Welcome to our dedicated page for Daktronics news (Ticker: DAKT), a resource for investors and traders seeking the latest updates and insights on Daktronics stock.
Daktronics Inc. designs, manufactures, markets and services electronic display systems, including large-format LED video displays, scoreboards, message displays, digital billboards, audio systems and related control systems. News about DAKT commonly covers display projects for sports venues, transportation facilities and commercial environments, including video boards, ribbon boards, media walls and refreshed display systems using the Daktronics Renew product line.
Company updates also include financial results, order and backlog commentary, investor events, leadership and governance developments, and activity across its Live Events, Commercial, High School Park and Recreation, Transportation and International business units.
Daktronics, Inc. (Nasdaq: DAKT) announced an amendment to its Rights Agreement, extending its expiration to November 19, 2024, and adjusting the exercise price to $20.00. This move aims to protect shareholders from potential takeover attempts that could undermine their investment value. The rights allow shareholders to buy preferred stock at a reduced price if a person or group acquires 20% or more of the common stock. The agreement was not initiated in response to any known takeover offers and does not have immediate dilutive effects.
Daktronics (NASDAQ-DAKT) will release its second quarter fiscal 2022 financial results on December 1, 2021, before the market opens. A conference call, hosted by CEO Reece A. Kurtenbach and CFO Sheila M. Anderson, is scheduled for 10:00 AM CT the same day. The call will discuss forward-looking statements and will be accessible via a dial-in number or through a webcast on the Daktronics website. For more information, contact investor relations.
Orion Office REIT will replace Daktronics in the S&P SmallCap 600, effective November 16, 2021. This change follows Realty Income Corp.'s spinoff of Orion Office REIT, expected to complete on November 15, 2021. Daktronics is deemed unrepresentative of the small-cap market space. The shift indicates a restructuring within the index, impacting investor sentiment and market positioning. Keep an eye on the performance of ONL and DAKT stocks post these changes.
Daktronics has been chosen to install 224 LED displays at Climate Pledge Arena for the Seattle Kraken, the highest number of LED displays at any sports venue globally. The deployment includes over 28,175 square feet of digital signage, totaling more than 145 million pixels. The installation features innovative dual hanging displays and various other LED options to enhance the fan experience, enriching live events and communications with real-time information. The arena opens on October 22, 2021.
Daktronics (NASDAQ-DAKT) has upgraded the video experience at Boston's TD Garden with a state-of-the-art 4K resolution centerhung scoreboard featuring 48.6 million pixels. The installation, completed ahead of the 2021 fall sports season, boasts 2.5-millimeter pixel spacing, making it the highest resolution for basketball and hockey. Additional displays enhance the in-game experience for fans. This investment reflects a commitment to innovation and improved guest experience by both Daktronics and Delaware North.
Daktronics has upgraded 18 digital displays in downtown Chicago for Lamar Advertising Company. These new 10-foot by 10-foot LED displays feature high-resolution 10-millimeter pixel pitch technology. They cater to both pedestrian and vehicular traffic in key areas such as the Magnificent Mile. The upgrades allow for dynamic advertising, better image quality, and improved durability against Chicago's harsh weather. Lamar seeks to enhance advertising strategies, including integrating social media.
Daktronics, Inc. (NASDAQ: DAKT) reported Q1 FY2022 results with net sales of $144.7 million, slightly up from $143.6 million in Q1 FY2021. However, operating income decreased to $5.7 million (3.9% of sales) from $9.5 million (6.6% of sales) year-over-year due to inflation and increased personnel costs. Net income was $3.7 million ($0.08 per share), down from $7.5 million ($0.17 per share). Orders surged 48.8% to $181.7 million, driven by recovering market activity. A backlog of $285 million was reported, but supply chain issues delayed sales conversions.
Daktronics reported fiscal year 2021 net sales of $482.0 million, down from $608.9 million in 2020. Operating income was $17.1 million, with a net income of $10.9 million and earnings per diluted share of $0.24. Fourth quarter sales decreased to $116.9 million, with net income of $0.3 million. Orders for the fiscal year were $515.9 million, compared to $620.8 million in 2020. The effective tax rate for the fourth quarter was 49.7%. Product backlog improved to $251 million, anticipating growth in fiscal 2022.
On June 2, 2021, Daktronics (NASDAQ: DAKT) announced the retirement of board members Robert G. Dutcher and Byron J. Anderson, effective September 1, 2021. Dutcher served on the board for 19 years and led the Compensation Committee, while Anderson was with the board for 16 years. The company nominated Shereta Williams and Dr. Lance D. Bultena as independent directors for election at the annual meeting. Williams brings experience in digital media and corporate development; Bultena offers expertise in public policy and economic issues, enhancing Daktronics' board strength.
Daktronics, Inc. (NASDAQ-DAKT) will announce its fourth quarter fiscal 2021 financial results on June 9, 2021, before the market opens. CEO Reece A. Kurtenbach and CFO Sheila M. Anderson will lead a conference call at 10:00 AM CDT to discuss these results, which will include forward-looking statements. Interested parties can join via dial-in or webcast. Daktronics is a leader in large screen video displays and related systems, serving a diverse range of sectors globally.