Daktronics Posts Loss In Q2; Net Sales Up 14.0%

(RTTNews) - Daktronics, Inc. (DAKT) said the company posted a net loss in the second quarter in large part due to a $13.0 million non-cash deferred tax asset valuation adjustment. Net sales improved 14.0 percent from a year ago. Orders were up 11.7 percent, for the quarter. Looking forward, the company said its immediate priority is to restore balance sheet to historical levels of liquidity.

Daktronics noted that it expects to conclude that its disclosure controls and procedures and internal control over financial reporting were not effective as a result of material weaknesses. The company stated that it continues to evaluate disclosure controls and procedures and internal controls over financial reporting.

Second quarter net loss was $12.98 million compared to profit of $2.37 million, last year. Loss per share was $0.29 compared to profit of $0.05. Net sales increased?by 14.0 percent to $187.44 million.

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