Daktronics Inc Stock Price, News & Analysis

Daktronics, Inc. (NASDAQ-DAKT) has amended its credit agreement with U.S. Bank to extend the maturity of $10 million of its $45 million credit facility to May 1, 2023. This extension is part of the independent Strategy and Financing Review Committee's efforts established in December 2022 to enhance the company’s liquidity and financial structure. The committee, chaired by Howard I. Atkins, engages financial and legal advisors to explore long-term liquidity options, including reviewing financing proposals. However, there's no guarantee that these efforts will result in a successful transaction or improvement.

Alta Fox Capital Management has expressed deep concerns regarding Reece Kurtenbach, Chairman and CEO of Daktronics (NASDAQ: DAKT), citing severe governance issues and poor financial decision-making leading to significant shareholder losses. They claim that under Kurtenbach's leadership, Daktronics has seen a 60% decline in total returns since his appointment in 2013, contrasting sharply with the 110% growth of the Russell 2000 index during the same period. Furthermore, Alta Fox accuses management of nepotism, ineffective capital expenditures, and failing to respond to their proposals for necessary governance changes. Alta Fox holds around 4% of Daktronics and is considering escalating their efforts to drive change.

Daktronics (NASDAQ-DAKT) has announced a significant upgrade at Target Field ahead of the 2023 baseball season, installing 22 new LED displays totaling over 23,000 square feet, marking a 63% increase from 2022. The main video display will grow 75% in size and be HDR-capable, enhancing game day experiences. Additionally, production of 13.1 million LEDs has commenced, with installation to be completed by April 8. This project is part of a longstanding partnership with the Minnesota Twins, showcasing Daktronics’ commitment to delivering cutting-edge technology in sports facilities.

Daktronics (NASDAQ-DAKT) collaborated with Heritage Outdoor Media to install an LED digital billboard in Times Square, featuring 8-millimeter resolution SMD technology. This high-definition display, located at 1530 Broadway, aims to enhance branding opportunities for businesses amid significant foot traffic, averaging 260,000 daily visitors. The installation was completed in less than seven working days, minimizing disruptions. The billboard includes advanced features like augmented reality and social media interactivity, positioning it as a pivotal advertising space in a prime location.

Daktronics reported fiscal Q2 2023 results with net sales of $187.4 million, a 14% increase year-over-year. Orders were $182.8 million, up 11.7% compared to last year, with a backlog of $463.1 million. However, the company faced a net loss due to a $13 million non-cash tax asset adjustment, raising concerns about its ongoing viability. Cash and marketable securities fell to $7.7 million from $61.6 million a year prior. Operating income was $1.5 million, with gross profit margins declining to 16.9%.

Daktronics, Inc. (NASDAQ - DAKT) expands its Board of Directors to eight members by appointing Howard I. Atkins as the eighth director. This move follows a Cooperation Agreement with Prairieland Holdco, LLC, aimed at enhancing shareholder value. Atkins, a seasoned financial executive, is expected to contribute significantly to the board's strategic development efforts. His term will last until the 2023 annual meeting, and he will serve on the Board’s compensation committee. The board's refreshment process underscores Daktronics' commitment to long-term growth and value creation.

Daktronics Inc (Nasdaq – DAKT) has announced a change in the schedule for its second quarter fiscal 2023 earnings release and conference call. The company will release its financial results on December 12, 2022, before market opening, followed by a call at 10:00 AM CT. CEO Reece A. Kurtenbach and CFO Sheila M. Anderson will lead the call, which will include forward-looking statements. Interested parties must register to access the call and obtain dial-in details.

Daktronics Inc (Nasdaq – DAKT) will release its second quarter fiscal 2023 financial results on December 7, 2022, before market opening. CEO Reece A. Kurtenbach and CFO Sheila M. Anderson will host a conference call at 10:00 AM CT, featuring forward-looking statements. Interested participants must pre-register for dial-in details. The call will also be available via webcast. Daktronics is recognized as the world's largest supplier of large-screen video displays and related control systems, serving diverse markets worldwide.

Daktronics has announced a significant upgrade at the SAP Center in San Jose, featuring 14 new LED displays designed to enhance fan experience during events. This includes a seven-display centerhung configuration totaling over 9,300 square feet, alongside a ribbon display and six pendant displays. The main displays will feature a resolution of 5.9 millimeters, with variable content zoning capabilities for flexible content presentation. This project solidifies Daktronics' position as a leader in sports venue technology.