Daktronics, Inc. reported fiscal year and fourth quarter 2021 results.

Daktronics reported fiscal year 2021 net sales of $482.0 million, operating income of $17.1 million, net income of $10.9 million, and earnings per diluted share of $0.24. This compares to net sales of $608.9 million, operating loss of $0.2 million, and net income of $0.5 million, or $0.01 earnings per diluted share for fiscal 2020. Fiscal 2021 orders were $515.9 million compared to $620.8 million for fiscal 2020.

Fiscal 2021 fourth quarter net sales of $116.9 million, operating income of $1.1 million, and net income of $0.3 million, or $0.01 earnings per diluted share, compared to net sales of $126.1 million, operating loss of $3.5 million, and net loss of $1.1 million, or $0.02 loss per diluted share for the fourth quarter of fiscal 2020. Fiscal 2021 fourth quarter orders were $171.2 million compared to $147.2 million for the fourth quarter of fiscal 2020. Product backlog at the end of the fiscal 2021 fourth quarter was $251 million, compared to a backlog of $212 million a year earlier and $195 million at the end of the third quarter of fiscal 2021.

Reece Kurtenbach, chairman, president and chief executive officer, stated, “As we entered into fiscal 2021, the impact of the COVID-19 pandemic created uncertainty, disruption, and volatility. To protect our liquidity, we reduced our operation’s spend, capital investments, and returns to investors. While our orders and revenues were muted, we continued to market our solutions to customers and worked to strengthen our operations. These actions allowed us to generate cash, pay back our line of credit, and generate a profit through this uncertain pandemic year. I thank all of our stakeholders for your help in managing through this unique and unprecedented time – our employees, customers, suppliers, investors, and communities.

Outlook
Kurtenbach added, “During the fourth quarter, order and quoting activities have increased creating a strong backlog and positive outlook going into fiscal 2022. We believe the movement of and the safe gathering of people will allow our customer’s markets to continue to recover over the coming year. Over the long-term, we believe the fundamentals of the audiovisual industry are strong and are poised for growth. We are actively investing in new technologies and markets to meet that expected demand with world-leading solutions and value. As we work through the pandemic recovery, we remain disciplined in managing our operating expenses and strategic in our capacity additions for the elevated demand. We expect headwinds in material, labor, freight availability and inflation as the world economies recover, which may cause volatility in our revenue cycles and production costs. We look forward to the global recovery and long-term profitable growth.”

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