UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
--------------------------------------------------------------------------------
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 23, 2004
Dycom Industries, Inc.
(Exact name of Registrant as specified in its charter)
Florida
(State or other jurisdiction of incorporation)
0-5423 59-1277135
(Commission (I.R.S. Employer
File Number) Identification No.)
4440 PGA Boulevard, Suite 500, Palm Beach Gardens, Florida 33410
(Address of principal executive offices) (Zip Code)
(561) 627-7171
(Registrant's telephone number, including area code
Exhibit Index on Page 4
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
----------- -----------
12.1 Press release of Dycom Industries, Inc. issued
on February 23, 2004.
12.2 Transscript of Dycom Industries, Inc. conference
call to review the company's results and address
its outlook, which took place on February 24,
2004.
Item 12. Results of Operations and Financial Condition
On February 23, 2004, Dycom Industries, Inc. ("Dycom")issued a press
release with respect to its conference call to be held on February 24, 2004. The
press release is attached hereto as Exhibit 12.1 and is incorporated in its
entirety by reference herein.
On February 24, 2004, Dycom held a tele-conference call to review its
results and to address its outlook.
In calculating days sales outstanding ("DSO"), Dycom has excluded
amounts related to UtiliQuest Holdings Corp. ("UtiliQuest") and First South
Utility Construction, Inc. ("First South"). Dycom believes that the presentation
of DSO for the quarter ended January 24, 2004, excluding the revenues and
receivables attributable to UtiliQuest and First South, provides more useful
information to investors. The consolidated receivable balance at January 24,
2004, includes receivables of UtiliQuest and First South, some of which were
generated from operations that took place prior to their respective
acquisitions. However, Dycom's consolidated revenues for the quarter include
UtiliQuest and First South only from the date of their respective acquisitions.
Therefore, Dycom believes that calculations of DSO for the quarter excluding the
receivables and revenues attributable to UtiliQuest and First South provides a
better indication of performance for the quarter ended January 24, 2004.
In addition to presenting net income and earnings per share, Dycom
has presented net income and earnings per share excluding the adjustment for
gain on sale of long term accounts receivable. Dycom believes that the
information presented, excluding this one time gain, is beneficial to investors
because it depicts the results of recurring operations excluding the effects of
the sale of accounts receivable that is not a regular part of Dycom's business.
Net Receivables Revenues
January 24, 2004 January 24, 2004
Total................................................................ 126,645,000 196,369,000
Less: amounts attributable to UtiliQuest and First South ............ 20,695,000 23,394,000
---------------- ----------------
105,950,000 172,975,000
================ ================
Total days sales outstanding ........................................ 58.7
================
Days sales outstanding excluding amounts attributable to UtiliQuest
and First South................................................. 55.7
================
Net costs and
estimated earnings in
excess of billing Revenues
January 24, 2004 January 24, 2004
Total................................................................ 38,517,000 196,369,000
Less: amounts attributable to UtiliQuest and First South ............ 6,317,000 23,394,000
---------------- ----------------
32,200,000 172,975,000
================ ================
Total days sales outstanding ........................................ 17.8
================
Days sales outstanding excluding amounts attributable to UtiliQuest
and First South................................................. 16.9
================
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DYCOM INDUSTRIES, INC.
Date: February 27, 2003 By: /s/ Richard Dunn
-------------------------
Name: Richard Dunn
Title: Senior Vice President and
Chief Financial Officer
3
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
12.1 Press release of Dycom Industries, Inc. issued
on February 23, 2004.
12.2 Transscript of Dycom Industries, Inc. conference
call to review the company's results and address
its outlook, which took place on February 24,
2004.
4