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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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, No Par Value
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DAKT
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Nasdaq Global Select Market
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Preferred Stock Purchase Rights
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DAKT
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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 o
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Smaller reporting company o
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Emerging growth company o
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•
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the timing of orders and related deliveries, including delays or cancellations of orders;
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•
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our ability to obtain raw materials and components timely and at reasonable prices;
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•
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our ability to adjust and utilize production and services capacity;
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•
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our ability to engage third parties to support production and fulfillment;
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•
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new product introductions;
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•
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variations in product mix; and
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•
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customer financial wherewithal and the related economic conditions impacting their business.
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•
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changes in the demand for and mix of products that our customers buy;
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•
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our ability to add and train our manufacturing staff in advance of demand;
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•
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the market’s pace of technological change;
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•
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variability in our manufacturing or services productivity;
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•
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long lead times for components used in production;
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•
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our ability to engage third parties;
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•
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geography of the order and related shipping methods; and
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•
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long lead times for our plant and equipment expenditures.
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•
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diversion of management attention;
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•
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difficulty with integrating acquired businesses;
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•
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adverse impact on overall profitability if the expanded operations do not achieve the strategic benefits forecasted;
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•
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potential loss or adverse relationship change of key employees, customers, or suppliers of the acquired business;
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•
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inability to effectively manage our expanded operations;
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•
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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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•
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increased expenses;
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•
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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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•
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the time involved in evaluating or modifying the financial systems of an acquired business and the establishment of appropriate internal controls; and
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•
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incorrect estimates made in the accounting for the transaction that cause misstatement of acquisition assets and liabilities.
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•
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the ability of our Board of Directors, without shareholder approval, to authorize and issue shares of stock with voting, liquidation, dividend and other rights and preferences that are superior to our common stock;
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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 agreement providing for the exercise of junior participating preferred stock purchase rights when a person becomes the beneficial owner of 20 percent or more of our outstanding common stock and upon the occurrence of certain similar events (subject to certain exceptions);
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•
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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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764,000
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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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151,000
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Manufacturing, Sales, Service, Office
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Ennistymon, Ireland
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Owned
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60,000
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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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277,000
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Manufacturing, Sales, Service, Office
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Shanghai, China
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Leased
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137,000
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Manufacturing, Sales, Service, Office
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Period
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Total number of shares purchased
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Average price paid per share (including fees)
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Total number of shares purchased as part of publicly announced plans or programs
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Approximate dollar value of shares that may yet be purchased under the share repurchase program
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||||||
February 2, 2020 - February 29, 2020
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127,515
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$
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5.64
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127,515
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$
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35,126,597
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March 1, 2020 - March 28, 2020
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533,990
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4.85
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533,990
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32,539,076
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Total
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661,505
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661,505
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2020(1)(2)
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2019(2)(3)(4)(6)(8)
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2018(5)(6)(8)
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2017(7)(8)
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2016(8)(9)
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Statement of Operations Data:
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Net sales
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$
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608,932
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$
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569,704
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$
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610,530
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$
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586,539
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$
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570,168
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Gross profit
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138,700
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130,294
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145,669
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140,415
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121,019
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Gross profit margin
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22.8
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%
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22.9
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%
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23.9
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%
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23.9
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%
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21.2
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%
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|||||
Operating (loss) income
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(167
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)
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(4,728
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)
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12,460
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15,421
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2,495
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Operating margin
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—
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%
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(0.8
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)%
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2.0
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%
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2.6
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%
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0.4
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%
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|||||
Net income (loss)
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491
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(958
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)
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5,562
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10,342
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2,061
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Diluted earnings (loss) per share
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0.01
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(0.02
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)
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0.12
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0.23
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0.05
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Weighted average diluted shares outstanding
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45,316
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44,926
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44,873
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44,303
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44,456
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Balance Sheet Data:
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Working capital
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$
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106,037
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$
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119,601
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$
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132,825
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$
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127,130
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$
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123,714
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Total assets
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372,651
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349,216
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358,800
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355,433
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349,948
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Total long-term liabilities
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49,706
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27,481
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29,876
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26,552
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27,364
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Total shareholders' equity
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176,980
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187,663
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197,616
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198,286
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201,067
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Cash dividends per share
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0.20
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0.28
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0.28
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0.31
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0.40
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•
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our percentage of market share by comparing our estimated revenue to the total estimated global digital display revenue;
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•
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our order growth compared to the overall digital market order change;
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•
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financial metrics such as annual order volume and profit change as compared to our previous financial results;
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•
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customer retention and expansion rates; and
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•
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our ability to generate profits over the long-term to provide a shareholder return.
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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 principal 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 national retailers, quick-serve restaurants, petroleum retailers, and other nationwide organizations.
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•
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Additional standard display offerings using micro-light emitting diode ("LED") designs.
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•
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Increasing use of LED technologies replacing signage previously using liquid crystal display ("LCD") technology by existing and new customers.
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•
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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 expanded use of this technology.
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•
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The use 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 advertising companies continue developing new sites and replacing digital billboards reaching end of life. This is dependent on no adverse changes occurring in the digital billboard regulatory environment restricting future billboard deployments, as well as maintaining our current market share in a business that is 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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•
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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, including additional micro-LED 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 system needs throughout a sports facility.
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•
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Increasing use of LED technologies replacing signage previously using LCD technology in and surrounding live events facilities.
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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 compared to traditional scoreboards and these systems' ability to provide or enhance academic curriculum offerings for students.
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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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Lower system costs driving the use of more sophisticated displays in school athletic facilities, such as large integrated video systems.
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•
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Expanding control system options tailored for the markets' needs.
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||||||||||||||||||||||
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May 2, 2020
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|
April 27, 2019
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2020 vs 2019
|
|
April 28, 2018
|
|
2019 vs 2018
|
||||||||||||||
(dollars in thousands)
|
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
|
Percent Change
|
||||||||||||
Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
$
|
152,627
|
|
|
$
|
148,833
|
|
|
$
|
3,794
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|
2.5
|
%
|
|
$
|
134,535
|
|
|
$
|
14,298
|
|
10.6
|
%
|
Live Events
|
196,591
|
|
|
170,952
|
|
|
25,639
|
|
15.0
|
|
|
236,333
|
|
|
(65,381
|
)
|
(27.7
|
)
|
|||||
High School Park and Recreation
|
96,414
|
|
|
91,187
|
|
|
5,227
|
|
5.7
|
|
|
87,627
|
|
|
3,560
|
|
4.1
|
|
|||||
Transportation
|
70,139
|
|
|
64,391
|
|
|
5,748
|
|
8.9
|
|
|
59,578
|
|
|
4,813
|
|
8.1
|
|
|||||
International
|
93,161
|
|
|
94,341
|
|
|
(1,180
|
)
|
(1.3
|
)
|
|
92,457
|
|
|
1,884
|
|
2.0
|
|
|||||
|
$
|
608,932
|
|
|
$
|
569,704
|
|
|
$
|
39,228
|
|
6.9
|
%
|
|
$
|
610,530
|
|
|
$
|
(40,826
|
)
|
(6.7
|
)%
|
Orders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial
|
$
|
146,182
|
|
|
$
|
162,592
|
|
|
$
|
(16,410
|
)
|
(10.1
|
)%
|
|
$
|
135,363
|
|
|
$
|
27,229
|
|
20.1
|
%
|
Live Events
|
203,834
|
|
|
179,217
|
|
|
24,617
|
|
13.7
|
|
|
203,036
|
|
|
(23,819
|
)
|
(11.7
|
)
|
|||||
High School Park and Recreation
|
100,088
|
|
|
98,139
|
|
|
1,949
|
|
2.0
|
|
|
87,243
|
|
|
10,896
|
|
12.5
|
|
|||||
Transportation
|
83,473
|
|
|
73,059
|
|
|
10,414
|
|
14.3
|
|
|
50,581
|
|
|
22,478
|
|
44.4
|
|
|||||
International
|
87,201
|
|
|
95,873
|
|
|
(8,672
|
)
|
(9.0
|
)
|
|
107,244
|
|
|
(11,371
|
)
|
(10.6
|
)
|
|||||
|
$
|
620,778
|
|
|
$
|
608,880
|
|
|
$
|
11,898
|
|
2.0
|
%
|
|
$
|
583,467
|
|
|
$
|
25,413
|
|
4.4
|
%
|
|
Year Ended
|
||||||||||||||||||||
|
May 2, 2020
|
|
April 27, 2019
|
|
April 28, 2018
|
||||||||||||||||
(dollars in thousands)
|
Amount
|
|
As a Percent of Net Sales
|
|
Amount
|
|
As a Percent of Net Sales
|
|
Amount
|
|
As a Percent of Net Sales
|
||||||||||
Commercial
|
$
|
29,246
|
|
|
19.2
|
%
|
|
$
|
31,785
|
|
|
21.4
|
%
|
|
$
|
26,665
|
|
|
19.8
|
%
|
|
Live Events
|
39,518
|
|
|
20.1
|
|
|
32,164
|
|
|
18.8
|
|
|
49,755
|
|
|
21.1
|
|
||||
High School Park and Recreation
|
28,874
|
|
|
29.9
|
|
|
26,858
|
|
|
29.5
|
|
|
29,317
|
|
|
33.5
|
|
||||
Transportation
|
23,910
|
|
|
34.1
|
|
|
22,525
|
|
|
35.0
|
|
|
21,247
|
|
|
35.7
|
|
||||
International
|
17,152
|
|
|
18.4
|
|
|
16,962
|
|
|
18.0
|
|
|
18,685
|
|
|
20.2
|
|
||||
|
$
|
138,700
|
|
|
22.8
|
%
|
|
$
|
130,294
|
|
|
22.9
|
%
|
|
$
|
145,669
|
|
|
23.9
|
%
|
|
Year Ended
|
|||||||||||||||||||||||||
|
May 2, 2020
|
|
April 27, 2019
|
|
April 28, 2018
|
|||||||||||||||||||||
(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
|
$
|
9,897
|
|
|
6.5
|
%
|
|
(25.1
|
)%
|
|
$
|
13,218
|
|
|
8.9
|
%
|
|
65.5
|
%
|
|
$
|
7,986
|
|
|
5.9
|
%
|
Live Events
|
26,074
|
|
|
13.3
|
|
|
41.1
|
|
|
18,484
|
|
|
10.8
|
|
|
(47.8
|
)
|
|
35,439
|
|
|
15.0
|
|
|||
High School Park and Recreation
|
15,341
|
|
|
15.9
|
|
|
5.7
|
|
|
14,518
|
|
|
15.9
|
|
|
(20.7
|
)
|
|
18,317
|
|
|
20.9
|
|
|||
Transportation
|
19,566
|
|
|
27.9
|
|
|
7.2
|
|
|
18,260
|
|
|
28.4
|
|
|
7.1
|
|
|
17,048
|
|
|
28.6
|
|
|||
International
|
1,920
|
|
|
2.1
|
|
|
64.7
|
|
|
1,166
|
|
|
1.2
|
|
|
(71.7
|
)
|
|
4,119
|
|
|
4.5
|
|
|||
|
$
|
72,798
|
|
|
12.0
|
%
|
|
10.9
|
%
|
|
$
|
65,646
|
|
|
11.5
|
%
|
|
(20.8
|
)%
|
|
$
|
82,909
|
|
|
13.6
|
%
|
|
Year Ended
|
|||||||||||||||||||||||||
|
May 2, 2020
|
|
April 27, 2019
|
|
April 28, 2018
|
|||||||||||||||||||||
(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
|
$
|
35,193
|
|
|
5.8
|
%
|
|
1.1
|
%
|
|
$
|
34,817
|
|
|
6.1
|
%
|
|
(0.3
|
)%
|
|
$
|
34,919
|
|
|
5.7
|
%
|
Product design and development
|
$
|
37,772
|
|
|
6.2
|
%
|
|
6.2
|
%
|
|
$
|
35,557
|
|
|
6.2
|
%
|
|
0.1
|
%
|
|
$
|
35,530
|
|
|
5.8
|
%
|
|
Year Ended
|
|||||||||||||||||||||||||
|
May 2, 2020
|
|
April 27, 2019
|
|
April 28, 2018
|
|||||||||||||||||||||
(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
|
$
|
699
|
|
|
0.1
|
%
|
|
(19.7
|
)%
|
|
$
|
871
|
|
|
0.2
|
%
|
|
72.1
|
%
|
|
$
|
506
|
|
|
0.1
|
%
|
Other (expense) income, net
|
$
|
(541
|
)
|
|
(0.1
|
)%
|
|
(50.2
|
)%
|
|
$
|
(1,087
|
)
|
|
(0.2
|
)%
|
|
102.4
|
%
|
|
$
|
(537
|
)
|
|
(0.1
|
)%
|
|
Year Ended
|
|||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
Percent Change
|
|||||
(dollars in thousands)
|
||||||||||
Net cash provided by (used in):
|
|
|
|
|
|
|||||
Operating activities
|
$
|
10,808
|
|
|
$
|
29,546
|
|
|
(63.4
|
)%
|
Investing activities
|
(4,271
|
)
|
|
(11,842
|
)
|
|
(63.9
|
)
|
||
Financing activities
|
(1,978
|
)
|
|
(11,932
|
)
|
|
(83.4
|
)
|
||
Effect of exchange rate changes on cash
|
111
|
|
|
215
|
|
|
(48.4
|
)
|
||
Net increase in cash, cash equivalents and restricted cash
|
$
|
4,670
|
|
|
$
|
5,987
|
|
|
(22.0
|
)%
|
Date Declared
|
Record Date
|
Payment Date
|
Amount per Share
|
May 30, 2019
|
June 10, 2019
|
June 20, 2019
|
$0.05
|
September 5, 2019
|
September 16, 2019
|
September 26, 2019
|
$0.05
|
December 4, 2019
|
December 16, 2019
|
December 26, 2019
|
$0.05
|
February 25, 2020
|
March 9, 2020
|
March 19, 2020
|
$0.05
|
•
|
preserving liquidity by drawing down $15 million from our existing line of credit and pursuing other sources of financing;
|
•
|
reducing investments in capital assets; we estimate less than $15 million in capital expenses in fiscal year 2020;
|
•
|
reducing executive pay and Board member compensation;
|
•
|
utilizing tax and other government opportunities to improve liquidity;
|
•
|
temporarily furloughing and permanently reducing our staffing and reducing salary, where necessary, to maintain a right-sized skilled workforce;
|
•
|
instituting other costs reductions across the business;
|
•
|
suspending stock repurchases under our share repurchase program; and
|
•
|
suspending dividend declarations for the foreseeable future.
|
Contractual Obligations
|
|
Total
|
|
Less than 1 year
|
|
1-3 Years
|
|
4-5 Years
|
|
After 5 Years
|
||||||||||
Cash commitments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unconditional purchase obligations
|
|
$
|
9,580
|
|
|
$
|
4,775
|
|
|
$
|
4,504
|
|
|
$
|
261
|
|
|
$
|
40
|
|
Operating leases
|
|
9,351
|
|
|
2,675
|
|
|
3,193
|
|
|
2,016
|
|
|
1,467
|
|
|||||
Investment in affiliate contingency
|
|
6,962
|
|
|
6,962
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Acquisition-related contingency payments
|
|
571
|
|
|
376
|
|
|
195
|
|
|
—
|
|
|
—
|
|
|||||
Notes payable, bank
|
|
15,000
|
|
|
—
|
|
|
15,000
|
|
|
—
|
|
|
—
|
|
|||||
Unrecognized tax benefits(1)
|
|
582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
42,046
|
|
|
$
|
14,788
|
|
|
$
|
22,892
|
|
|
$
|
2,277
|
|
|
$
|
1,507
|
|
Other off-balance sheet arrangements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Standby letters of credit and bank guarantees
|
|
$
|
13,090
|
|
|
$
|
9,424
|
|
|
$
|
328
|
|
|
$
|
3,338
|
|
|
$
|
—
|
|
Surety bonds
|
|
$
|
18,212
|
|
|
$
|
18,212
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Year Ended
|
|||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
|||||
Balance sheet data:
|
|
|
|
|
|
|||||
Current assets
|
$
|
10,593
|
|
|
$
|
192
|
|
|
|
|
Non-current assets
|
4,266
|
|
|
2,626
|
|
|
|
|||
Current liabilities
|
2,755
|
|
|
839
|
|
|
|
|||
Non-current liabilities
|
4,086
|
|
|
2,599
|
|
|
|
|||
Income statement data:
|
|
|
|
|
|
|||||
Net loss
|
(1,383
|
)
|
|
(2,168
|
)
|
|
(1,493
|
)
|
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Cash and cash equivalents
|
$
|
40,398
|
|
|
$
|
35,383
|
|
|
$
|
29,727
|
|
Restricted cash
|
14
|
|
|
359
|
|
|
28
|
|
|||
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows
|
$
|
40,412
|
|
|
$
|
35,742
|
|
|
$
|
29,755
|
|
|
Years
|
Buildings and improvements
|
5 - 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 (loss)
|
|
Shares
|
|
Per share income (loss)
|
|||||
For the year ended May 2, 2020:
|
|
|
|
|
|
|||||
Basic earnings per share
|
$
|
491
|
|
|
45,031
|
|
|
$
|
0.01
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
285
|
|
|
—
|
|
||
Diluted earnings per share
|
$
|
491
|
|
|
45,316
|
|
|
$
|
0.01
|
|
For the year ended April 27, 2019:
|
|
|
|
|
|
|
|
|||
Basic loss per share
|
$
|
(958
|
)
|
|
44,926
|
|
|
$
|
(0.02
|
)
|
Dilution associated with stock compensation plans
|
—
|
|
|
—
|
|
|
—
|
|
||
Diluted loss per share
|
$
|
(958
|
)
|
|
44,926
|
|
|
$
|
(0.02
|
)
|
For the year ended April 28, 2018:
|
|
|
|
|
|
|
|
|||
Basic earnings per share
|
$
|
5,562
|
|
|
44,457
|
|
|
$
|
0.13
|
|
Dilution associated with stock compensation plans
|
—
|
|
|
416
|
|
|
(0.01
|
)
|
||
Diluted earnings per share
|
$
|
5,562
|
|
|
44,873
|
|
|
$
|
0.12
|
|
|
Fiscal Year 2020
|
||||||||||||||||||||||
|
Commercial
|
|
Live Events
|
|
High School Park and Recreation
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||||
Type of performance obligation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unique configuration
|
$
|
35,212
|
|
|
$
|
140,044
|
|
|
$
|
19,176
|
|
|
$
|
43,519
|
|
|
$
|
40,454
|
|
|
$
|
278,405
|
|
Limited configuration
|
102,847
|
|
|
31,897
|
|
|
74,266
|
|
|
24,588
|
|
|
45,626
|
|
|
279,224
|
|
||||||
Service and other
|
14,568
|
|
|
24,650
|
|
|
2,972
|
|
|
2,032
|
|
|
7,081
|
|
|
51,303
|
|
||||||
|
$
|
152,627
|
|
|
$
|
196,591
|
|
|
$
|
96,414
|
|
|
$
|
70,139
|
|
|
$
|
93,161
|
|
|
$
|
608,932
|
|
Timing of revenue recognition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goods/services transferred at a point in time
|
$
|
105,096
|
|
|
$
|
39,521
|
|
|
$
|
68,582
|
|
|
$
|
25,157
|
|
|
$
|
47,345
|
|
|
$
|
285,701
|
|
Goods/services transferred over time
|
47,531
|
|
|
157,070
|
|
|
27,832
|
|
|
44,982
|
|
|
45,816
|
|
|
323,231
|
|
||||||
|
$
|
152,627
|
|
|
$
|
196,591
|
|
|
$
|
96,414
|
|
|
$
|
70,139
|
|
|
$
|
93,161
|
|
|
$
|
608,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Fiscal Year 2019
|
||||||||||||||||||||||
|
Commercial
|
|
Live Events
|
|
High School Park and Recreation
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||||
Type of performance obligation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unique configuration
|
$
|
25,171
|
|
|
$
|
119,569
|
|
|
$
|
21,792
|
|
|
$
|
38,490
|
|
|
$
|
44,989
|
|
|
$
|
250,011
|
|
Limited configuration
|
108,921
|
|
|
30,107
|
|
|
66,825
|
|
|
23,799
|
|
|
42,134
|
|
|
271,786
|
|
||||||
Service and other
|
14,741
|
|
|
21,276
|
|
|
2,570
|
|
|
2,102
|
|
|
7,218
|
|
|
47,907
|
|
||||||
|
$
|
148,833
|
|
|
$
|
170,952
|
|
|
$
|
91,187
|
|
|
$
|
64,391
|
|
|
$
|
94,341
|
|
|
$
|
569,704
|
|
Timing of revenue recognition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goods/services transferred at a point in time
|
$
|
111,617
|
|
|
$
|
35,313
|
|
|
$
|
60,763
|
|
|
$
|
24,500
|
|
|
$
|
44,758
|
|
|
$
|
276,951
|
|
Goods/services transferred over time
|
37,216
|
|
|
135,639
|
|
|
30,424
|
|
|
39,891
|
|
|
49,583
|
|
|
292,753
|
|
||||||
|
$
|
148,833
|
|
|
$
|
170,952
|
|
|
$
|
91,187
|
|
|
$
|
64,391
|
|
|
$
|
94,341
|
|
|
$
|
569,704
|
|
|
May 2, 2020
|
|
April 27, 2019
|
|
Dollar Change
|
|
Percent Change
|
|||||||
Contract assets
|
$
|
35,467
|
|
|
$
|
33,704
|
|
|
$
|
1,763
|
|
|
5.2
|
%
|
Contract liabilities - current
|
50,897
|
|
|
47,178
|
|
|
3,719
|
|
|
7.9
|
|
|||
Contract liabilities - non-current
|
10,707
|
|
|
10,053
|
|
|
654
|
|
|
6.5
|
|
|
May 2, 2020
|
|
April 27, 2019
|
||||
Balance at beginning of year
|
$
|
24,939
|
|
|
$
|
20,127
|
|
New contracts sold
|
41,169
|
|
|
41,907
|
|
||
Less: reductions for revenue recognized
|
(41,167
|
)
|
|
(37,241
|
)
|
||
Foreign currency translation and other
|
(451
|
)
|
|
146
|
|
||
Balance at end of year
|
$
|
24,490
|
|
|
$
|
24,939
|
|
|
Year Ended
|
||||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Net sales:
|
|
|
|
|
|
||||||
Commercial
|
$
|
152,627
|
|
|
$
|
148,833
|
|
|
$
|
134,535
|
|
Live Events
|
196,591
|
|
|
170,952
|
|
|
236,333
|
|
|||
High School Park and Recreation
|
96,414
|
|
|
91,187
|
|
|
87,627
|
|
|||
Transportation
|
70,139
|
|
|
64,391
|
|
|
59,578
|
|
|||
International
|
93,161
|
|
|
94,341
|
|
|
92,457
|
|
|||
|
608,932
|
|
|
569,704
|
|
|
610,530
|
|
|||
|
|
|
|
|
|
||||||
Gross profit:
|
|
|
|
|
|
||||||
Commercial
|
29,246
|
|
|
31,785
|
|
|
26,665
|
|
|||
Live Events
|
39,518
|
|
|
32,164
|
|
|
49,755
|
|
|||
High School Park and Recreation
|
28,874
|
|
|
26,858
|
|
|
29,317
|
|
|||
Transportation
|
23,910
|
|
|
22,525
|
|
|
21,247
|
|
|||
International
|
17,152
|
|
|
16,962
|
|
|
18,685
|
|
|||
|
138,700
|
|
|
130,294
|
|
|
145,669
|
|
|||
|
|
|
|
|
|
||||||
Contribution margin: (1)
|
|
|
|
|
|
||||||
Commercial
|
9,897
|
|
|
13,218
|
|
|
7,986
|
|
|||
Live Events
|
26,074
|
|
|
18,484
|
|
|
35,439
|
|
|||
High School Park and Recreation
|
15,341
|
|
|
14,518
|
|
|
18,317
|
|
|||
Transportation
|
19,566
|
|
|
18,260
|
|
|
17,048
|
|
|||
International
|
1,920
|
|
|
1,166
|
|
|
4,119
|
|
|||
|
72,798
|
|
|
65,646
|
|
|
82,909
|
|
|||
|
|
|
|
|
|
||||||
Non-allocated operating expenses:
|
|
|
|
|
|
||||||
General and administrative
|
35,193
|
|
|
34,817
|
|
|
34,919
|
|
|||
Product design and development
|
37,772
|
|
|
35,557
|
|
|
35,530
|
|
|||
Operating (loss) income
|
(167
|
)
|
|
(4,728
|
)
|
|
12,460
|
|
|||
|
|
|
|
|
|
||||||
Nonoperating income (expense):
|
|
|
|
|
|
||||||
Interest income
|
805
|
|
|
1,031
|
|
|
723
|
|
|||
Interest expense
|
(106
|
)
|
|
(160
|
)
|
|
(217
|
)
|
|||
Other (expense) income, net
|
(541
|
)
|
|
(1,087
|
)
|
|
(537
|
)
|
|||
|
|
|
|
|
|
||||||
(Loss) income before income taxes
|
(9
|
)
|
|
(4,944
|
)
|
|
12,429
|
|
|||
Income tax (benefit) expense
|
(500
|
)
|
|
(3,986
|
)
|
|
6,867
|
|
|||
Net income (loss)
|
$
|
491
|
|
|
$
|
(958
|
)
|
|
$
|
5,562
|
|
|
|
|
|
|
|
||||||
Depreciation and amortization:
|
|
|
|
|
|
||||||
Commercial
|
$
|
3,682
|
|
|
$
|
4,795
|
|
|
$
|
6,199
|
|
Live Events
|
5,605
|
|
|
5,194
|
|
|
4,783
|
|
|||
High School Park and Recreation
|
2,025
|
|
|
1,965
|
|
|
1,646
|
|
|||
Transportation
|
1,029
|
|
|
1,102
|
|
|
1,138
|
|
|||
International
|
2,460
|
|
|
2,829
|
|
|
1,163
|
|
|||
Unallocated corporate depreciation
|
2,917
|
|
|
2,750
|
|
|
2,855
|
|
|||
|
$
|
17,718
|
|
|
$
|
18,635
|
|
|
$
|
17,784
|
|
|
Year Ended
|
||||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Net sales:
|
|
|
|
|
|
||||||
United States
|
$
|
504,931
|
|
|
$
|
460,099
|
|
|
$
|
501,646
|
|
Outside United States
|
104,001
|
|
|
109,605
|
|
|
108,884
|
|
|||
|
$
|
608,932
|
|
|
$
|
569,704
|
|
|
$
|
610,530
|
|
Property and equipment, net of accumulated depreciation:
|
|
|
|
|
|
||||||
United States
|
$
|
58,422
|
|
|
$
|
59,192
|
|
|
$
|
61,206
|
|
Outside United States
|
9,062
|
|
|
6,122
|
|
|
6,853
|
|
|||
|
$
|
67,484
|
|
|
$
|
65,314
|
|
|
$
|
68,059
|
|
|
Amortized Cost
|
|
Unrealized Losses
|
|
Fair Value
|
||||||
Balance as of May 2, 2020:
|
|
|
|
|
|
||||||
Certificates of deposit
|
$
|
1,230
|
|
|
$
|
—
|
|
|
$
|
1,230
|
|
|
$
|
1,230
|
|
|
$
|
—
|
|
|
$
|
1,230
|
|
Balance as of April 27, 2019:
|
|
|
|
|
|
|
|
|
|||
Certificates of deposit
|
$
|
3,464
|
|
|
$
|
—
|
|
|
$
|
3,464
|
|
U.S. Government securities
|
10,779
|
|
|
(5
|
)
|
|
10,774
|
|
|||
U.S. Government sponsored entities
|
10,510
|
|
|
(28
|
)
|
|
10,482
|
|
|||
Municipal bonds
|
1,626
|
|
|
(2
|
)
|
|
1,624
|
|
|||
|
$
|
26,379
|
|
|
$
|
(35
|
)
|
|
$
|
26,344
|
|
|
Less than 12 months
|
|
Total
|
||||
Certificates of deposit
|
$
|
1,230
|
|
|
$
|
1,230
|
|
|
$
|
1,230
|
|
|
$
|
1,230
|
|
|
Live Events
|
|
Commercial
|
|
Transportation
|
|
International
|
|
Total
|
||||||||||
Balance as of April 27, 2019:
|
$
|
2,276
|
|
|
$
|
3,218
|
|
|
$
|
49
|
|
|
$
|
2,346
|
|
|
$
|
7,889
|
|
Foreign currency translation
|
(10
|
)
|
|
(74
|
)
|
|
(11
|
)
|
|
(51
|
)
|
|
(146
|
)
|
|||||
Balance as of May 2, 2020:
|
$
|
2,266
|
|
|
$
|
3,144
|
|
|
$
|
38
|
|
|
$
|
2,295
|
|
|
$
|
7,743
|
|
|
May 2, 2020
|
||||||||||||
|
Weighted Average Life (in years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||
Registered trademarks
|
19.4
|
|
$
|
663
|
|
|
$
|
183
|
|
|
$
|
480
|
|
Software
|
3.0
|
|
6,247
|
|
|
4,890
|
|
|
1,357
|
|
|||
Customer relationships
|
10.0
|
|
2,641
|
|
|
1,135
|
|
|
1,506
|
|
|||
Other
|
1.5
|
|
120
|
|
|
109
|
|
|
11
|
|
|||
Total amortized intangible assets
|
6.0
|
|
$
|
9,671
|
|
|
$
|
6,317
|
|
|
$
|
3,354
|
|
|
|
|
|
|
|
|
|
||||||
|
April 27, 2019
|
||||||||||||
|
Weighted Average Life (in years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||
Registered trademarks
|
19.5
|
|
$
|
679
|
|
|
$
|
148
|
|
|
$
|
531
|
|
Software
|
3.0
|
|
6,330
|
|
|
3,807
|
|
|
2,523
|
|
|||
Customer relationships
|
10.0
|
|
2,720
|
|
|
888
|
|
|
1,832
|
|
|||
Other
|
1.4
|
|
123
|
|
|
103
|
|
|
20
|
|
|||
Total amortized intangible assets
|
6.0
|
|
$
|
9,852
|
|
|
$
|
4,946
|
|
|
$
|
4,906
|
|
Fiscal years ending
|
|
Amount
|
||
2021
|
|
$
|
1,483
|
|
2022
|
|
476
|
|
|
2023
|
|
280
|
|
|
2024
|
|
280
|
|
|
2025
|
|
280
|
|
|
Thereafter
|
|
555
|
|
|
Total expected amortization expense
|
|
$
|
3,354
|
|
|
May 2,
2020 |
|
April 27,
2019 |
||||
Raw materials
|
$
|
35,306
|
|
|
$
|
30,789
|
|
Work-in-process
|
12,102
|
|
|
8,239
|
|
||
Finished goods
|
39,395
|
|
|
39,804
|
|
||
|
$
|
86,803
|
|
|
$
|
78,832
|
|
|
May 2,
2020 |
|
April 27,
2019 |
||||
Land
|
$
|
2,183
|
|
|
$
|
1,738
|
|
Buildings
|
68,804
|
|
|
66,403
|
|
||
Machinery and equipment
|
104,157
|
|
|
96,486
|
|
||
Office furniture and equipment
|
6,151
|
|
|
6,195
|
|
||
Computer software and hardware
|
53,441
|
|
|
55,460
|
|
||
Equipment held for rental
|
287
|
|
|
287
|
|
||
Demonstration equipment
|
8,473
|
|
|
7,422
|
|
||
Transportation equipment
|
7,944
|
|
|
7,715
|
|
||
|
251,440
|
|
|
241,706
|
|
||
Less accumulated depreciation
|
183,956
|
|
|
176,392
|
|
||
|
$
|
67,484
|
|
|
$
|
65,314
|
|
|
May 2,
2020 |
|
April 27,
2019 |
||||
Compensation
|
$
|
15,967
|
|
|
$
|
12,766
|
|
Taxes, other than income taxes
|
3,597
|
|
|
2,685
|
|
||
Accrued employee benefits
|
2,243
|
|
|
3,046
|
|
||
Operating lease liabilities
|
2,416
|
|
|
—
|
|
||
Short-term accrued expenses
|
9,270
|
|
|
8,520
|
|
||
Claims liabilities
|
2,562
|
|
|
2,685
|
|
||
Acquisition-related contingency consideration
|
571
|
|
|
2,359
|
|
||
|
$
|
36,626
|
|
|
$
|
32,061
|
|
|
Year Ended
|
||||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Foreign currency transaction gains (losses)
|
$
|
207
|
|
|
$
|
(262
|
)
|
|
$
|
29
|
|
Equity in losses of affiliates
|
(741
|
)
|
|
(844
|
)
|
|
(481
|
)
|
|||
Other
|
(7
|
)
|
|
19
|
|
|
(85
|
)
|
|||
|
$
|
(541
|
)
|
|
$
|
(1,087
|
)
|
|
$
|
(537
|
)
|
•
|
A minimum fixed charge coverage ratio of at least 2 to 1 at the end of any fiscal quarter. The ratio is equal to (a) EBITDA minus the sum of dividends or other distributions (unless the bank approves), share repurchases, a maintenance capital expenditure reserve in the amount of $6,000, and income tax to (b) all principal and interest payments with respect to indebtedness, excluding principal payments on the line of credit; and
|
•
|
A ratio of funded debt, excluding any marketing obligations, to EBITDA of greater than 2 to 1 at the end of any fiscal quarter.
|
|
|
Fiscal Year 2020
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
3,340
|
|
|
|
Operating Leases(1)
|
||
Fiscal years ending
|
|
|
||
2021
|
|
$
|
2,675
|
|
2022
|
|
1,984
|
|
|
2023
|
|
1,209
|
|
|
2024
|
|
1,085
|
|
|
2025
|
|
931
|
|
|
Thereafter
|
|
1,467
|
|
|
Total lease payments
|
|
9,351
|
|
|
Less imputed interest
|
|
(780
|
)
|
|
Total lease liabilities
|
|
$
|
8,571
|
|
|
Year Ended
|
|||||||||||||||||||
|
May 2, 2020
|
|
April 27, 2019
|
|
April 28, 2018
|
|||||||||||||||
|
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
|
444
|
|
|
$
|
7.58
|
|
|
437
|
|
|
$
|
8.48
|
|
|
402
|
|
|
$
|
8.69
|
|
Granted
|
186
|
|
|
7.03
|
|
|
181
|
|
|
6.79
|
|
|
178
|
|
|
8.46
|
|
|||
Vested
|
(173
|
)
|
|
8.10
|
|
|
(169
|
)
|
|
9.05
|
|
|
(141
|
)
|
|
9.06
|
|
|||
Forfeited
|
(8
|
)
|
|
7.37
|
|
|
(5
|
)
|
|
7.74
|
|
|
(2
|
)
|
|
8.93
|
|
|||
Outstanding at end of year
|
449
|
|
|
$
|
7.16
|
|
|
444
|
|
|
$
|
7.58
|
|
|
437
|
|
|
$
|
8.48
|
|
|
Stock Options
|
|
Weighted Average Exercise Price Per Share
|
|
Weighted Average Remaining Contractual Life (Years)
|
|
Aggregate Intrinsic Value
|
||||||
Outstanding at April 27, 2019
|
2,202
|
|
|
$
|
10.03
|
|
|
4.41
|
|
|
$
|
—
|
|
Granted
|
182
|
|
|
7.47
|
|
|
—
|
|
|
—
|
|
||
Canceled or forfeited
|
(263
|
)
|
|
8.85
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Outstanding at May 2, 2020
|
2,121
|
|
|
$
|
9.96
|
|
|
4.38
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||
Shares vested and expected to vest
|
2,098
|
|
|
$
|
9.98
|
|
|
4.34
|
|
|
$
|
—
|
|
Exercisable at May 2, 2020
|
1,593
|
|
|
$
|
10.50
|
|
|
3.17
|
|
|
$
|
—
|
|
|
Year Ended
|
||||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Fair value of options granted
|
$
|
1.99
|
|
|
$
|
2.16
|
|
|
$
|
2.82
|
|
Risk-free interest rate
|
1.51
|
%
|
|
2.83
|
%
|
|
1.95
|
%
|
|||
Expected dividend rate
|
3.50
|
%
|
|
3.37
|
%
|
|
3.27
|
%
|
|||
Expected volatility
|
37.55
|
%
|
|
38.58
|
%
|
|
42.51
|
%
|
|||
Expected life of option
|
6.94 years
|
|
|
6.83 years
|
|
|
6.83 years
|
|
|
Year Ended
|
||||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Stock options
|
$
|
492
|
|
|
$
|
593
|
|
|
$
|
763
|
|
Restricted stock and stock units
|
1,341
|
|
|
1,446
|
|
|
1,442
|
|
|||
Employee stock purchase plans
|
432
|
|
|
440
|
|
|
430
|
|
|||
|
$
|
2,265
|
|
|
$
|
2,479
|
|
|
$
|
2,635
|
|
|
Year Ended
|
||||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Cost of sales
|
$
|
514
|
|
|
$
|
578
|
|
|
$
|
619
|
|
Selling
|
572
|
|
|
625
|
|
|
644
|
|
|||
General and administrative
|
717
|
|
|
772
|
|
|
851
|
|
|||
Product design and development
|
462
|
|
|
504
|
|
|
521
|
|
|||
|
$
|
2,265
|
|
|
$
|
2,479
|
|
|
$
|
2,635
|
|
|
Year Ended
|
||||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Domestic
|
$
|
(4,187
|
)
|
|
$
|
(8,402
|
)
|
|
$
|
9,235
|
|
Foreign
|
4,178
|
|
|
3,458
|
|
|
3,194
|
|
|||
(Loss) income before income taxes
|
$
|
(9
|
)
|
|
$
|
(4,944
|
)
|
|
$
|
12,429
|
|
|
Year Ended
|
||||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
625
|
|
|
$
|
(2,142
|
)
|
|
$
|
1,646
|
|
State
|
297
|
|
|
384
|
|
|
868
|
|
|||
Foreign
|
761
|
|
|
1,151
|
|
|
1,205
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(2,028
|
)
|
|
(2,725
|
)
|
|
3,693
|
|
|||
State
|
(321
|
)
|
|
(390
|
)
|
|
27
|
|
|||
Foreign
|
166
|
|
|
(264
|
)
|
|
(572
|
)
|
|||
|
$
|
(500
|
)
|
|
$
|
(3,986
|
)
|
|
$
|
6,867
|
|
|
Year Ended
|
||||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Computed income tax (benefit) expense at federal statutory rates
|
$
|
(2
|
)
|
|
$
|
(1,038
|
)
|
|
$
|
3,779
|
|
Change in uncertain tax positions
|
4
|
|
|
(2,600
|
)
|
|
65
|
|
|||
Research and development tax credit
|
(1,621
|
)
|
|
(1,278
|
)
|
|
(1,598
|
)
|
|||
Other, net
|
(241
|
)
|
|
587
|
|
|
559
|
|
|||
Change in valuation allowances
|
482
|
|
|
(471
|
)
|
|
(486
|
)
|
|||
GILTI
|
149
|
|
|
391
|
|
|
—
|
|
|||
Base Erosion Anti-Abuse Tax (BEAT)
|
301
|
|
|
—
|
|
|
—
|
|
|||
Stock compensation
|
318
|
|
|
308
|
|
|
336
|
|
|||
Meals and entertainment
|
305
|
|
|
248
|
|
|
333
|
|
|||
Dividends paid to retirement plan
|
(111
|
)
|
|
(158
|
)
|
|
(238
|
)
|
|||
State taxes, net of federal benefit
|
(84
|
)
|
|
25
|
|
|
592
|
|
|||
Impact of Tax Act
|
—
|
|
|
—
|
|
|
3,819
|
|
|||
Domestic production activities deduction
|
—
|
|
|
—
|
|
|
(294
|
)
|
|||
|
$
|
(500
|
)
|
|
$
|
(3,986
|
)
|
|
$
|
6,867
|
|
|
May 2,
2020 |
|
April 27,
2019 |
||||
Deferred tax assets:
|
|
|
|
||||
Accrued warranty obligations
|
$
|
6,202
|
|
|
$
|
5,912
|
|
Vacation accrual
|
1,753
|
|
|
1,571
|
|
||
Deferred maintenance revenue
|
987
|
|
|
716
|
|
||
Allowance for excess and obsolete inventory
|
1,318
|
|
|
1,340
|
|
||
Legal reserve
|
503
|
|
|
260
|
|
||
Equity compensation
|
396
|
|
|
486
|
|
||
Allowance for doubtful accounts
|
546
|
|
|
402
|
|
||
Inventory capitalization
|
822
|
|
|
567
|
|
||
Accrued compensation and benefits
|
539
|
|
|
549
|
|
||
Net operating loss carry forwards
|
919
|
|
|
1,059
|
|
||
Research and development tax credit carry forwards
|
1,975
|
|
|
1,299
|
|
||
Lease accounting - lease liability
|
2,099
|
|
|
—
|
|
||
Other
|
1,035
|
|
|
1,647
|
|
||
Total deferred tax assets
|
19,094
|
|
|
15,808
|
|
||
Valuation allowance
|
(1,189
|
)
|
|
(893
|
)
|
||
Net deferred tax assets
|
17,905
|
|
|
14,915
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
||
Property and equipment
|
(2,141
|
)
|
|
(3,100
|
)
|
||
Lease accounting - right of use asset
|
(2,103
|
)
|
|
—
|
|
||
Prepaid expenses
|
(440
|
)
|
|
(476
|
)
|
||
Intangible assets
|
(317
|
)
|
|
(623
|
)
|
||
Unrealized gain on foreign currency exchange
|
(17
|
)
|
|
(6
|
)
|
||
Other
|
(68
|
)
|
|
(75
|
)
|
||
Total deferred tax liabilities
|
(5,086
|
)
|
|
(4,280
|
)
|
||
Net deferred tax asset
|
$
|
12,819
|
|
|
$
|
10,635
|
|
|
May 2,
2020 |
|
April 27,
2019 |
||||
Non-current assets
|
$
|
13,271
|
|
|
$
|
11,168
|
|
Non-current liabilities
|
(452
|
)
|
|
(533
|
)
|
||
|
$
|
12,819
|
|
|
$
|
10,635
|
|
|
May 2, 2020
|
|
April 27, 2019
|
||||
Balance at beginning of year
|
$
|
578
|
|
|
$
|
3,178
|
|
Gross increases related to prior period tax positions
|
17
|
|
|
13
|
|
||
Gross decreases related to prior period tax positions
|
(2
|
)
|
|
(18
|
)
|
||
Gross increases related to current period tax positions
|
148
|
|
|
146
|
|
||
Lapse of statute of limitations
|
(159
|
)
|
|
(2,741
|
)
|
||
Balance at end of year
|
$
|
582
|
|
|
$
|
578
|
|
|
Year Ended
|
||||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
(Increase) decrease:
|
|
|
|
|
|
||||||
Account receivable
|
$
|
(7,461
|
)
|
|
$
|
10,856
|
|
|
$
|
2,266
|
|
Long-term receivables
|
(1,173
|
)
|
|
329
|
|
|
1,548
|
|
|||
Inventories
|
(8,347
|
)
|
|
(4,076
|
)
|
|
(8,517
|
)
|
|||
Contract assets
|
(1,931
|
)
|
|
(3,040
|
)
|
|
5,911
|
|
|||
Prepaid expenses and other current assets
|
(1,403
|
)
|
|
472
|
|
|
(1,252
|
)
|
|||
Income taxes receivables
|
533
|
|
|
4,250
|
|
|
(4,747
|
)
|
|||
Investment in affiliates and other assets
|
(3,137
|
)
|
|
48
|
|
|
413
|
|
|||
Increase (decrease):
|
|
|
|
|
|
|
|
|
|||
Accounts payable
|
2,377
|
|
|
(2,747
|
)
|
|
(2,573
|
)
|
|||
Contract liabilities
|
4,548
|
|
|
10,774
|
|
|
3,480
|
|
|||
Accrued expenses
|
6,745
|
|
|
4,631
|
|
|
3,472
|
|
|||
Warranty obligations
|
273
|
|
|
(4,393
|
)
|
|
346
|
|
|||
Long-term warranty obligations
|
883
|
|
|
(1,079
|
)
|
|
1,729
|
|
|||
Income taxes payable
|
390
|
|
|
(3,023
|
)
|
|
(592
|
)
|
|||
Long-term marketing obligations and other payables
|
(387
|
)
|
|
(1,116
|
)
|
|
379
|
|
|||
|
$
|
(8,090
|
)
|
|
$
|
11,886
|
|
|
$
|
1,863
|
|
|
Year Ended
|
||||||||||
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Cash payments for:
|
|
|
|
|
|
||||||
Interest
|
$
|
46
|
|
|
$
|
177
|
|
|
$
|
193
|
|
Income taxes, net of refunds
|
977
|
|
|
(1,934
|
)
|
|
8,937
|
|
|
|
Year Ended
|
||||||||||
|
|
May 2,
2020 |
|
April 27,
2019 |
|
April 28,
2018 |
||||||
Demonstration equipment transferred to inventory
|
|
$
|
10
|
|
|
$
|
97
|
|
|
$
|
72
|
|
Purchases of property and equipment included in accounts payable
|
|
1,951
|
|
|
1,106
|
|
|
1,983
|
|
|||
Contributions of common stock under the ESPP
|
|
2,311
|
|
|
1,650
|
|
|
1,682
|
|
|
Fair Value Measurements
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Balance as of May 2, 2020:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
40,398
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40,398
|
|
Restricted cash
|
14
|
|
|
—
|
|
|
—
|
|
|
14
|
|
||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposit
|
—
|
|
|
1,230
|
|
|
—
|
|
|
1,230
|
|
||||
Derivatives - asset position
|
—
|
|
|
261
|
|
|
—
|
|
|
261
|
|
||||
Derivatives - liability position
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
||||
Acquisition-related contingent consideration
|
—
|
|
|
—
|
|
|
(761
|
)
|
|
(761
|
)
|
||||
|
$
|
40,412
|
|
|
$
|
1,474
|
|
|
$
|
(761
|
)
|
|
$
|
41,125
|
|
Balance as of April 27, 2019:
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
35,383
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,383
|
|
Restricted cash
|
359
|
|
|
—
|
|
|
—
|
|
|
359
|
|
||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposit
|
—
|
|
|
3,464
|
|
|
—
|
|
|
3,464
|
|
||||
U.S. Government securities
|
10,774
|
|
|
—
|
|
|
—
|
|
|
10,774
|
|
||||
U.S. Government sponsored entities
|
—
|
|
|
10,482
|
|
|
—
|
|
|
10,482
|
|
||||
Municipal bonds
|
—
|
|
|
1,624
|
|
|
—
|
|
|
1,624
|
|
||||
Derivatives - asset position
|
—
|
|
|
91
|
|
|
—
|
|
|
91
|
|
||||
Derivatives - liability position
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Acquisition-related contingent consideration
|
—
|
|
|
—
|
|
|
(3,065
|
)
|
|
(3,065
|
)
|
||||
|
$
|
46,516
|
|
|
$
|
15,657
|
|
|
$
|
(3,065
|
)
|
|
$
|
59,108
|
|
Acquisition-related contingent consideration as of April 27, 2019
|
|
$
|
3,065
|
|
Additions
|
|
100
|
|
|
Settlements
|
|
(2,491
|
)
|
|
Interest
|
|
50
|
|
|
Foreign currency translation
|
|
37
|
|
|
Acquisition-related contingent consideration as of May 2, 2020
|
|
$
|
761
|
|
|
May 2, 2020
|
|
April 27, 2019
|
||||||||
|
U.S.
Dollars
|
|
Foreign
Currency
|
|
U.S.
Dollars
|
|
Foreign
Currency
|
||||
Foreign Currency Exchange Forward Contracts:
|
|
|
|
|
|
|
|
||||
U.S. Dollars/Australian Dollars
|
2,235
|
|
|
3,323
|
|
|
2,688
|
|
|
3,772
|
|
U.S. Dollars/Canadian Dollars
|
452
|
|
|
648
|
|
|
625
|
|
|
821
|
|
U.S. Dollars/British Pounds
|
3,160
|
|
|
2,424
|
|
|
3,547
|
|
|
2,680
|
|
U.S. Dollars/Euros
|
1,881
|
|
|
1,689
|
|
|
—
|
|
|
—
|
|
U.S. Dollars/Swiss Franc
|
—
|
|
|
—
|
|
|
927
|
|
|
925
|
|
U.S. Dollars/Malaysian Ringgit
|
—
|
|
|
—
|
|
|
60
|
|
|
246
|
|
|
May 2, 2020
|
|
April 27, 2019
|
||||
Beginning accrued warranty obligations
|
$
|
24,470
|
|
|
$
|
29,953
|
|
Warranties issued during the period
|
10,629
|
|
|
9,239
|
|
||
Settlements made during the period
|
(9,209
|
)
|
|
(16,715
|
)
|
||
Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations
|
(266
|
)
|
|
1,993
|
|
||
Ending accrued warranty obligations
|
$
|
25,624
|
|
|
$
|
24,470
|
|
Fiscal years ending
|
|
Amount
|
||
2021
|
|
$
|
4,775
|
|
2022
|
|
2,750
|
|
|
2023
|
|
1,754
|
|
|
2024
|
|
148
|
|
|
2025
|
|
113
|
|
|
Thereafter
|
|
40
|
|
|
|
|
$
|
9,580
|
|
|
Fiscal Year 2020(1)(2)
|
||||||||||||||
|
August 3,
2019 |
|
November 2,
2019 |
|
February 1,
2020 |
|
May 2,
2020 |
||||||||
Net sales
|
$
|
180,256
|
|
|
$
|
174,911
|
|
|
$
|
127,657
|
|
|
$
|
126,108
|
|
Gross profit
|
45,505
|
|
|
40,087
|
|
|
24,482
|
|
|
28,626
|
|
||||
Net income (loss)
|
7,030
|
|
|
7,274
|
|
|
(12,734
|
)
|
|
(1,079
|
)
|
||||
Basic earnings (loss) per share
|
0.16
|
|
|
0.16
|
|
|
(0.28
|
)
|
|
(0.02
|
)
|
||||
Diluted earnings (loss) per share
|
0.16
|
|
|
0.16
|
|
|
(0.28
|
)
|
|
(0.02
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
|
Fiscal Year 2019(2)(3)(4)
|
||||||||||||||
|
July 28,
2018 |
|
October 27,
2018 |
|
January 26,
2019 |
|
April 27,
2019 |
||||||||
Net sales
|
$
|
154,188
|
|
|
$
|
172,692
|
|
|
$
|
115,069
|
|
|
$
|
127,755
|
|
Gross profit
|
38,247
|
|
|
42,757
|
|
|
24,869
|
|
|
24,421
|
|
||||
Net income (loss)
|
4,574
|
|
|
8,606
|
|
|
(3,319
|
)
|
|
(10,819
|
)
|
||||
Basic earnings (loss) per share
|
0.10
|
|
|
0.19
|
|
|
(0.07
|
)
|
|
(0.24
|
)
|
||||
Diluted earnings (loss) per share
|
0.10
|
|
|
0.19
|
|
|
(0.07
|
)
|
|
(0.24
|
)
|
(1)
|
Fiscal year 2020 consisted of 53 weeks.
|
(2)
|
Includes approximately $4,927 of additional costs for tariffs during fiscal 2020 and $6,300 of additional costs for price changes and tariffs during fiscal 2019.
|
(3)
|
The financial data for the quarter ended October 27, 2018 includes the net assets acquired of AJT Systems, Inc. See "Note 5. Business Combination" for further information.
|
By /s/ Reece A. Kurtenbach
|
By /s/ Sheila M. Anderson
|
Reece A. Kurtenbach
|
Sheila M. Anderson
|
Chief Executive Officer
|
Chief Financial Officer
|
June 12, 2020
|
June 12, 2020
|
(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 12, 2020
|
|
|
Byron J. Anderson
|
|
|
|
|
|
|
By /s/ Robert G. Dutcher
|
Director
|
June 12, 2020
|
|
|
Robert G. Dutcher
|
|
|
|
|
|
|
By /s/ Nancy D. Frame
|
Director
|
June 12, 2020
|
|
|
Nancy D. Frame
|
|
|
|
|
|
|
By /s/ Reece A. Kurtenbach
|
Director
|
June 12, 2020
|
|
|
Reece A. Kurtenbach
|
|
|
|
|
|
|
By /s/ James B. Morgan
|
Director
|
June 12, 2020
|
|
|
James B. Morgan
|
|
|
|
|
|
|
By /s/ John P. Friel
|
Director
|
June 12, 2020
|
|
|
John P. Friel
|
|
|
|
|
|
|
By /s/ Kevin P. McDermott
|
Director
|
June 12, 2020
|
|
|
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 May 2, 2020:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts for trade receivables
|
$
|
2,208
|
|
|
$
|
1,461
|
|
|
$
|
—
|
|
|
$
|
(841
|
)
|
(a)
|
$
|
2,828
|
|
For the year ended April 27, 2019:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts for trade receivables
|
2,151
|
|
|
1,620
|
|
|
—
|
|
|
(1,563
|
)
|
(a)
|
2,208
|
|
|||||
For the year ended April 28, 2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts for trade receivables
|
2,610
|
|
|
1,451
|
|
|
—
|
|
|
(1,910
|
)
|
(a)
|
2,151
|
|
•
|
permit our Board to authorize and issue shares of preferred stock without prior shareholder approval, commonly referred to as “blank check” preferred stock, with any rights, preferences and privileges as the Board may designate, including the right to approve an acquisition or other change in our control;
|
•
|
provide that the authorized number of directors may be increased by resolution of the Board;
|
•
|
provide that all vacancies, including newly‑created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum;
|
•
|
do not allow cumulative voting rights (therefore allowing the holders of a majority of the shares of Common Stock entitled to vote in any election of directors to elect all of the directors standing for election); and
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•
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require three classes of directors, each consisting of two or three directors, with each class elected every three years, which increases the difficulty of takeovers because a hostile bidder cannot replace an entire staggered board in a single proxy contest.
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•
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the affirmative vote of the majority of all outstanding shares entitled to vote, including all shares held by the acquiring person; and
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•
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the affirmative vote of the majority of all outstanding shares entitled to vote, excluding all interested shares.
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Name of Subsidiary
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Jurisdiction of Incorporation
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Daktronics Canada, Inc.
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Canada
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Daktronics, GmbH
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Germany
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Daktronics UK, Ltd.
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Great Britain
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Daktronics Shanghai Co., Ltd.
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Peoples Republic of China
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Daktronics France SARL
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France
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Daktronics Australia Pty Ltd.
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Australia
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Daktronics Installation, Inc.
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South Dakota
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Daktronics Japan, Inc.
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Japan
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Daktronics HK Limited
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Hong Kong
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Daktronics (International) Limited
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Macau
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Daktronics Singapore Pte. Ltd.
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Singapore
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Daktronics Spain S.L.
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Spain
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Daktronics Belgium N.V.
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Belgium
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Daktronics Ireland Co. Ltd.
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Ireland
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Daktronics Ireland Holdings Ltd
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Ireland
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ADFLOW Networks, Inc.
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Canada
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Signature
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Title
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Date
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By /s/ Byron J. Anderson
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Director
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June 12, 2020
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|
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Byron J. Anderson
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|
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By /s/ Robert G. Dutcher
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Director
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June 12, 2020
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|
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Robert G. Dutcher
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|
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By /s/ Nancy D. Frame
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Director
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June 12, 2020
|
|
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Nancy D. Frame
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|
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|
|
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By /s/ Reece A. Kurtenbach
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Director
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June 12, 2020
|
|
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Reece A. Kurtenbach
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|
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|
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By /s/ James B. Morgan
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Director
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June 12, 2020
|
|
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James B. Morgan
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|
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By /s/ John P. Friel
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Director
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June 12, 2020
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|
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John P. Friel
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|
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|
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By /s/ Kevin P. McDermott
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Director
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June 12, 2020
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|
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Kevin P. McDermott
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|
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1.
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I have reviewed this annual report on Form 10-K for the year ended May 2, 2020 of Daktronics, Inc.;
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2.
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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:
|
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;
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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.
|
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.
|
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 12, 2020
|
1.
|
I have reviewed this annual report on Form 10-K for the year ended May 2, 2020 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/ Sheila M. Anderson
|
|
Sheila M. Anderson
|
|
Chief Financial Officer
|
|
June 12, 2020
|
(1)
|
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)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Reece A. Kurtenbach
|
Reece A. Kurtenbach
|
Chief Executive Officer
|
June 12, 2020
|
(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
|
June 12, 2020
|