Daktronics cuts full-year sales projection

BROOKINGS, S.D. - Daktronics Inc., which makes large screen video displays and electronic scoreboards, lowered its sales estimates Thursday for fiscal 2009, expecting a slowdown in its digital billboard and commercial business units.

The company expects $585 million in sales for the fiscal year, which ends in May, down from a previous estimate of $599.6 million.

Analysts polled by Thomson Reuters expect sales of $609.7 million, on average.

"Our largest digital billboard customer has recently advised us of their intent to significantly curtail their deployment of digital billboards primarily as a result of softness in the advertising sector," the company's chief executive, Jim Morgan, said in a statement.

He added that Daktronics has also seen slowing demand for digital billboards from small outdoor advertisers.

Shares fell $1.01, or 10 percent, in morning trading to $9.11. Over the past year, the stock has traded between $9.02 and $29.10.

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