This excerpt taken from the DAKT 8-K filed May 30, 2007.
Daktronics Board Announces Annual Cash Dividend
BROOKINGS, S.D. - May 30, 2007 - Daktronics, Inc. (NASDAQ: DAKT) today announced that its Board of Directors approved an annual cash dividend of $0.07 per share.
In a separate release issued today, the Company announced that for the fiscal year ended April 28, 2007, it produced approximately $15 million in cash flow from operations, invested approximately $59 million in capital expenditures, of which approximately $29 million was related to facilities expansion, and paid approximately $2 million in dividends to shareholders.
For fiscal year 2008, the Company expects capital expenditures of approximately $50 million, of which approximately $15 million will be related to finalization of the building expansion efforts which began in fiscal year 2007.
In fiscal 2007, we produced very strong operating results that again exceeded our expectations and initial guidance, said Jim Morgan, president and chief executive officer. We are confident in our growth potential and in our ability to execute on that growth potential. We believe we will produce strong cash flow from operations in excess of our capital expenditure needs over the long-term, and our focus is on maximizing returns on invested capital to our shareholders. Our priorities for the use of our cash in fiscal 2008 are to complete the building and capacity expansion we began in fiscal year 2007, continue to grow our business geographically, explore and develop new and better product offerings, invest in core information systems initiatives, and to pay a cash dividend to our shareholders.
The annual cash dividend will be payable on June 20, 2007, to shareholders of record as of the close of business on June 6, 2007. While the company intends to pay regular annual dividends for the foreseeable future, subsequent dividends will continue to be reviewed annually and declared by the Board at its discretion.