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DYCOM INDUSTRIES ANNOUNCES FIRST QUARTER EARNINGS

 DYCOM INDUSTRIES ANNOUNCES FIRST QUARTER EARNINGS
 WEST PALM BEACH, Fla., Dec. 16 /PRNewswire/ -- Dycom Industries,


Inc. (NYSE: DY) today announced the results for the first quarter of fiscal 1992. Gross revenues decreased 11 percent to $38,378,867 from $43,321,142 for the first quarter last year. Net income of $1,927,957 reflects a 10 percent decrease over last year's first quarter net of $2,142,995. Earnings per share were $0.23 in both periods. Weighted average shares outstanding were 8.3 million for the first quarter this year compared to 9.3 million last year. Backlog of uncompleted contracts on hand at Oct. 31, 1991 was $125 million compared to $154 million at this time last year.
 While the depressed condition of the general economy is having a negative effect on telephone company spending and, therefore, on Dycom revenues, the corporate streamlining undertaken in fiscal 1991 has improved profitability in fiscal 1992. The company hopes economic conditions will also improve, but believes its business will benefit from a higher rate of fiber optic installations, regardless of economic conditions. Its view is based on what appears to be a change in the regulatory climate toward encouraging more competition between the telephone and CATV companies, particularly in providing new services which work best over fiber optic lines.
 DYCOM INDUSTRIES, INC. AND SUBSIDIARIES
 Quarterly Report Ending Oct. 31, 1991
 CONDENSED CONSOLIDATED BALANCE SHEETS:
 ($ in 000s)
 10/31/91 7/31/91
 ASSETS
 Current Assets:
 Cash and equivalents $ 5,551 $ 6,179
 Accounts receivable, net 24,084 19,891
 Costs & earnings in excess of
 billings 7,011 7,562
 Other current assets 3,145 3,232
 Total current assets 39,791 36,864
 Property and Equipment, net 25,164 25,686
 Other Assets, including goodwill 33,920 34,133
 Total $ 98,875 96,683
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities:
 Accounts payable $ 5,791 $ 5,142
 Notes Payable - current 5,574 4,365
 Accrued self-insured claims 2,987 2,278
 Other current liabilities 6,540 7,241
 Total current liabilities 20,892 19,026
 Notes payable - non-current 23,262 25,426
 Self-insured claims - non-current 2,933 2,000
 Stockholders' Equity 51,788 50,231
 Total $98,875 $96,683
 Current Ratio 1.90 1.94
 Total debt/total equity 0.56 0.59
 REVENUES BY SEGMENT:
 ($ IN 000S) Three Months Ended:
 Yr-Yr
 10/31/91 10/31/90 Pct Change 07/31/91
 Telecommunications
 services $29,772 $ 34,945 (14.8) Pct. $ 28,598
 Electrical services 8,423 8,067 4.4 Pct. 4,682
 Total contract
 revenues 38,195 43,012 (11.2) Pct. $ 33,280
 As a percent of total:
 Telecommunications
 services 77.9 Pct. 81.2 Pct. 85.9 Pct.
 Electrical services 22.1 Pct. 18.8 Pct. 14.1 Pct.
 Total 100.0 Pct. 100.0 Pct. 100.0 Pct.
 SUMMARY OF OPERATING RESULTS:
 ($ in 000s except EPS) Three Months Ended
 10/31/91 10/31/90
 Contract revenues earned $ 38,195 $ 43,012
 Interest and other revenues 184 309
 Total revenues 38,379 43,321
 Cost of earned revenues 28,661 32,683
 General & administrative expenses 4,597 5,545
 Depreciation & amortization 1,806 1,551
 Provision for income taxes 1,387 1,399
 Total costs, expenses and taxes 36,451 41,178
 Net income (loss) 1,928 2,143
 Net income (loss) per common share 0.23 0.23
 Weighted common shares outstanding 8,325 9,294
 MARGINS:
 Cost of sales 75.0 76.0
 Gross margin 25.0 24.0
 General & administrative 12.0 12.9
 Depreciation & amortization 4.7 3.6
 Pre-Tax margin 8.7 8.2
 Tax rate 41.8 39.5
 Net margin 5.0 5.0
 Interest coverage ratio 6.6 5.5
 Interest expense 592 789
 SUMMARY OF OPERATING RESULTS:
 ($ in 000s except EPS) Three Months Ended
 Yr-Yr Pct. Change 7/31/91
 Contract revenues earned (11.2) $ 33,280
 Interest and other revenues (40.5) (407)
 Total revenues (11.4) 32,873
 Cost of earned revenues (12.3) 26,188
 General & administrative expenses (17.1) 7,461
 Depreciation & amortization 16.4 2,012
 Provision for income taxes (0.9) (432)
 Total costs, expenses and taxes (11.5) 35,229
 Net income (loss) (10.0) $ (2,356)
 Net income (loss) per common share 0.4 (0.25)
 Weighted common shares outstanding (10.4) 9,294
 MARGINS:
 Cost of sales (1.2) 78.7
 Gross margin 3.9 21.3
 General & administrative (6.6) 22.4
 Depreciation & amortization 31.1 6.0
 Pre-Tax margin 5.4 (8.4)
 Tax rate 5.9 15.5
 Net margin 1.3 (7.1)
 Interest coverage ratio 20.2 (3.2)
 Interest expense (25.0) 668
 -0- 12/16/91
 /CONTACT: Thomas R. Pledger, chairman & CEO of Dycom Industries, Inc., 407-659-6301/
 (DY) CO: Dycom Industries, Inc. ST: Florida IN: TLS SU: ERN


KK -- FL002 -- 2401 12/16/91 09:40 EST
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Date:Dec 16, 1991
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