||
Allowance for excess and obsolete inventories
|
3,998
|
|
|
3,475
|
|
|
12
|
|
(a)
|
(2,510
|
)
|
(c)
|
4,975
|
|
|||||
For the year ended May 2, 2015:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
2,539
|
|
|
(150
|
)
|
|
—
|
|
|
(73
|
)
|
(b)
|
2,316
|
|
|||||
Allowance for excess and obsolete inventories
|
2,692
|
|
|
2,701
|
|
|
2
|
|
(a)
|
(1,397
|
)
|
(c)
|
3,998
|
|
Name of Subsidiary
|
Jurisdiction of Incorporation
|
Daktronics Canada, Inc.
|
Canada
|
Daktronics, GmbH
|
Germany
|
Daktronics UK, Ltd.
|
Great Britain
|
Daktronics Shanghai Ltd.
|
Peoples Republic of China
|
Daktronics France SARL
|
France
|
Daktronics Australia Pty Ltd.
|
Australia
|
Daktronics Installation, Inc.
|
South Dakota
|
Daktronics Japan, Inc.
|
Japan
|
Daktronics HK Limited
|
Hong Kong
|
Daktronics (International) Limited
|
Macau
|
Daktronics Singapore Pte. Ltd.
|
Singapore
|
Daktronics Spain S.L.
|
Spain
|
Daktronics Brazil, Ltda.
|
Brazil
|
Daktronics Belgium N.V.
|
Belgium
|
Daktronics Ireland Co. Ltd.
|
Ireland
|
Daktronics Ireland Holdings Ltd
|
Ireland
|
ADFLOW Networks, Inc.
|
Canada
|
Signature
|
Title
|
Date
|
|
|
|
|
|
By /s/ Byron J. Anderson
|
Director
|
June 9, 2017
|
|
|
Byron J. Anderson
|
|
|
|
|
|
|
By /s/ Robert G. Dutcher
|
Director
|
June 9, 2017
|
|
|
Robert G. Dutcher
|
|
|
|
|
|
|
By /s/ Nancy D. Frame
|
Director
|
June 9, 2017
|
|
|
Nancy D. Frame
|
|
|
|
|
|
|
By /s/ Reece A. Kurtenbach
|
Director
|
June 9, 2017
|
|
|
Reece A. Kurtenbach
|
|
|
|
|
|
|
By /s/ James B. Morgan
|
Director
|
June 9, 2017
|
|
|
James B. Morgan
|
|
|
|
|
|
|
By /s/ John L. Mulligan
|
Director
|
June 9, 2017
|
|
|
John L. Mulligan
|
|
|
|
|
|
|
By /s/ John P. Friel
|
Director
|
June 9, 2017
|
|
|
John P. Friel
|
|
|
|
|
|
|
By /s/ Kevin P. McDermott
|
Director
|
June 9, 2017
|
|
|
Kevin P. McDermott
|
|
|
1.
|
I have reviewed this annual report on Form 10-K for the year ended
April 29, 2017
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 fiscal 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 financial 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/ Reece A. Kurtenbach
|
|
Reece A. Kurtenbach
|
|
Chief Executive Officer
|
|
June 9, 2017
|
1.
|
I have reviewed this annual report on Form 10-K for the year ended
April 29, 2017
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;
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3.
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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;
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4.
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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:
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a.
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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;
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b.
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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;
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c.
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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
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d.
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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 fiscal 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 financial reporting; and
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5.
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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):
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a.
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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
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b.
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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.
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/s/ Sheila M. Anderson
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Sheila M. Anderson
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Chief Financial Officer
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June 9, 2017
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Reece A. Kurtenbach
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Reece A. Kurtenbach
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Chief Executive Officer
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June 9, 2017
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Sheila M. Anderson
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Sheila M. Anderson
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Chief Financial Officer
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June 9, 2017
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