Daktronics Down 10% After Missing Earnings Estimates

Shares of Daktronics

are down 10% after the company missed earnings estimates. The company today reported fiscal 2012 third quarter net sales of $122.9 million and net income of $1.7 million, or $0.04 per diluted share, compared to net sales of $99.9 million and net income of $1.8 million, or $0.04 per diluted share, for the third quarter of fiscal 2011. Backlog at the end of the fiscal 2012 third quarter was approximately $121 million, compared with a backlog of approximately $128 million a year earlier and $137 million at the end of the second quarter of fiscal 2012. Net sales, net income and earnings per share for the nine months ended January 28, 2012 were $377.5 million, $9.0 million and $0.21 per diluted share, respectively. This compares to $327.3 million, $11.3 million and $0.27 per diluted share, respectively, for the same period in fiscal 2011.