• Daktronics revenues down for 4Q fiscal 18.

    “While overall results for fiscal 2018 were below expectations, we remain optimistic for the future.”  That’s how digital billboard manufacturer Daktronics CEO Reece Kurtenbach summarized the firm’s fiscal 2018 performance.  Here are the results from last week’s earnings release and seeking alpha earnings call transcript.

    • Sales for the 3 months ended April 28, 2018 declined 4% to $118 million due to reduction in the live events and commercial business units.  Commercial sales (which includes the firm’s digital billboard business) declined 11% to $32 million for the 3 months ended April 28, 2018.
    • The firm had a net loss of $3.8 million for the 3 months ended April 28, 2018, versus a net loss of $909,000 for the prior year due to decreased sales.
    • The company is in healthy financial condition.  Cash and marketable securities are $64 million.  Debt/Equity is a low 0.44 times.
    • Company CEO Reece Kurtenbach expects the digital billboard business to grow in fiscal 2019:  “In our commercial business unit, we see opportunities for growth mainly driven by digital opportunities in the spectacular segment both new and replacement systems for our national account based business, expansion of solutions for indoor applications and continued activity in the billboard segment.”
    • Kurtenbach said in the coming months Daktronics will release a new generation of products with narrow pixel pictures, new control system features and interactive content features.  The firm is investing heavily in the development of modules using chip-on-board technology.

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