INTEGRATED VISUAL DISPLAY
Daktronics included these statements on its 2009 annual report:
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DAKTRONICS, INC., AND SUBSIDIARIES |
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ASSETS |
2 May 09 |
26 Apr 08 |
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Current Assets: |
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Cash and cash equivalents |
$36,501 |
$9,325 |
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Restricted cash |
1,083 |
457 |
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Accounts receivable, less allowance for doubtful accounts |
61,412 |
56,516 |
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Inventories |
51,400 |
50,525 |
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Costs and estimated earnings in excess of billings |
27,541 |
27,126 |
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Current maturities of long term receivables |
7,962 |
7,435 |
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Prepaid expenses and other assets |
5,587 |
4,796 |
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Deferred income taxes |
15,017 |
9,517 |
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Property and equipment available for sale |
470 |
|
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Total current assets |
206,973 |
165,697 |
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Property and equipment, net |
89,427 |
97,523 |
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Advertising rights, net |
2,392 |
3,457 |
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Long term receivables, less current maturities |
15,879 |
16,837 |
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Investments in affiliates |
2,541 |
2,998 |
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Goodwill |
4,549 |
4,722 |
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Intangible and other assets |
2,804 |
3,102 |
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Deferred income taxes |
311 |
143 |
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$324,876 |
$294,479 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities: |
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Accounts payable |
$30,273 |
$31,540 |
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Accrued expenses and warranty obligations |
35,548 |
26,100 |
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Current maturities of long term debt and marketing obligations |
367 |
910 |
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Billings in excess of costs and estimated earnings |
13,769 |
24,560 |
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Customer deposits |
10,007 |
12,113 |
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Deferred revenue |
9,531 |
6,980 |
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Income taxes payable |
2,935 |
949 |
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Total current liabilities |
102,430 |
103,152 |
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Long term debt, less current maturities |
23 |
55 |
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Long term marketing obligations, less current maturities |
759 |
646 |
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Long term warranty obligations and other payables |
4,805 |
3,766 |
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Deferred income taxes |
4,948 |
3,607 |
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Total long term liabilities |
10,535 |
8,074 |
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SHAREHOLDERS’ EQUITY: |
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Common stock, no par value, authorized 120,000,000 |
27,872 |
25,638 |
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Additional paid in capital |
13,898 |
10,398 |
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Retained earnings |
170,705 |
147,912 |
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Treasury stock, at cost, 19,680 shares |
9 |
9 |
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Accumulated other comprehensive loss |
555 |
686 |
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211,911 |
183,253 |
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$324,876 |
$294,479 |
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DAKTRONICS, INC., AND SUBSIDIARIES* |
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Year Ended |
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2 May 09 |
26 Apr 08 |
28 Apr 07 |
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Net sales |
$581,931 |
$499,677 |
$433,201 |
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Cost of goods sold |
426,573 |
352,087 |
306,604 |
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Gross profit |
155,358 |
147,590 |
126,597 |
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Operating expenses: |
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Selling |
62,335 |
62,479 |
54,047 |
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General and administrative |
28,787 |
26,040 |
20,008 |
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Product design and development |
21,619 |
20,828 |
15,627 |
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112,741 |
109,347 |
89,682 |
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Operating income |
42,617 |
38,243 |
36,915 |
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Nonoperating income (expense): |
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Interest income |
2,068 |
1,757 |
1,811 |
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Interest expense |
244 |
1,423 |
725 |
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Other income (expense), net |
2,888 |
1,049 |
1,219 |
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Income before income taxes |
41,553 |
39,626 |
36,782 |
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Income tax expense |
15,125 |
13,413 |
12,355 |
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Net income |
$26,428 |
$26,213 |
$24,427 |
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Earnings per share: |
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Basic |
$0.65 |
$0.66 |
$0.62 |
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Diluted |
$0.64 |
$0.63 |
$0.59 |
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Cash dividend paid per share |
$0.09 |
$0.07 |
$0.06 |
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Weighted average shares outstanding: |
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Basic |
40,537 |
39,918 |
39,223 |
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Diluted |
41,152 |
41,337 |
41,311 |
Required
a. Compute the following for 2009 and 2008:
1. Net profit margin
2. Total asset turnover (use year end assets)
3. Return on assets (use year end assets)
4. Operating income margin
5. Return on operating assets (use year end assets)
6. Sales to fixed assets (use year end fixed assets)
7. Return on investment (use year end balance sheet accounts)
8. Return on total equity (use year end equity)
9. Gross profit margin
b. Comment on the trends in (a)