Daktronics Posts FY 2020 and FY 4Q20 Financial Results

LED video display company announces the financial results of its fiscal 4Q20 and 2020 ending May 2. 2020.

Daktronics reported fiscal year 2020 net sales of US$608.9 million, operating loss of US$0.2 million and net income of US$0.5 million. This compares to net sales of $569.7 million, operating loss of US$4.7 million, and net loss of US$1.0 million for fiscal 2019. Fiscal 2020 orders were US$620.8 million compared to US$608.9 million for fiscal 2019.

For fiscal 4Q20, Daktronics registered net sales of US$126.1 million, operating loss of US$3.5 million, and net loss of US$1.1 million, compared to net sales of US$127.8 million, operating loss of US$10.3 million, and net loss of US$10.8 million, for the fourth quarter of fiscal 2019.

According to Daktronics, business performance in fiscal 4Q20 was impacted by COVID-19 pandemic, majorly in commercial and international business units. For fiscal 2020, orders in the live events, high school park and recreation and transportation increased. Commercial orders decreased primarily due to a decrease of orders in spectacular and OOH markets. International business unit orders were down primarily due to timing of large orders and the delay of orders due to COVID-19.

The company is turning to development in fine-pitch LED display as well as novel LED display technology based on its collaboration with X Display Company (XDC). Daktronics announced its investment in XDC in March.

Reece Kurtenbach, chairman, president and CEO, stated, “XDC creates and owns leading intellectual property and capabilities in Micro LED mass transfer technology. This investment supports our line of narrow pixel pitch LED displays and will enable solutions to move into the realm of less than 1-millmeter pixel spacing."

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