South Dakota-based Daktronics is cutting about 100 jobs as the company anticipates financial setbacks created by the coronavirus pandemic, according to a Friday statement from the company.
The Brookings-based maker of electronic displays and billboards reported its net sales, net income and cash generated by operations for the quarter were all down millions of dollars year-over-year, according to financials released last week.
Daktronics was able to remain profitable in the short-term, but that was with temporary measures, spokeswoman Staci Mergenthal said in an emailed statement.
“We now foresee a more prolonged downturn and we felt a longer-term solution was necessary,” Mergenthal said.
Financial strain hasn’t stopped Daktronics from landing some sizable contracts, including installing a suite of video displays on a Major League Soccer stadium planned for Austin, Texas.
But even with work on the Austin stadium, Daktronics still reported decreasing sales for the first quarter of its