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
Website
CEO
Reece Kurtenbach
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
Brady • Hillenbrand • Array • Jason Industries • PlayAGS • Summer Infant • Amcor • Oil-Dri Corp. Of America • TRANS LUX • Dogness ...
SEC CIK
Corporate docs
IRS number
460306862
DAKT stock data
()
Calendar
3 Mar 21
7 Mar 21
1 May 21
Financial summary
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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 |
Recent insider trades
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 |
Institutional ownership Q1 2021
5.9% owned by funds/institutions
13F holders |
Current |
---|---|
Total holders | 1 |
Opened positions | 0 |
Closed positions | 0 |
Increased positions | 0 |
Reduced positions | 0 |
13F shares |
Current |
---|---|
Total value | 12.35M |
Total shares | 2.64M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners |
Shares | Value |
---|---|---|
Dimensional Fund Advisors | 2.64M | $12.35M |
Financial report summary
?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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H.S. freshman Avg
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New words:
appellate, court, COVID, longer, low, mathematical, matter, put, small
Removed:
canceled, evaluating, fourth
Financial reports
10-Q
2021 Q3
Quarterly report
3 Mar 21
10-Q/A
2021 Q2
Quarterly report (amended)
9 Dec 20
10-Q
2021 Q2
Quarterly report
2 Dec 20
10-Q
2021 Q1
Quarterly report
28 Aug 20
10-K
2020 FY
Annual report
12 Jun 20
10-Q
2020 Q3
Quarterly report
28 Feb 20
10-Q
2020 Q2
Quarterly report
27 Nov 19
10-Q
2020 Q1
Quarterly report
30 Aug 19
10-K
2019 FY
Annual report
7 Jun 19
10-Q
2019 Q3
Quarterly report
22 Feb 19
Current reports
8-K
Daktronics, Inc. Announces Third Quarter Fiscal 2021 Results
3 Mar 21
8-K
Daktronics, Inc. Announces Second Quarter Fiscal 2021 Results
2 Dec 20
8-K
Departure of Directors or Certain Officers
8 Sep 20
8-K
Departure of Directors or Certain Officers
3 Sep 20
8-K
Daktronics, Inc. Announces First Quarter Fiscal 2021 Results
26 Aug 20
8-K
Daktronics, Inc. Announces Fiscal Year and Fourth Quarter 2020 Results
10 Jun 20
8-K
Daktronics Board of Directors announces Nancy Frame's retirement and nominates Dr. José-Marie Griffiths to the Board
5 Jun 20
8-K
Daktronics, Inc. Announces Reactions to and Impacts of COVID-19
1 Apr 20
8-K
Daktronics Announces Quarterly Cash Dividend per Share
26 Feb 20
8-K
Daktronics, Inc. Announces Third Quarter Fiscal 2020 Results
26 Feb 20
Registration and prospectus
S-8
Registration of securities for employees
3 Sep 20
8-A12B/A
Registration of securities on exchange (amended)
20 Nov 18
8-A12B
Registration of securities on exchange
18 Nov 18
S-8
Registration of securities for employees
28 Sep 18
424B3
Prospectus supplement
20 Dec 17
S-3/A
Shelf registration (amended)
18 Dec 17
S-3
Shelf registration
4 Dec 17
S-8
Registration of securities for employees
30 Nov 17
S-8 POS
Registration of securities for employees (post-effective amendment)
7 Dec 16
S-8
Registration of securities for employees
2 Sep 15
Proxies
DEFA14A
Additional proxy soliciting materials
16 Jul 20
DEF 14A
Definitive proxy
16 Jul 20
DEFA14A
Additional proxy soliciting materials
16 Jul 19
DEF 14A
Definitive proxy
16 Jul 19
DEFA14A
Additional proxy soliciting materials
17 Jul 18
DEF 14A
Definitive proxy
17 Jul 18
DEF 14A
Definitive proxy
10 Jul 17
DEFA14A
Additional proxy soliciting materials
10 Jul 17
DEF 14A
Definitive proxy
11 Jul 16
DEFA14A
Additional proxy soliciting materials
11 Jul 16
Other
UPLOAD
Letter from SEC
26 Jan 21
CORRESP
Correspondence with SEC
24 Jan 21
UPLOAD
Letter from SEC
11 Jan 21
SD
Conflict minerals disclosure
29 May 20
SD
Conflict minerals disclosure
30 May 19
SD
Conflict minerals disclosure
29 May 18
CORRESP
Correspondence with SEC
20 Dec 17
EFFECT
Notice of effectiveness
20 Dec 17
UPLOAD
Letter from SEC
12 Dec 17
CORRESP
Correspondence with SEC
30 Nov 17
Ownership
SC 13G/A
DAKTRONICS / DIMENSIONAL FUND ADVISORS ownership change
12 Feb 21
SC 13G/A
DAKTRONICS / BlackRock ownership change
10 Feb 21
SC 13G/A
DAKTRONICS / VANGUARD ownership change
10 Feb 21
SC 13G/A
DAKTRONICS / BlackRock ownership change
29 Jan 21
4
DAKTRONICS / Reece A Kurtenbach ownership change
21 Jan 21
4
DAKTRONICS / Jose-Marie Griffiths ownership change
15 Sep 20
3
DAKTRONICS / Jose-Marie Griffiths ownership change
15 Sep 20
4
DAKTRONICS / Bradley T Wiemann ownership change
8 Sep 20
4
DAKTRONICS / JAMES B MORGAN ownership change
8 Sep 20
4
DAKTRONICS / Kevin Patrick McDermott ownership change
8 Sep 20
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.
Transcripts
2021 Q2
Earnings call transcript
2 Dec 20
2020 Q4
Earnings call transcript
10 Jun 20
2020 Q2
Earnings call transcript
27 Nov 19
2020 Q1
Earnings call transcript
28 Aug 19
2019 Q4
Earnings call transcript
29 May 19
2019 Q3
Earnings call transcript
20 Feb 19
2019 Q2
Earnings call transcript
21 Nov 18
2019 Q1
Earnings call transcript
21 Aug 18
2018 Q4
Earnings call transcript
30 May 18
2018 Q3
Earnings call transcript
20 Feb 18
Reddit threads
Daily Discussion Thread - March 3rd, 2021
3 Mar 21
Daily Discussion Thread - March 2nd, 2021
2 Mar 21
Daily Discussion Thread - February 24th, 2021
24 Feb 21
Daily Discussion Thread - February 23rd, 2021
23 Feb 21
Daily Discussion Thread - February 22nd, 2021
22 Feb 21
Daily Discussion Thread - December 2nd, 2020
2 Dec 20
Daily Discussion Thread - December 1st, 2020
1 Dec 20
Daily Discussion Thread - November 30th, 2020
30 Nov 20
Daily Discussion Thread - November 24th, 2020
24 Nov 20
Daily Discussion Thread - November 23rd, 2020
23 Nov 20