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DAKT Daktronics

Daktronics is an American company based in Brookings, South Dakota that designs, manufactures, sells, and services video displays, scoreboards, digital billboards, dynamic message signs, sound systems, and related products. Founded in 1968 by two South Dakota State University professors, Daktronics grew from a provider of electronic voting systems for state legislatures to one of the world's largest suppliers of electronic displays. The name is a portmanteau of "Dakota" and "electronics". Daktronics was founded in 1968 by Aelred Kurtenbach and Duane Sander, professors of electrical engineering at South Dakota State University in Brookings, SD. The company began with the design and manufacture of electronic voting systems for state legislatures.

Company profile

Ticker
DAKT
Exchange
CEO
Reece Kurtenbach
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
460306862

DAKT stock data

(
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Calendar

3 Mar 21
7 Mar 21
1 May 21
Quarter (USD)
Jan 21 Oct 20 Jul 20 May 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
May 20 Apr 19 Apr 18 Apr 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Daktronics earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 80.76M 80.76M 80.76M 80.76M 80.76M 80.76M
Cash burn (monthly) (positive/no burn) (positive/no burn) 396.33K (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) n/a n/a 486.43K n/a n/a n/a
Cash remaining n/a n/a 80.27M n/a n/a n/a
Runway (months of cash) n/a n/a 202.5 n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 Jan 21 Reece A Kurtenbach Common Stock Gift Dispose G No No 0 1,000 0 396,403
3 Sep 20 Robert G Dutcher Common Stock Grant Aquire A No No 0 13,990 0 70,978
3 Sep 20 Anderson Sheila Mae RSU Common Stock Grant Aquire A No No 0 2,500 0 7,800
3 Sep 20 Anderson Sheila Mae Incentive Stock Option Common Stock Grant Aquire A No No 4.11 12,500 51.38K 78,315
3 Sep 20 Byron J Anderson Common Stock Grant Aquire A No No 0 13,990 0 62,152
3 Sep 20 Matthew John Kurtenbach RSU Common Stock Grant Aquire A No No 0 2,500 0 7,800
3 Sep 20 Matthew John Kurtenbach NQSO Common Stock Grant Aquire A No No 4.11 12,500 51.38K 90,655
5.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 1 1
Opened positions 0 0
Closed positions 0 124 EXIT
Increased positions 0 0
Reduced positions 0 1 EXIT
13F shares
Current Prev Q Change
Total value 12.35M 12.35M
Total shares 2.64M 2.64M
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Dimensional Fund Advisors 2.64M $12.35M 0.0%
Largest transactions
Shares Bought/sold Change
Dimensional Fund Advisors 2.64M 0 0.0%

Financial report summary

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Risks
  • Pandemics, including the coronavirus ("COVID-19") pandemic, could have a material adverse effect on our operations, liquidity, financial condition, and financial results.
  • We operate in highly competitive markets and face significant competition and pricing pressure. If we are unable to keep up with the rapidly changing product developments or to compete effectively, we could lose market share as well as limited and uniquely configured orders, which could negatively impact our results of operations.
  • Our results of operations on a quarterly and annual basis have and are likely to fluctuate and be substantially affected by the size and timing of large contract order awards.
  • Our actual results could differ from the estimates and assumptions we make to prepare our financial statements, which could have a material impact on our financial condition and results of operations.
  • Unanticipated warranty and other costs for defective products could adversely affect our financial condition, results of operations and reputation.
  • We enter into fixed-price contracts, which could reduce our profits if actual costs exceed estimated costs.
  • Backlog may not be indicative of future revenue or profitability.
  • We depend on a single-source or a limited number of suppliers for our raw materials and components from countries around the world. The loss, interruption, or material change in our business relationships with our suppliers could cause a disruption in supply and a substantial increase in the costs of such materials. Such changes could cause harm to our sales, financial condition, and results of operations.
  • If we fail to timely and effectively obtain shipments of raw materials and components from our suppliers or to send shipments of our manufactured product to our customers, our business and operating results could be adversely affected.
  • Price fluctuations in, and shortages of, raw materials, components, and related transportation costs and tariffs can have a significant impact on our price competitiveness and/or ability to produce our products which could cause harm to our sales, financial condition and results of operations.
  • We may depend on third parties to complete our contracts.
  • Unanticipated events resulting in credit losses could have a material adverse impact on our financial results.
  • We may not be able to utilize our capacity efficiently or accurately plan our capacity requirements, which may negatively affect our business and operating results.
  • The terms and conditions of our credit facilities impose restrictions on our operations, and if we default on our credit facilities, it could have a material adverse effect on our results of operations and financial condition and make us vulnerable to adverse economic or industry conditions and cause liquidity issues.
  • The transition away from LIBOR may adversely affect our cost to obtain financing.
  • If we became unable to obtain adequate surety bonding or letters of credit, it could adversely affect our ability to bid on new work, which could have a material adverse effect on our future revenue and business prospects.
  • We may be unable to protect our intellectual property rights effectively, or we may infringe upon the intellectual property of others, either of which may have a material adverse effect on our operating results and financial condition.
  • Weakened global economic conditions may adversely affect our industry, business and results of operations.
  • Unexpected events, including natural disasters and the COVID-19 pandemic, may increase our cost of doing business or disrupt our operations.
  • Our global operations expose us to global regulatory, geopolitical, economic and social changes and add additional risks and uncertainties which can harm our business, operating results, and financial condition.
  • Our future results may be affected by compliance risks related to United States and other countries' anti-bribery and anti-corruption laws, trade controls, economic sanctions, and similar laws and regulations. Our failure to comply with these laws and regulations could subject us to civil, criminal and administrative proceedings or penalties and harm our reputation.
  • Global tax law changes may adversely affect our business, financial condition and results of operations.
  • Acquisitions, partial investments, and divestitures pose financial, management and other risks and challenges.
  • If goodwill or other intangible assets in connection with our acquisitions become impaired, we could take significant non-cash charges against earnings.
  • Our data systems could fail, or their security could be compromised, causing a material adverse effect on our business.
  • Regulation in the areas of privacy, data protection and information security could increase our costs and affect or limit our business opportunities and how we collect or use personal information.
  • We may fail to continue to attract, develop and retain key management personnel, which could negatively impact our operating results.
  • The outcome of pending and future claims, investigations or litigation can have a material adverse impact on our business, financial condition, and results of operations.
  • Our business involves the use of hazardous materials, and we must comply with environmental, health and safety laws and regulations, which can be expensive and restrict how we do business.
  • If our internal controls over financial reporting is found to be ineffective, our financial statements may not be fairly stated, raising concerns for investors and potentially adversely affecting our stock price.
  • The protections we have adopted and to which we are subject may discourage takeover offers favored by our shareholders.
  • Our common stock has at times been thinly traded, which may result in low liquidity and price volatility.
  • Significant changes in the market price of our common stock could result in securities litigation claims against us.
  • There can be no assurance that we will pay dividends on our common stock.
  • Our executive officers, directors and principal shareholders have the ability to significantly influence all matters submitted to our shareholders for approval.
  • Insurance coverage can be difficult or expensive to obtain, and our failure to obtain adequate insurance coverage could adversely affect our financial condition or results of operations.
  • We have been required to conduct a good faith reasonable country of origin analysis on our use of “conflict minerals”, which has imposed and may impose additional costs on us and could raise reputational challenges and other risks.
Management Discussion
  • Sales and orders in all business units were impacted as a result of fiscal 2020 including 53 weeks compared to the more common 52 weeks. Fiscal 2019 contained 52 weeks.
  • For net sales, during fiscal 2020, we achieved a $11.5 million per week average run rate as compared to $11.0 million per week during fiscal 2019, or an approximate 4.5% increase. This change was driven by the order volume reasons described below and the timing of order conversion based on our customer's delivery schedules.
  • For orders, during fiscal 2020 and fiscal 2019, we achieved a $11.7 million per week average run rate. This was due to increases in orders placed during fiscal 2020 related to new releases of our product offerings, which were offset by a slow market in our account-based order placements due to COVID-19.
Content analysis
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Positive
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Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
New words: appellate, court, COVID, longer, low, mathematical, matter, put, small
Removed: canceled, evaluating, fourth

Patents

APP
Utility
Molded Contrast Mask for Display Module
11 Nov 20
A display module comprises a circuit board, a plurality of light-emitting elements coupled to a front surface of the circuit board and arranged in an array configured to produce at least a portion of a display image at the front surface of the circuit board, and a contrast mask directly coupled to the front surface of the circuit board, the contrast mask defining a plurality of windows, with each window surrounding a group of one or more of the plurality of light-emitting elements.
GRANT
Utility
Mounting structures for a banner display
12 Oct 20
A display comprises a mounting structure comprising one or more structural members (122) having a first face (136) and a second face (138), a first plurality of display modules (112) mounted to the first faces of the one or more structural members with a plurality of magnetic mounts (19A, 110B), wherein the first plurality of display modules are arranged in proximity to form a first display surface, and one or more tension members coupled to the mounting structure, wherein the one or more tension members support the display when the one or more tension members are connected to a support structure.
GRANT
Design
Display screen with graphical user interface
21 Sep 20
Inventors: Ronald Linares, Yanier Figueras
GRANT
Utility
Encapsulation of light-emitting elements on a display module
17 Aug 20
A display module comprises a circuit board having a front face, a plurality of light-emitting elements electrically coupled to the front face of the circuit board, a polymer encapsulating member adhered to the front face of the circuit board, the polymer encapsulating member substantially covering at least a portion of the circuit board and a portion of the plurality of light-emitting elements, the polymer encapsulating member substantially sealing the portion of the circuit board and the portion of the plurality of light-emitting elements, and an ultraviolet-radiation diminishing component in the polymer encapsulating member or on one or more of at least a portion of the circuit board or at least a portion of each of the light-emitting elements, wherein the ultraviolet-radiation diminishing component filters, blocks, or reflects more ultraviolet radiation than would be filtered, blocked, or reflected by the polymer encapsulating member without the ultraviolet-radiation diminishing component.
APP
Utility
Controller Redundancy for a Display System
10 Jun 20
A display system comprises a plurality of displays each comprising an array of light-emitting elements to display a corresponding message, a primary controller that controls the array of light-emitting elements of each display to control the content of each message, a communication network to transmit control signals from the primary controller to the displays, a remote manager in communication with the primary controller via a primary manager communication link, and a redundant controller configured and able to control the array of light-emitting elements of each display to control the content of each message if it is determined that there is a malfunction of the primary controller, an interruption in the communication network between the primary controller and at least one of the displays, or an interruption in the primary communication link.