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 amended its credit agreement with U.S. Bank to extend the maturity of $10 million of its $45 million credit facility to May 1, 2023. This extension is part of the independent Strategy and Financing Review Committee's efforts established in December 2022 to enhance the company’s liquidity and financial structure. The committee, chaired by Howard I. Atkins, engages financial and legal advisors to explore long-term liquidity options, including reviewing financing proposals. However, there's no guarantee that these efforts will result in a successful transaction or improvement.
Alta Fox Capital Management has expressed deep concerns regarding Reece Kurtenbach, Chairman and CEO of Daktronics (NASDAQ: DAKT), citing severe governance issues and poor financial decision-making leading to significant shareholder losses. They claim that under Kurtenbach's leadership, Daktronics has seen a 60% decline in total returns since his appointment in 2013, contrasting sharply with the 110% growth of the Russell 2000 index during the same period. Furthermore, Alta Fox accuses management of nepotism, ineffective capital expenditures, and failing to respond to their proposals for necessary governance changes. Alta Fox holds around 4% of Daktronics and is considering escalating their efforts to drive change.
Daktronics (NASDAQ-DAKT) has announced a significant upgrade at Target Field ahead of the 2023 baseball season, installing 22 new LED displays totaling over 23,000 square feet, marking a 63% increase from 2022. The main video display will grow 75% in size and be HDR-capable, enhancing game day experiences. Additionally, production of 13.1 million LEDs has commenced, with installation to be completed by April 8. This project is part of a longstanding partnership with the Minnesota Twins, showcasing Daktronics’ commitment to delivering cutting-edge technology in sports facilities.
Daktronics (NASDAQ-DAKT) collaborated with Heritage Outdoor Media to install an LED digital billboard in Times Square, featuring 8-millimeter resolution SMD technology. This high-definition display, located at 1530 Broadway, aims to enhance branding opportunities for businesses amid significant foot traffic, averaging 260,000 daily visitors. The installation was completed in less than seven working days, minimizing disruptions. The billboard includes advanced features like augmented reality and social media interactivity, positioning it as a pivotal advertising space in a prime location.
Daktronics reported fiscal Q2 2023 results with net sales of $187.4 million, a 14% increase year-over-year. Orders were $182.8 million, up 11.7% compared to last year, with a backlog of $463.1 million. However, the company faced a net loss due to a $13 million non-cash tax asset adjustment, raising concerns about its ongoing viability. Cash and marketable securities fell to $7.7 million from $61.6 million a year prior. Operating income was $1.5 million, with gross profit margins declining to 16.9%.
Daktronics, Inc. (NASDAQ - DAKT) expands its Board of Directors to eight members by appointing Howard I. Atkins as the eighth director. This move follows a Cooperation Agreement with Prairieland Holdco, LLC, aimed at enhancing shareholder value. Atkins, a seasoned financial executive, is expected to contribute significantly to the board's strategic development efforts. His term will last until the 2023 annual meeting, and he will serve on the Board’s compensation committee. The board's refreshment process underscores Daktronics' commitment to long-term growth and value creation.
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.
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