Dycom Announces Fiscal 2009 Third Quarter Results

PALM BEACH GARDENS, Fla., May 19 /PRNewswire-FirstCall/ -- Dycom Industries,
Inc. (NYSE: DY) announced today its results for the third quarter ended April
25, 2009. The Company reported:

-- contract revenues from continuing operations of $257.7 million for the
quarter ended April 25, 2009, compared to $293.4 million for the
quarter
ended April 26, 2008, a decrease of 12.2%;
-- income from continuing operations on a GAAP basis of $7.6 million, or
$0.19 per common share diluted, for the quarter ended April 25, 2009,
compared to $7.7 million, or $0.19 per common share diluted, for the
quarter ended April 26, 2008; and

-- income from continuing operations on a non-GAAP basis of $5.0 million,
or $0.13 per common share diluted, for the quarter ended April 25,
2009,
compared to $5.5 million, or $0.14 per common share diluted, for the
quarter ended April 26, 2008.

Non-GAAP income from continuing operations for the quarter ended April 25,
2009 excludes a pre-tax gain of $1.7 million related to the buyback of $10.0
million principal amount of the Company's senior subordinated notes due 2015,
and a reduction of interest and income tax expenses of $0.3 million and $1.4
million, respectively, related to the reversal of certain income tax
liabilities no longer required. For the quarter ended April 26, 2008,
non-GAAP income from continuing operations excludes a reduction of $1.7
million in cost of earned revenues related to the reversal of pre-acquisition
payroll related accruals, and a reduction of interest and income tax expenses
of $0.3 million and $0.9 million, respectively, related to the reversal of
certain income tax liabilities no longer required. See the attached tables
which present a reconciliation of the non-GAAP financial measures to the most
directly comparable GAAP financial measures.

The Company also reported:

-- contract revenues from continuing operations of $837.2 million for the
nine months ended April 25, 2009 compared to $907.9 million for the
nine
months ended April 26, 2008, a decrease of 7.8%;
-- loss from continuing operations on a GAAP basis of ($59.8) million, or
($1.52) per common share diluted, for the nine months ended April 25,
2009, compared to income from continuing operations of $19.8 million,
or
$0.48 per common share diluted, for the nine months ended April 26,
2008; and

-- income from continuing operations on a non-GAAP basis of $14.2
million,
or $0.36 per common share diluted, for the nine months ended April 25,
2009, compared to $22.3 million, or $0.54 per common share diluted,
for
the nine months ended April 26, 2008.

Non-GAAP income from continuing operations for the nine months ended April 25,
2009 excludes a pre-tax gain of approximately $3.0 million related to the
buyback of $14.65 million principal amount of the Company's senior
subordinated notes due 2015, a goodwill impairment charge of $94.4 million,
the write-off of $0.6 million of deferred financing costs in connection with
the replacement of the Company's credit facility, and a reduction of interest
and income tax expenses of $0.3 million and $1.4 million, respectively,
related to the reversal of certain income tax liabilities no longer required.
For the nine months ended April 26, 2008, non-GAAP income from continuing
operations excludes a $7.6 million charge in cost of earned revenues related
to a wage and hour class action settlement with respect to three of the
Company's subsidiaries, a reduction of $1.7 million in cost of earned revenues
related to the reversal of pre-acquisition payroll related accruals, and a
reduction of interest and income tax expenses of $0.3 million and $0.9
million, respectively, related to the reversal of certain income tax
liabilities no longer required. See the attached tables which present a
reconciliation of the non-GAAP financial measures to the most directly
comparable GAAP financial measures.

A Tele-Conference call to review the Company's results will be hosted at 9:00
a.m. (ET), Wednesday, May 20, 2009; Call 800-230-1074 (United States) or
612-288-0337 (International) and request "Dycom Results"conference call. A
live webcast of the conference call, along with a slide presentation, will be
available at http://www.dycomind.com under the heading "Investors" and
subheading "Event Details." If you are unable to attend the conference call
at the scheduled time, a replay of the live webcast and the slide presentation
will be available at http://www.dycomind.com until Friday, June 19, 2009.

Dycom is a leading provider of specialty contracting services throughout the
United States. These services include engineering, construction, maintenance
and installation services to telecommunications providers, underground
facility locating services to various utilities including telecommunications
providers, and other construction and maintenance services to electric
utilities and others.

Fiscal 2009 third quarter and nine-month results are preliminary and are
unaudited. This press release may contain forward-looking statements as
contemplated by the 1995 Private Securities Litigation Reform Act. These
statements are based on management's current expectations, estimates and
projections. Forward-looking statements are subject to risks and
uncertainties that may cause actual results in the future to differ materially
from the results projected or implied in any forward-looking statements
contained in this press release. Such risks and uncertainties include:
business and economic conditions in the telecommunications industry affecting
our customers, the adequacy of our insurance and other reserves and allowances
for doubtful accounts, whether the carrying value of our assets may be
impaired, the impact of any future acquisitions, the anticipated outcome of
other contingent events, including litigation, liquidity needs and the
availability of financing, as well as other risks detailed in our filings with
the Securities and Exchange Commission. The Company does not undertake to
update forward-looking statements.

---Tables Follow---

NYSE: "DY"

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
April 25, 2009 and July 26, 2008
Unaudited

April 25, July 26,
2009 2008
-------- --------
($ in 000's)
ASSETS
Current Assets:
Cash and equivalents $78,762 $22,068
Accounts receivable, net 108,239 146,420
Costs and estimated earnings in excess of billings 63,853 94,270
Deferred tax assets, net 15,695 19,347
Income taxes receivable 11,557 6,014
Inventories 9,153 8,994
Other current assets 10,018 7,301
Current assets of discontinued operations 164 667
-------- --------

Total current assets 297,441 305,081

Property and equipment, net 148,186 170,479
Goodwill 157,851 252,374
Intangible assets, net 57,695 62,860
Other 10,711 10,478
-------- --------

Total $671,884 $801,272
======== ========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $24,542 $29,835
Current portion of debt 1,394 2,306
Billings in excess of costs and estimated earnings 512 483
Accrued insurance claims 28,743 29,834
Other accrued liabilities 41,360 66,275
Current liabilities of discontinued operations 537 2,731
-------- --------

Total current liabilities 97,088 131,464

Long-term debt 135,487 151,049
Accrued insurance claims 30,463 37,175
Deferred tax liabilities, net non-current 21,595 31,750
Other liabilities 4,106 5,314
Non-current liabilities of discontinued operations 388 427

Stockholders' Equity 382,757 444,093
-------- --------

Total $671,884 $801,272
======== ========

NYSE: "DY"

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited

Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
April 25, April 26, April 25, April 26,
2009 2008 2009 2008
-------- -------- -------- --------
($ in 000's, except per share amounts)

Contract revenues $257,719 $293,440 $837,209 $907,869
-------- -------- -------- --------

Cost of earned
revenues, excluding
depreciation and
amortization 206,733 239,598 681,239 748,816
General and
administrative
expenses (1) 24,276 24,969 73,350 72,892
Depreciation
and amortization 16,163 17,301 49,592 50,258
Goodwill impairment
charge - - 94,429 -
-------- -------- -------- --------

Total 247,172 281,868 898,610 871,966

Interest income 60 238 234 619
Interest expense (3,162) (3,110) (11,313) (10,231)
Other income, net 3,566 2,670 5,799 5,040
-------- -------- -------- --------

Income (loss) from
continuing operations
before income taxes 11,011 11,370 (66,681) 31,331

Provision (benefit)
for income taxes 3,442 3,677 (6,882) 11,515
-------- -------- -------- --------

Income (loss) from
continuing operations 7,569 7,693 (59,799) 19,816

Income (loss) from
discontinued
operations,
net of tax 28 (807) (9) (1,228)
-------- -------- -------- --------

Net income (loss) $7,597 $6,886 $(59,808) $18,588
======== ======== ======== ========

Earnings (loss) per
common share - Basic:

Income (loss) from
continuing operations $0.19 $0.19 $(1.52) $0.49
Income (loss) from
discontinued
operations - (0.02) - (0.03)
-------- -------- -------- --------
Net income (loss) $0.19 $0.17 $(1.52) $0.46
======== ======== ======== ========

Earnings (loss) per
common share -
Diluted:

Income (loss) from
continuing operations $0.19 $0.19 $(1.52) $0.48
Income (loss) from
discontinued
operations - (0.02) - (0.03)
-------- -------- -------- --------
Net income (loss) $0.19 $0.17 $(1.52) $0.45
======== ======== ======== ========

Shares used in
computing earnings
(loss) per common
share:
Basic 39,330,308 40,436,212 39,343,834 40,651,236
========== ========== ========== ==========

Diluted 39,346,102 40,486,765 39,343,834 40,865,349
========== ========== ========== ==========

(1) Includes stock-based compensation expense of $0.9 million and $2.8
million for the three and nine months ended April 25, 2009, respectively,
and $1.4 million and $4.6 million for the three and nine months ended
April 26, 2008, respectively.

NYSE: "DY"

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INFORMATION
Unaudited

Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
April 25, April 26, April 25, April 26,
2009 2008 2009 2008
-------- -------- -------- --------
($ in 000's, except per share amounts)
Reconciling Items (a):
Items decreasing Income
(loss) from continuing
operations:
Goodwill impairment
charge $- $ - $(94,429) $ -
Charge for wage and
hour class action
settlement $- $ - $ - $(7,591)
Write-off of deferred
financing costs $- $ - $ (551) $ -

Items increasing Income
(loss) from continuing
operations:
Gain on debt
extinguishment, net $1,727 $ - $ 3,027 $ -
Reversal of interest
expense on certain
income tax liabilities $ 268 $ 339 $ 268 $ 339
Reversal of certain
income tax liabilities $1,358 $ 858 $ 1,358 $ 858
Reversal of pre-
acquisition payroll
related accruals $ - $1,680 $ - $ 1,680

(a) Reconciling Items reported above are on a pre-tax basis, except for
"Reversal of certain income tax liabilities."

GAAP income (loss) from
continuing operations $7,569 $7,693 $(59,799) $19,816
Adjustment for
Reconciling Items
above, net of tax (2,560) (2,144) 74,019 2,451
-------- -------- -------- --------
Non-GAAP income from
continuing operations $5,009 $5,549 $14,220 $22,267
======== ======== ======== =======

Earnings (loss) per
common share from
continuing operations:

Basic earnings (loss)
per common share from
continuing operations
- GAAP $0.19 $0.19 $(1.52) $0.49
Adjustment for
Reconciling Items above,
net of tax (0.07) (0.05) 1.88 0.06
-------- -------- -------- --------
Basic earnings per
common share from
continuing operations
- Non-GAAP $0.13 $0.14 $0.36 $0.55
======== ======== ======== =======

Diluted earnings (loss)
per common share from
continuing operations
- GAAP $0.19 $0.19 $(1.52) $0.48
Adjustment for
Reconciling Items above,
net of tax (0.07) (0.05) 1.88 0.06
-------- -------- -------- --------
Diluted earnings per
common share from
continuing operations-
Non-GAAP $0.13 $0.14 $0.36 $0.54
======== ======== ======== =======

Shares used in
computing GAAP
earnings (loss) per
common share from
continuing operations
and adjustment for
Reconciling Items above:

Basic 39,330,308 40,436,212 39,343,834 40,651,236
========== ========== ========== ==========

Diluted 39,346,102 40,486,765 39,343,834 40,865,349
========== ========== ========== ==========

Shares used in
computing Non-GAAP
earnings per common
share from continuing
operations:

Basic 39,330,308 40,436,212 39,343,834 40,651,236
========== ========== ========== ==========

Diluted 39,346,102 40,486,765 39,393,923 40,901,585
========== ========== ========== ==========

Earnings per share amounts may not add due to rounding.

SOURCE Dycom Industries, Inc.

Steven E. Nielsen, President and CEO, or H. Andrew DeFerrari, Senior Vice
President and CFO, +1-561-627-7171, both of Dycom Industries, Inc.