DAKT.NASDAQDaktronics INC /SD/
10-K/A: Daktronics Files 10-K/A to Correct Auditor Consent and Update Officer Certifications
Sentiment:
SEC Filing Amendment
Daktronics, Inc. filed an Amendment No. 1 to its Annual Report on Form 10-K to correct an administrative error regarding its auditor's consent and to include updated certifications from its principal executive and financial officers.
Summary
- Daktronics, Inc. filed an Amendment No. 1 (Form 10-K/A) to its Annual Report on Form 10-K for the fiscal year ended April 27, 2024.
- The primary purpose of this amendment is to replace an incorrect version of the consent from its independent registered public accounting firm, Deloitte & Touche LLP, which was inadvertently included in the original Form 10-K due to an administrative error.
- The amendment also includes new certifications from the company's principal executive officer (CEO), Brad T. Wiemann, and principal financial officer (CFO), Howard I. Atkins, as required by Section 302 of the Sarbanes-Oxley Act of 2002.
- The company explicitly states that this amendment does not modify, amend, or update any financial statements or other information contained in the original Form 10-K.
- The aggregate market value of the company's common stock held by non-affiliates was approximately $609,743,641 as of October 26, 2024.
- As of June 9, 2025, the number of shares of common stock outstanding was 49,113,282.
Sentiment
Score: 5
Explanation: The document is an administrative amendment to correct a filing error and update certifications, indicating a neutral impact on company sentiment. It does not contain new financial or operational information.
Negatives
- An administrative error led to the inadvertent inclusion of an incorrect version of the auditor's consent in the original Form 10-K.
Future Outlook
NA
Management Comments
- "Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report." (Brad T. Wiemann, Interim President & Chief Executive Officer)
- "Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report." (Howard I. Atkins, Acting Chief Financial Officer)
Industry Context
This administrative filing does not provide information relevant to broader industry trends or competitive analysis.
Stakeholder Impact
- Minimal impact on shareholders, employees, customers, suppliers, and creditors as this is an administrative correction and does not contain new operational or financial information.
Key Dates
| Date | Description |
|---|---|
| 1994-01-12 | Form S-1 Amendment No. 1 filed, referencing Form of Stock Certificate Evidencing Common Stock. |
| 2007-08-20 | Quarterly Report on Form 10-Q filed, referencing Daktronics, Inc. 2007 Incentive Stock Plan. |
| 2015-07-14 | Definitive Proxy Statement on Schedule 14A filed, referencing Daktronics, Inc. 2015 Incentive Stock Plan. |
| 2016-11-15 | Credit Agreement and Revolving Note dated between the Company and U.S. Bank National Association. |
| 2016-11-16 | Current Report on Form 8-K filed, referencing Credit Agreement and Revolving Note dated November 15, 2016, and Rights Agreement dated November 16, 2018. |
| 2018-11-16 | Rights Agreement dated between Daktronics, Inc. and Equiniti Trust Company. |
| 2018-12-21 | Quarterly Report on Form 10-Q/A (Amendment No. 1) filed, referencing Amended and Restated Articles of Incorporation. |
| 2019-11-15 | Second Amendment to Credit Agreement dated between the Company and U.S. Bank National Association. |
| 2020-07-16 | Definitive Proxy Statement on Schedule 14A filed, referencing Daktronics, Inc. 2020 Incentive Stock Plan. |
| 2020-08-28 | Third Amendment to Credit Agreement and Security Agreement dated between the Company and U.S. Bank National Association. |
| 2020-09-03 | Current Report on Form 8-K filed, referencing forms of Restricted Stock Award Agreement, Non-Qualified Stock Option Agreement, Incentive Stock Option Terms, and Restricted Stock Unit Terms under the 2020 Plan. |
| 2021-03-11 | Fourth Amendment to Credit Agreement dated between the Company and U.S. Bank National Association. |
| 2021-06-11 | Annual Report on Form 10-K filed, referencing Fourth Amendment to Credit Agreement dated March 11, 2021. |
| 2021-11-19 | First Amendment to Rights Agreement dated between Daktronics, Inc. and Equiniti Trust Company. |
| 2022-04-29 | Fifth Amendment to Credit Agreement dated between the Company and U.S. Bank National Association. |
| 2022-07-23 | Cooperation Agreement dated between the Company and Prairieland Holdco, LLC. |
| 2022-07-27 | Current Report on Form 8-K filed, referencing Cooperation Agreement dated July 23, 2022. |
| 2022-08-16 | Amendment to Credit Agreement and Revolving Note dated between the Company and U.S. Bank National Association. |
| 2022-08-18 | Current Report on Form 8-K filed, referencing Amendment to Credit Agreement and Revolving Note dated August 16, 2022. |
| 2022-10-26 | Last business day of the Registrant's most recently completed second quarter, used for calculating aggregate market value of common stock held by non-affiliates ($609,743,641). |
| 2022-10-31 | Amendment to Credit Agreement and Revolving Note dated between the Company and U.S. Bank National Association. |
| 2022-11-01 | Current Report on Form 8-K filed, referencing Amendment to Credit Agreement and Revolving Note dated October 31, 2022. |
| 2022-12-09 | Sixth Amendment to Credit Agreement dated between the Company and U.S. Bank National Association. |
| 2022-12-13 | Current Report on Form 8-K filed, referencing Sixth Amendment to Credit Agreement dated December 9, 2022. |
| 2023-01-23 | Seventh Amendment to Credit Agreement dated between the Company and U.S. Bank National Association. |
| 2023-01-25 | Current Report on Form 8-K filed, referencing Seventh Amendment to Credit Agreement dated January 23, 2023. |
| 2023-01-30 | Current Report on Form 8-K filed, referencing Amended and Restated Bylaws. |
| 2023-03-19 | Standstill and Voting Agreement dated among Daktronics, Inc., Alta Fox Management, LLC and Connor Haley. |
| 2023-03-20 | Current Report on Form 8-K filed, referencing Standstill and Voting Agreement dated March 19, 2023. |
| 2023-05-11 | Credit Agreement, Pledge and Security Agreement, Securities Purchase Agreement, Senior Secured Convertible Note, Pledge and Security Agreement, Registration Rights Agreement, and Intercreditor Agreement dated with JPMorgan Chase Bank, N.A. and Alta Fox Opportunities Fund, LP. |
| 2023-05-12 | Current Report on Form 8-K filed, referencing various agreements dated May 11, 2023, including Credit Agreement, Pledge and Security Agreement, Securities Purchase Agreement, Senior Secured Convertible Note, Registration Rights Agreement, and Intercreditor Agreement. |
| 2023-07-12 | Annual Report on Form 10-K filed, referencing Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. |
| 2024-04-27 | Fiscal year end for which the original Annual Report on Form 10-K was filed. |
| 2024-06-26 | Date the original Annual Report on Form 10-K was filed and the date of Deloitte & Touche LLP's consent report. |
| 2025-06-09 | Date as of which the number of shares of common stock outstanding was 49,113,282. |
| 2025-06-20 | Date of certifications by the Chief Executive Officer and Acting Chief Financial Officer for this Amendment No. 1. |
Keywords
Daktronics, DAKT, SEC Filing, 10-K/A, Amendment, Auditor Consent, Deloitte & Touche, Officer Certifications, Financial Reporting, Corporate Governance, SEC Compliance
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