Daktronics reported fiscal 2015 fourth quarter net sales of $158.1 million, operating income of $7 million, and net income of $3.8 million, or $0.09 per diluted share.
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This compares to net sales of $136.2 million, operating income of $6.8 million, and a net income of $1.8 million, or $0.04 per diluted share, for the fourth quarter of fiscal 2014.
Fiscal 2015 fourth quarter orders were $196.1 million compared to $137.7 million for the fourth quarter of fiscal 2014. Backlog at the end of the fiscal 2015 fourth quarter was $191.1 million, compared to a backlog of $171.6 million a year earlier and $150.2 million at the end of the third quarter of fiscal 2015.
Net sales, operating income, net income, and earnings per share for the fiscal year ended May 2, 2015, were $615.9 million, $31.3 million, $20.9 million and $0.47 per diluted share, respectively. This compares to $552.0 million, $36.6 million, $22.2 million and $0.51 per diluted share, respectively, for fiscal 2014.
Fiscal 2015 was a 53-week year and fiscal 2014 was a 52-week year. The extra week of fiscal 2015 fell within the first quarter, resulting in a 53-week versus a 52-week year end comparison. Free cash flow, defined as cash provided by operations less net purchases of property and equipment, was $35.5 million for fiscal 2015, compared to $22.9 million for fiscal 2014.
Cash provided by operations was $53.3 million for fiscal 2015, compared to $36.2 million for fiscal 2014. Net investment in property and equipment was $17.8 million for fiscal 2015, as compared to $13.3 million for fiscal 2014. Cash and marketable securities at the end of the fourth quarter of fiscal 2015 were $83.1 million, which compares to $71.0 million at the end of the fourth quarter of fiscal 2014.
Orders and sales increased over last fiscal year due to our success in winning business, the continued adoption of digital technology in the marketplace, and the additional week in fiscal 2015, which accounts for approximately 2.0% of the growth. Live Events business unit sales grew by $34.6 million resulting from continued upgrades in professional and university sports venues.
The International business unit had over $100 million in sales for the first time in our history due to winning several large sports venue projects and success in the Out-of-Home and transportation sectors. Commercial business unit sales increased due to an increase in Out-of-Home billboard and spectacular sales, offset by a decline in our on-premise sales.
High School Park and Recreation business unit sales grew due to increased order sizes for larger video system applications. Transportation sales declined $6.5 million during the year due to the timing of orders. Operating income as a percent of sales decreased to 5.1% for fiscal 2015 as compared to 6.6% for fiscal 2014, primarily due to the decline in gross margin.
This decline was related to the mix in sales, which included a number of multi-million dollar projects and accounts with higher levels of competition. In addition, the amount of sales attributed to lower margin subcontracted on-site installation work increased significantly year over year.
Other factors causing the decrease in operating income, include additional spending to meet customers' commitments in the second quarter, an increase of expenses related to an acquisition, and competitive pressures in the marketplace. Sales and orders increased during the fourth quarter of fiscal 2015.
Orders increased in part due to the previously announced projects for the new Atlanta stadium, home of the Atlanta Falcons and the Schweizerische Bundesbahnen also referred to as the Swiss Railway project. Sales increased due to spring baseball orders and spectacular projects. Operating income was 4.4% of sales for the quarter.
The company expectsapproximately $25 million in capital expenditures for investments in manufacturing or testing related equipment to support new product introductions and quality and reliability initiatives and for information technology system upgrades. ■