Daktronics Inc - DAKT STOCK NEWS

Daktronics reported fiscal Q3 2022 net sales of $139.6 million, aided by record orders totaling $214.8 million. Despite this, the company faced an operating loss of $5.7 million due to increased material costs, labor expenses, and warranty charges. The gross profit margin fell to 16.0%, down from 25.4% a year earlier. Cash and securities dropped to $35.8 million from $81.0 million in Q3 2021. The backlog reached $353 million, reflecting supply chain challenges.

The firm anticipates ongoing supply chain volatility, but remains optimistic about long-term growth in the audiovisual industry.

Daktronics, Inc. (NASDAQ - DAKT) reported its Q2 FY2022 results, showing a significant net sales increase to $164.5 million, up from $127.4 million a year earlier. However, operating income fell to $4.4 million due to rising material and freight costs, and net income dropped to $2.4 million with earnings per diluted share at $0.05. Despite challenges, orders surged 20.7% year-over-year to $163.7 million, aided by eased pandemic restrictions. The backlog stands at $282 million, reflecting strong demand but tempered by supply chain issues.

Daktronics, Inc. (Nasdaq: DAKT) announced an amendment to its Rights Agreement, extending its expiration to November 19, 2024, and adjusting the exercise price to $20.00. This move aims to protect shareholders from potential takeover attempts that could undermine their investment value. The rights allow shareholders to buy preferred stock at a reduced price if a person or group acquires 20% or more of the common stock. The agreement was not initiated in response to any known takeover offers and does not have immediate dilutive effects.

Daktronics (NASDAQ-DAKT) will release its second quarter fiscal 2022 financial results on December 1, 2021, before the market opens. A conference call, hosted by CEO Reece A. Kurtenbach and CFO Sheila M. Anderson, is scheduled for 10:00 AM CT the same day. The call will discuss forward-looking statements and will be accessible via a dial-in number or through a webcast on the Daktronics website. For more information, contact investor relations.

Orion Office REIT will replace Daktronics in the S&P SmallCap 600, effective November 16, 2021. This change follows Realty Income Corp.'s spinoff of Orion Office REIT, expected to complete on November 15, 2021. Daktronics is deemed unrepresentative of the small-cap market space. The shift indicates a restructuring within the index, impacting investor sentiment and market positioning. Keep an eye on the performance of ONL and DAKT stocks post these changes.

Daktronics has been chosen to install 224 LED displays at Climate Pledge Arena for the Seattle Kraken, the highest number of LED displays at any sports venue globally. The deployment includes over 28,175 square feet of digital signage, totaling more than 145 million pixels. The installation features innovative dual hanging displays and various other LED options to enhance the fan experience, enriching live events and communications with real-time information. The arena opens on October 22, 2021.

Daktronics (NASDAQ-DAKT) has upgraded the video experience at Boston's TD Garden with a state-of-the-art 4K resolution centerhung scoreboard featuring 48.6 million pixels. The installation, completed ahead of the 2021 fall sports season, boasts 2.5-millimeter pixel spacing, making it the highest resolution for basketball and hockey. Additional displays enhance the in-game experience for fans. This investment reflects a commitment to innovation and improved guest experience by both Daktronics and Delaware North.

Daktronics has upgraded 18 digital displays in downtown Chicago for Lamar Advertising Company. These new 10-foot by 10-foot LED displays feature high-resolution 10-millimeter pixel pitch technology. They cater to both pedestrian and vehicular traffic in key areas such as the Magnificent Mile. The upgrades allow for dynamic advertising, better image quality, and improved durability against Chicago's harsh weather. Lamar seeks to enhance advertising strategies, including integrating social media.

Daktronics, Inc. (NASDAQ: DAKT) reported Q1 FY2022 results with net sales of $144.7 million, slightly up from $143.6 million in Q1 FY2021. However, operating income decreased to $5.7 million (3.9% of sales) from $9.5 million (6.6% of sales) year-over-year due to inflation and increased personnel costs. Net income was $3.7 million ($0.08 per share), down from $7.5 million ($0.17 per share). Orders surged 48.8% to $181.7 million, driven by recovering market activity. A backlog of $285 million was reported, but supply chain issues delayed sales conversions.