PALM BEACH GARDENS, Fla., May 24 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced its operating results today for the third quarter ended April 30, 1999. The Company reported profit before income taxes for the third quarter ended April 30, 1999 of $14,199,000, an increase of 61.2% over the comparable quarter of fiscal 1998. For the quarter ended April 30, 1999, net income was $8,766,000, or $0.38 per common share diluted, on total revenues of $122,365,000 as compared to pro forma net income of $5,432,000, or $0.24 per common share diluted, on total revenues of $96,873,000 for the corresponding period ended April 30, 1998. For the nine months ended April 30, 1999, net income was $22,911,000, or $1.01 per common share diluted, on total revenues of $329,122,000 versus pro forma net income of $14,572,000, or $0.69 per common share diluted on total revenues of $269,770,000 for the corresponding period ending April 30, 1998. The prior year's provision for income taxes and net income have been adjusted to reflect a pro forma tax provision for pooled companies which were previously Subchapter S Corporations. The earnings per common share have been restated to reflect a three-for-two common stock split distributed in the form of a stock dividend to shareholders on January 4, 1999. Dycom is a leading provider of engineering, construction, and maintenance services to telecommunication providers throughout the United States. Additionally, the Company provides similar services related to the installation of integrated voice, data, and video local and wide area networks within office buildings and similar structures. Dycom also provides underground utility locating and mapping and electric utility construction services. This Press Release may contain forward-looking statements. These statements are based on Dycom's expectations and are subject to risks and uncertainties that may cause the actual results in the future to differ significantly from the results expressed or implied in any forward-looking statements contained in this Press Release. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A Tele-Conference call will be hosted at 9:00 a.m. EDT, Monday, May 24, 1999; Call 800-553-0273, Request "Dycom Earnings Report." Dycom Industries, Inc. and Subsidiaries Condensed Consolidated Balance Sheets April 30, 1999 and July 31, 1998 April 30, July 31, ($ in 000's) 1999 1998 ASSETS Current Assets: Cash and equivalents $23,957 $35,927 Accounts receivable, net 68,832 62,143 Costs & earnings in excess of billings 34,051 14,383 Deferred tax assets, net 2,961 2,726 Other current assets 10,097 3,014 Total current assets 139,898 118,193 Property and Equipment, net 72,854 42,865 Other Assets, including goodwill 62,026 5,260 Total $274,778 $166,318 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $18,093 $12,183 Notes payable - current 13,177 4,728 Accrued self-insured claims 3,380 2,440 Income taxes payable 1,903 2,812 Other current liabilities 21,859 14,819 Total current liabilities 58,412 36,982 Notes Payable - non-current 34,315 13,408 Self-insured claims - non-current 8,428 7,455 Other liabilities 17,680 10,094 Stockholders' Equity 155,943 98,379 Total $274,778 $166,318 Dycom Industries, Inc. and Subsidiaries Statements of Operations Three Months Ended Nine Months Ended April 30, April 30, ($ in 000's except EPS) 1999 1998 1999 1998 Contract revenues earned $121,402 $95,929 $326,742 $267,742 Interest and other revenues, net 963 944 2,380 2,028 Total revenues 122,365 96,873 329,122 269,770 Cost of earned revenues 91,596 73,660 246,245 208,616 General & administrative expenses 11,678 10,824 31,893 26,787 Depreciation & amortization 4,892 3,582 13,009 9,905 Total costs and expenses 108,166 88,066 291,147 245,308 Profit before income taxes 14,199 8,807 37,975 24,462 Provision for income taxes 5,433 3,464 15,064 8,515 Net income $8,766 $5,343 $22,911 $15,947 Pro forma financial data: Profit before income taxes $8,807 $24,462 Pro forma provision for income taxes (1) 3,375 9,890 Pro forma net income (1) $5,432 $14,572 Actual Pro forma Actual Pro forma Earnings per common share: (2) Basic $0.39 $0.25 $1.03 $0.70 Diluted $0.38 $0.24 $1.01 $0.69 Shares used in computing earnings per common share: (2) Basic 22,519 22,029 22,267 20,872 Diluted 22,960 22,345 22,676 21,166 (1) The prior year provision for income taxes and net income have been adjusted to reflect a pro forma tax provision for pooled companies which were previously "S Corporations". (2) The earnings per common share have been restated to reflect a three-for-two common stock split distributed to shareholders on January 4, 1999.  