Daktronics reports Q4 EPS (2c) vs. 1c last year

Reports Q4 revenue $162.2M vs. $116.89M last year. Reece Kurtenbach, chairman, president and CEO, stated, "Thank you to our Daktronics team for increasing our capacity, adjusting to the uncertain and volatile supply chain conditions, and serving our customers as our industry recovers from the pandemics implications. Last year at this time, lockdowns were ending and people began gathering, renewing our customers' confidence in their business outlook and allowing our order volume to rebound from pandemic year lows. Daktronics products and solutions are chosen for our industry-leading value as highlighted by our all-time order record of $846 million for the year. Part of this record was attributed to being selected as the dynamic video system provider for the LA Clippers' new arena Intuit Dome and the Real Madrid Soccer Club's Santiago Bernabeu Stadium. Customers also placed orders sooner than historical patterns to secure our manufacturing capacity for their future deliveries. While orders have recovered from the pandemic the supply chain has not, which is a key reason our product backlog grew to $472 million. Our production levels have frequently been disrupted by varying supply chain challenges. Semiconductor parts, including integrated circuits and other components needed for production, have had sporadic availability because of global demand growth, allocations, slowed transportation, or continued Covid restrictions in certain geographies. These factors injected a level of disruption in our organization over the past year. To combat these headwinds and support timely deliveries, we have increased our investment in inventories, adjusted delivery expectations, redesigned product lines for other available material, and increased investment in automated manufacturing machinery. We responded to inflationary pressures by increasing pricing in all areas starting in the third quarter of fiscal 2022. We continue to monitor our supply chains and our marketplaces and adapt our pricing methodologies accordingly."