Daktronics continues to expand its reach in the digital display market and is reporting an increase in sales and income.
For the first quarter of fiscal year 2015, Daktronics saw net sales of $166.6 million, operating income of $13.6 million and net income of $8.7 million, compared to net sales of $138.7 million, operating income of $8.6 million and net income of $5.7 million, for the first quarter of fiscal 2014.
Fiscal 2015 first quarter orders were $160.7 million compared to $159.3 million for the first quarter of fiscal 2014. Backlog at the end of the fiscal 2015 first quarter was $165 million, compared with a backlog of $167 million a year earlier.
"Our first quarter is historically one of the busiest quarters as we produce, deliver, and install for outdoor sports venues and other outdoor systems during the summer construction season. This year was no exception. Significant work was performed during the quarter for sports related projects including installations for the Jacksonville Jaguars, Cleveland Browns, and University of Arizona, Phoenix. We were also successful in the commercial market's spectacular niche, which includes video projects for New York Time's Square and the Las Vegas market, during the quarter as we continue to see more projects becoming available in that niche as compared to prior years," said Daktronics President and CEO Reece Kurtenbach.
This month Daktronics also announced the expansion of the company by purchasing Data Display, a European based company that designs manufactures transportation displays. Daktronics says the addition will broaden its leadership on a global scale.
Daktronics plans to spend $25 million for capital projects in 2015, including a $4 million expansion of its Minnesota manufacturing facility. It's also investing in new manufacturing equipment for various new product lines, as well as machines upgrades, and in information technology infrastructure."