Daktronics, Inc. (DAKT) Wednesday announced a slip to loss in third-quarter on lower revenues, compared to profit last year.
Currently, shares are down 16.82 percent at $11.92 on a volume of 266,529.
The company further said its Chairman, President and CEO Reece Kurtenbach will step down and transition to advisory role. Brad Wiemann, executive vice president, is appointed as interim CEO. Andrew Siegel, lead independent director will be the new Chairman of the Board.
Howard Atkins, Board member and former CFO of Wells Fargo is appointed as acting CFO and Chief Transformation Officer, while Sheila Anderson will be in Chief Data and Analytics Officer role.
The Board is planning to initiate a search for a permanent CEO.
Quarterly loss was $17.16 million or $0.36 per share, compared to profit of $10.74 million or $0.09 per share in the prior year.
Net sales declined 12.2 percent to $149.51 million from $170.31 in the previous year quarter. The company noted that The sales decrease was driven by comparatively lower volumes in the Live Events and Transportation business units.
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