Daktronics Explained

Daktronics, Inc.
Type:Public
Traded As:NASDAQ:
Foundation:[1]
Founder:Aelred J. Kurtenbach
Duane Sander
Location:Brookings, South Dakota, United States
Key People:Reece Kurtenbach (president and CEO)
Industry:Electronics
Products:Timing and Display systems
Revenue: 610.53 million (2018)[2]
Net Income: 5.56 million (2018)
Num Employees:2,500+

Daktronics, Inc. is an American company based in Brookings, South Dakota, that designs, manufactures, sells, and services video displays, scoreboards, digital billboards, dynamic message signs, sound systems, and related products. It was founded in 1968 by two South Dakota State University professors.

History

Daktronics was founded in 1968 by Al Kurtenbach and Duane Sander, professors of electrical engineering at South Dakota State University in Brookings, South Dakota.[3] The name is a portmanteau of "Dakota" and "electronics".[4] The company wanted to get into the medical instrument field, but the company's founders found that field too large for them, so they changed their focus to providing electronic voting systems for state legislatures;[5] their first client was for the State of Utah's legislature.[6]

Shortly after, South Dakota State University's wrestling coach, Warren Williamson reached out to the company and asked them to devise a better scoreboard for wrestling.[7] The result was Daktronics' first entry into the scoreboard field, developing the Matside wrestling scoreboard, the first product in the company's line.[8] The company's scoreboards were later used at the 1976 Olympic Games.[9] In 1980, Daktronics developed scoreboards which were used at the 1980 Winter Olympics in Lake Placid, New York.[10] Daktronics displays have since been used at the 1992, 1996 and 2000 Summer Olympics.[11]

In 1984, a new manufacturing facility was built.[12] In 1987, the company developed a mobile scoring system for the PGA tour. In 1994, Daktronics, Inc. became a publicly traded company, offering shares under the symbol DAKT on the NASDAQ National Market system. The company also established an office in Germany in 2003, and in Hong Kong and the United Kingdom in 2004.[13] In 2000, Daktronics acquired Keyframe services,[14] and established an office in Canada. The following year, they installed their first LED video display in Times Square for TDK Financial Services Firm.[15]

The company upgraded the "Zipper" sign in Times Square in 1997,[16] and the first Prostar large screen video displays were installed that year. Indianapolis Motor Speedway installed 18 Prostar displays in 1999. In 2004, the largest video board in North America was installed at Jacobs Field in Cleveland, Ohio, by Daktronics.[17] In 2005, Daktronics installed a multi-million dollar system in Kuwait stock exchange.[18] They also acquired Sportsound system designer and manufacturer.[19] Daktronics acquired the Vortek family of products from New Yorkbased rigging company Hoffend and Sons.[20] In 2008, Daktronics installed a high-definition LED video display for the Kansas City Royals,[21] and in 2014, Daktronics installed an HD display for the Jacksonville Jaguars at EverBank Field, which at the time was the largest such display in the world.[22]

Daktronics established an office in Brazil in 2012, and in 2013, the company acquired OPEN Out Of Home in Belgium.[23] Sales of Daktronics products surpassed $600 million in 2015.[24]

In February 2023, a class action lawsuit was filed against Daktronics alleging securities fraud between March 10, 2022 and December 6, 2022.[25]

Operation

Daktronics is headquartered in Brookings, South Dakota, with other facilities in Sioux Falls, Redwood Falls, Minnesota, Shanghai, and Belgium.[1] Daktronics Creative Services designs digital content in HD video, 3D animation and motion graphics, specializing in media networks and large-scale LED displays.[26]

The company is involved in sports displays and marketing.[27] Daktronics has supplied scoreboards and video displays for the Olympic Games; however, due to official sponsorships with other timing providers such as IBM, Omega SA and Swiss Timing, displays are Daktronics-manufactured but utilize timing and front-facing branding for other companies. Daktronics has been an influence in National Basketball Association rule changes in the 2000s. The company manufactured the first backboard light strips to comply with buzzer beater instant replay rulings, and in 2004, developed a see-through shot clock to improve spectator visibility.[28]

See also

Notes and References

  1. Web site: Company . Daktronics . 2013-08-18.
  2. Web site: Daktronics, Inc. (DAKT) Valuation Measures & Financial Statistics . . 2018-07-23.
  3. News: Daktronics Plays Outsize Role as Giant Scoreboards Proliferate. Belson. Ken. 2014-07-19. The New York Times. 2018-02-12. en-US. 0362-4331.
  4. Web site: Daktronics Plays Outsize Role as Giant Scoreboards Proliferate . Belson . Ken . July 19, 2014 . . January 21, 2020 . Daktronics—an amalgam of the words Dakota and electronics—was listed on the Nasdaq stock market in 1994..
  5. Web site: Daktronics Journey to Become Publicly Traded . Ochsner . Justin . Daktronics.com . Daktronics . March 20, 2018 . January 25, 2023 . “This meant it would be best to focus our energy on serving smaller markets. We looked into small medical instruments such as the electronic thermometer, but quickly learned the market might be too large for us to serve.”.
  6. Web site: Daktronics Celebrates 50 Years . January 1, 2018 . daktronics.com . Daktronics . Kurtenbach had a subscription to the Wall Street Journal and would browse through the week’s papers on Friday nights. One Friday night, he happened to see an advertisement from the State of Utah, looking for a company to make and install an electronic voting system in its House of Representatives. “I got ahold of them, went out and met with them and submitted a bid,” said Kurtenbach. “When I met with them, I learned that they had actually gone out for bids two years prior, but had rejected all bids. “So I said, ‘was that a public bid opening?’ and they said it was, and I said, ‘I’d sure like to have a copy of those bids.’” Kurtenbach laughed as he added, “That helped a lot with our bidding.” Daktronics successfully secured the project, and would continue to find success in that market..
  7. Web site: Daktronics Celebrates 50 Years . January 1, 2018 . daktronics.com . Daktronics . Around that same time, the wrestling coach from SDSU reached out to Kurtenbach after returning from a national tournament. “Warren Williamson was a family friend, he became a family friend through by brother Frank. Frank wrestled for him,” said Kurtenbach. Williamson asked to meet for coffee because he wanted to talk about the scoreboards at the national tournament. The two met, and Williamson described how the scoreboards used were inappropriate; they didn’t show the correct information and they blocked the view of the fans..
  8. Web site: Aelred Kurtenbach- Daktronics by Justin Brunick on Prezi . Prezi.com . 2013-08-18.
  9. Web site: History of Daktronics, Inc. – FundingUniverse . 2013-08-18 . Fundinguniverse.com.
  10. Web site: 2010-10-21 . Daktronics, Inc. | Company profile from Hoover's | +1-605-692-0200 . 2013-08-18 . Hoovers.com.
  11. Web site: History of Daktronics, Inc. – FundingUniverse . 2013-08-18 . Fundinguniverse.com.
  12. Web site: History of Daktronics, Inc. – FundingUniverse . 2023-07-28 . www.fundinguniverse.com.
  13. Web site: 2010-10-21 . Daktronics, Inc. | Company profile from Hoover's | +1-605-692-0200 . 2013-08-18 . Hoovers.com.
  14. Web site: 2000-01-31 . Daktronics to acquire Keyframe Inc. - Tampa Bay Business Journal . 2013-08-18 . Bizjournals.com.
  15. Web site: Times Square LED Video to Help Celebrate . 2013-08-18 . Daktronics.com.
  16. Web site: History of Daktronics, Inc. – FundingUniverse . 2013-08-18 . Fundinguniverse.com.
  17. Web site: Daktronics To Install New Jacobs Field Led Video Display - SportsBusiness Daily | SportsBusiness Journal | SportsBusiness Daily Global . 2013-08-18 . M.sportsbusinessdaily.com . 2016-01-10 . https://web.archive.org/web/20160110060220/http://m.sportsbusinessdaily.com/Daily/Issues/2003/12/Issue-62/Facilities-Venues/Daktronics-To-Install-New-Jacobs-Field-Led-Video-Display.aspx . dead .
  18. Web site: PennWell Corporation . Daktronics to expand display system for Kuwait Stock Exchange . LEDs Magazine . 2005-03-23 . 2013-08-18.
  19. Web site: 2010-10-21 . Daktronics, Inc. | Company profile from Hoover's | +1-605-692-0200 . 2013-08-18 . Hoovers.com.
  20. Web site: Rebranding of Vortek Division . Daktronics.com . 2013-08-18.
  21. Web site: PennWell Corporation . 2007-10-04 . Daktronics installs world's largest HD display for Kansas City Royals . 2013-08-18 . LEDs Magazine.
  22. Web site: Andrew Tarantola . 2014-07-26 . The World's Largest HD LED Display Takes Over Jacksonville . 2014-07-26 . Gizmodo.
  23. Web site: 2013-01-11 . Daktronics Agrees to Purchase Belgium Display Manufacturer . dead . https://archive.today/20130620030535/http://www.reuters.com/article/2013/01/11/idUSnGNXUWYJLa+1fe+GNW20130111 . 2013-06-20 . 2013-08-18 . Reuters.
  24. Web site: 2016-04-13 . SEC Filing - Annual Report, DAKTRONICS, INC. AND SUBSIDIARIES FORM 10-K . sec.gov.
  25. News: 2023-02-14 . Daktronics Class Action: Levi & Korsinsky Reminds Daktronics, Inc. Investors of the Pending Class Action Lawsuit with a Lead . en . Bloomberg.com . 2023-07-28.
  26. Web site: Creative Services . Daktronics . 2013-08-18.
  27. Web site: Daktronics Sports Marketing . Daktronics.com . 2013-08-18.
  28. Web site: High-Tech Shot Clocks Improve Court Vision. 2005-11-18. NBA.com. 2013-08-18.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Daktronics".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.