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Daktronics Inc. (DAKT+0.45%) has submitted its 10-Q filing for the quarterly period ended October 26, 2024.
The filing details net sales of $208,331,000 for the quarter, an increase from $199,369,000 in the same period the previous year. This increase was attributed to higher volumes in the Live Events and Transportation business units.
Cost of sales rose to $152,468,000, representing 73.2% of sales, compared to 72.8% in the previous year. The increase in cost ratio was due to sales mix differences.
The company reported a gross profit of $55,863,000 for the quarter, compared to $54,199,000 in the previous year. The gross profit percentage slightly decreased to 26.8% from 27.2%.
Selling expenses remained relatively flat at $14,704,000, while general and administrative expenses increased to $15,550,000 from $10,889,000, primarily due to higher personnel-related costs and professional fees.
Product design and development expenses increased to $9,839,000 from $9,221,000, reflecting investments in staffing and product development.
Operating income was $15,770,000, down from $19,436,000 in the previous year, due to increased operating expenses.
The company recorded a net income of $21,406,000 for the quarter, up from $2,165,000 in the previous year. This increase was largely driven by a change in fair value of the convertible note.
Cash provided by operating activities was $62,820,000, while cash used in investing activities was $12,383,000, primarily for property and equipment purchases.
Cash provided by financing activities was $2,033,000, mainly from the exercise of stock options.
Daktronics had a working capital of $242,695,000 as of October 26, 2024. The company expects its cash flow from operations and existing credit facilities to be sufficient to meet its liquidity needs.
The filing also discusses the company's strategic initiatives, including digital transformation efforts, and notes ongoing investments in product development and market expansion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Daktronics Inc. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.