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 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.
Daktronics has secured a contract to install 45 HDR capable LED displays at the forthcoming UBS Arena in New York, set to open in fall 2021 for the NHL season. The displays will cover over 15,000 square feet and feature more than 34 million pixels, enhancing the arena's entertainment experience. The centerhung scoreboard will be a significant technological upgrade, boasting advanced resolution and clarity. UBS Arena is expected to host over 150 events yearly and create 10,000 construction jobs, driving $25 billion in economic activity.
Daktronics reported fiscal 2021 Q3 results with net sales of $94.1 million, down from $127.7 million in Q3 2020. The company posted a minor operating and net loss of $0.2 million, with earnings per diluted share at $0.00. Orders declined 35.6% to $86.9 million year-over-year, affecting all business units due to lower market activity amid COVID-19. However, gross profit margin improved to 25.4% from 19.2% due to favorable sales mix and a $2.1 million litigation claim reversal. Cash from operations increased significantly to $48.2 million from $6.2 million a year prior.
Daktronics has partnered with the Phoenix Suns to install a comprehensive LED super system at the Phoenix Suns Arena, featuring 18 displays and totaling over 55.1 million LEDs. This installation, completed in 2020, includes a centerhung display significantly larger than its predecessor and various lobby and auxiliary displays, enhancing the fan experience. The displays offer high-resolution content and are supported by Daktronics' Show Control system for effective content management.
Daktronics (NASDAQ-DAKT) announces major upgrades to video displays at Kauffman Stadium, enhancing fan experience starting in 2021. The main video display will feature HDR capability and a 138% increase in pixels, totaling over 3.5 million pixels, making it the eighth-largest in baseball. A new Hall of Fame display, measuring 20.5 feet high by 108 feet wide, adds over 2,200 square feet of digital display space. This expansion includes the installation of two updated fence displays, creating a combined total of 10,624 square feet of HDR displays, the third most in MLB.
Daktronics reported fiscal 2021 second quarter results showing net sales of $127.4 million, down from $174.9 million in the same quarter last year. Operating income increased to $6.7 million, with net income at $3.4 million. Earnings per diluted share stood at $0.08, down from $0.16 a year ago. Orders decreased to $135.7 million, reflecting a 10.2% decline year-over-year. However, the product order backlog grew to $201 million from $182 million. The company generated free cash flow of $34.5 million compared to a negative $19.9 million last year.
Daktronics, Inc. (NASDAQ-DAKT) announced the release of its second quarter fiscal 2021 financial results will be on December 2, 2020, before market opening. A conference call will be held at 10:00 AM CDT to discuss these results, featuring CEO Reece A. Kurtenbach and CFO Sheila M. Anderson. The call will provide forward-looking statements and material information. Participants can join via a dial-in number or online webcast. Daktronics is the leading supplier of large screen video displays and related control systems, serving global markets with various business units.
Daktronics (NASDAQ-DAKT) has been selected by Austin FC to provide a state-of-the-art LED super system for their new soccer stadium in Texas. The installation includes a main video display measuring 24 feet high by 84 feet wide and various ribbon displays, totaling 5,580 square feet. This project aims to enhance fan experience and engagement as the stadium prepares for its opening in the 2021 season. Daktronics, a leader in LED technology since 1968, has integrated systems into nearly 60% of U.S. professional sports facilities.