Welcome to our dedicated page for Daktronics news (Ticker: DAKT), a resource for investors and traders seeking the latest updates and insights on Daktronics stock.
Daktronics Inc (NASDAQ: DAKT) is a global leader in designing and manufacturing electronic scoreboards, programmable display systems, and large-screen video displays for a multitude of applications including sports, commercial, and transportation sectors. Founded in 1968, the company was initially created to provide career opportunities for South Dakota college graduates and has since expanded its vision and operations worldwide.
Product and Service Offerings
Daktronics offers a comprehensive range of products and services that include:
- Electronic scoreboards for high school, collegiate, and professional sports teams.
- Large-screen video displays for stadiums and arenas.
- Programmable display systems for commercial advertising and transportation information.
- Audio systems to complement visual displays.
- Control systems for seamless management of multimedia content.
Market Segments
The company operates through five reportable segments:
- Commercial: Digital billboards, message displays, and LED signs for businesses and advertising.
- Live Events: Scoreboards and video displays for sports venues.
- High School Park and Recreation: Scoreboards and display systems for educational institutions and local sports facilities.
- Transportation: LED displays providing information at airports, train stations, and highways.
- International: Operations outside the United States catering to a global audience.
Recent Achievements
Daktronics has recently installed a curved, HDR-capable display at Gillette Stadium, enhancing the in-stadium experience for New England Patriots and New England Revolution fans. Another notable project includes the new six-display LED system at Comerica Park, which will significantly improve the fan experience for Detroit Tigers' supporters.
Financial Performance
The company generates most of its revenue from live events and has a strong presence in the professional sports market, integrating LED systems in over 50% of all professional sports facilities in the United States and Canada.
Global Reach and Partnerships
Daktronics has a robust global presence, providing critical display technology in nearly 100 countries. Their partnerships extend across various industries, ensuring the delivery of vital information and entertainment to millions of people daily, whether at airports, highways, or sports arenas.
For more information, visit the company's website at: www.daktronics.com or contact their investor relations team.
Daktronics Inc (Nasdaq – DAKT) has announced a change in the schedule for its second quarter fiscal 2023 earnings release and conference call. The company will release its financial results on December 12, 2022, before market opening, followed by a call at 10:00 AM CT. CEO Reece A. Kurtenbach and CFO Sheila M. Anderson will lead the call, which will include forward-looking statements. Interested parties must register to access the call and obtain dial-in details.
Daktronics Inc (Nasdaq – DAKT) will release its second quarter fiscal 2023 financial results on December 7, 2022, before market opening. CEO Reece A. Kurtenbach and CFO Sheila M. Anderson will host a conference call at 10:00 AM CT, featuring forward-looking statements. Interested participants must pre-register for dial-in details. The call will also be available via webcast. Daktronics is recognized as the world's largest supplier of large-screen video displays and related control systems, serving diverse markets worldwide.
Daktronics has announced a significant upgrade at the SAP Center in San Jose, featuring 14 new LED displays designed to enhance fan experience during events. This includes a seven-display centerhung configuration totaling over 9,300 square feet, alongside a ribbon display and six pendant displays. The main displays will feature a resolution of 5.9 millimeters, with variable content zoning capabilities for flexible content presentation. This project solidifies Daktronics' position as a leader in sports venue technology.
Daktronics has completed the installation of new end wall video displays and over 3,000 linear feet of ribbon displays at the Crypto.com Arena in Los Angeles. This project enhances the fan experience during games for the Los Angeles Lakers, LA Kings, Los Angeles Clippers, and Los Angeles Sparks. The new displays feature 5.9-millimeter pixel spacing and will provide live video, statistics, and graphics. This marks a significant upgrade as Daktronics continues to lead in LED solutions for major venues.
The Board of Directors of Daktronics announced the retirement of James Morgan effective September 7, 2022. Morgan has been with the company since 1969, serving as a Director since 1984 and contributing as Chair of the Nominating and Corporate Governance Committee since June 2020. His leadership has significantly influenced the company, including his past role as CEO from 2001 until 2013. Lance Bultena has been appointed as the new chairperson of the committee. Chairman Reece A. Kurtenbach expressed gratitude for Morgan's contributions and noted that his expertise will be missed.
Daktronics reported Q1 FY2023 results with net sales at $171.9 million, marking an 18.8% increase year-over-year. Despite strong demand, the company faced an operating loss of $5.5 million due to inflation and supply chain issues. Orders dropped 6.3% compared to last year but remained robust at $170.2 million. The product backlog stood high at $469.1 million. Operating expenses rose to $31.3 million, reflecting a 18% increase. Free cash flow worsened to negative $33.1 million due to strategic investments and high accounts receivable.
Daktronics, Inc. (NASDAQ: DAKT) announced a Cooperation Agreement with Prairieland Holdco, LLC, involving Board of Directors changes as part of ongoing refreshment efforts. Andrew Siegel will be nominated to the Board for election at the 2022 Annual Meeting, expanding the Board from seven to eight directors. Following the agreement, over half of the Board will comprise new members within two years, emphasizing a focus on long-term growth and shareholder engagement. Siegel aims to leverage Daktronics’ potential, which he believes is currently undervalued.
Daktronics has achieved a historic milestone by surpassing $800 million in orders for fiscal year 2022, driven by significant projects including the LA Clippers' Intuit Dome Halo Board. This innovative display will enhance the fan experience at the Clippers' new arena, set to open in 2024. Daktronics is expanding manufacturing capabilities, doubling production of SMD LED products and adding 90,000 square feet to its Brookings factory. The Halo Board will use cutting-edge technology, showcasing 38,375 square feet of digital display with over 233 million LEDs.
Daktronics reported fiscal year 2022 results with net sales of $611.0 million, driven by record orders of $846.1 million. Operating income stood at $4.0 million despite inflationary pressures on materials and logistics. The product order backlog reached $472 million, indicating strong demand but slower conversion to sales due to supply chain challenges. Gross profit margins declined to 19.1% from 25.0% year-over-year. The company anticipates ongoing supply chain volatility in FY2023, planning strategic investments in production and pricing adjustments to maintain growth.
Daktronics Inc (Nasdaq – DAKT) will release its fiscal year and fourth quarter financial results on June 8, 2022, before the market opens. A conference call will be held at 10:00 AM CT, featuring CEO Reece A. Kurtenbach and CFO Sheila M. Anderson, who will provide forward-looking statements and key information. Stakeholders can join the call via dial-in or webcast.
Daktronics is recognized as the largest supplier of large-screen video displays and related systems worldwide, operating in multiple business segments.
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