Revenue declined, but Daktronics was profitable during the 3rd quarter of fiscal 2024 (3 months ended January 27, 2024).  Here are the results of the Daktronics 3Q FY 24 earnings release, Daktronics 3Q 24 earnings deck and investor call.

• Revenue declined 8% to $170 million although the company was up against an extremely high revenue number in the prior year as it fulfilled orders after resolving supply chain issues.
• Net income totaled $10.7 million up from $3.7 million in the prior year due primarily to $6.3 million in non-operating income relating to the change in the fair market value of a convertible note.
• Cash balances were $76 million at January 27, 2024, up from $24 million at April 29, 2023.
• Liabilities were $263 million and the company’s Debt/Worth ratio was a moderate 1.1 times

CEO Reece Kurtenbach comments on slowing capexp by Lamar, OUTFRONT and Clear Channel Outdoor.

We saw a nice order rebound in Q3 from both national and local owned out of home customers.  However, large national out of home companies are noting plans to continue to constrain spending in the coming calendar year.

Kurtenbach says there’s demand for light mitigating billboards

We are seeing interest in our light direct digital billboards.  Light direct narrows the viewing cone of the display preventing light emissions from spilling into surrounding areas and targeting only the intended audience in urban and rural environments…

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