UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________
FORM
11-K
______________
(Mark
One)
[X]
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For
the fiscal year ended April 30, 2009
OR
[
] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For
the transition period from _______to _________
Commission
file number 0-23246
Daktronics,
Inc.
(Name of
issuer of the securities held pursuant to the plan)
A. Full
title of the plan and the address of the plan, if different from that of the
issuer named below:
Daktronics,
Inc. 401(k) Plan
B. Name
of the issuer of the securities held pursuant to the plan and the address of its
principal executive office:
Daktronics,
Inc.
201
Daktronics Drive
Brookings,
SD 57006
DAKTRONICS,
INC. 401(k) PLAN
FORM
11-K
For the
Plan Year Ended April 30, 2009
TABLE OF CONTENTS
|
Page
|
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EXHIBITS INDEX
|
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ii
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Audit
Committee
Daktronics,
Inc. 401(k) Plan
We have
audited the accompanying statements of net assets available for benefits of
Daktronics, Inc. 401(k) Plan (the “Plan”) as of April 30, 2009 and 2008, and the
related statements of changes in net assets available for benefits for the years
then ended. These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. We were not engaged to
perform an audit of the Plan’s internal control over financial
reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Plan’s internal control over financial
reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan at April
30, 2009 and 2008, and changes in its net assets available for benefits for the
years then ended, in conformity with U.S. generally accepted accounting
principles.
Our
audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
(held at end of year) as of April 30, 2009 is presented for purposes of
additional analysis and is not a required part of the financial statements but
is supplementary information required by the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan’s management. The supplemental schedule has been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.
/s/ Ernst
& Young LLP
Minneapolis,
Minnesota
October
28, 2009
1
DAKTRONICS, INC. 401(k) PLAN
STATEMENTS
OF NET ASSETS AVAILABLE FOR BENEFITS AS OF
APRIL
30, 2009 AND APRIL 30, 2008
|
Year
Ended
|
||||||||
|
April
30,
2009
|
April
30,
2008
|
|||||||
|
ASSETS
|
||||||||
|
Investments
at fair value
|
||||||||
|
Daktronics,
Inc. common stock
|
$ | 18,430,698 | $ | 27,038,265 | ||||
|
Mutual
funds
|
21,210,165 | 28,291,559 | ||||||
|
Money
market mutual fund
|
1,436,513 | 2,593,531 | ||||||
|
Common
collective trust
|
2,897,358 | 2,107,547 | ||||||
|
Participant
notes receivable
|
930,867 | 939,001 | ||||||
| 44,905,601 | 60,969,903 | |||||||
|
Receivables
|
||||||||
|
Employer
matching contributions
|
341,575 | 346,589 | ||||||
|
Employer
profit sharing contributions
|
401,702 | 607,271 | ||||||
|
Accrued
interest
|
3,205 | 25,614 | ||||||
| 746,482 | 979,474 | |||||||
|
Total
assets
|
45,652,083 | 61,949,377 | ||||||
|
LIABILITIES
|
||||||||
|
Accrued
administrative expenses
|
25,219 | 28,379 | ||||||
|
Excess
contributions payable
|
78,210 | 49,451 | ||||||
|
Total
liabilities
|
103,429 | 77,830 | ||||||
|
Net
assets available for benefits, at fair value
|
45,548,654 | 61,871,547 | ||||||
|
Adjustment
from fair value to contract value
|
||||||||
|
for
fully benefit-responsive investment contracts
|
108,200 | 27,143 | ||||||
|
Net
assets available for benefits
|
$ | 45,656,854 | $ | 61,898,690 | ||||
See
accompanying notes to financial statements.
2
DAKTRONICS, INC. 401(k) PLAN
STATEMENTS
OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE
YEARS
ENDED APRIL 30, 2009 AND APRIL 30, 2008
|
Year
Ended
|
||||||||
|
April
30,
2009
|
April
30,
2008
|
|||||||
|
Additions
to net assets attributed to
|
||||||||
|
Investment
income
|
||||||||
|
Net
depreciation in fair value of investments
|
$ | (20,857,070 | ) | $ | (13,210,935 | ) | ||
|
Interest
and dividends
|
704,823 | 723,498 | ||||||
| (20,152,247 | ) | (12,487,437 | ) | |||||
|
Contributions
|
||||||||
|
Employer
|
1,777,441 | 1,775,370 | ||||||
|
Participants
and plan transfers
|
4,218,545 | 4,279,401 | ||||||
| 5,995,986 | 6,054,771 | |||||||
|
Total
net deductions
|
(14,156,261 | ) | (6,432,666 | ) | ||||
|
Deductions
from net assets attributed to
|
||||||||
|
Benefits
paid to participants
|
1,939,912 | 6,113,063 | ||||||
|
Administrative
expenses
|
145,663 | 142,099 | ||||||
|
Total
deductions
|
2,085,575 | 6,255,162 | ||||||
|
Net
decrease in net assets
|
(16,241,836 | ) | (12,687,828 | ) | ||||
|
Net
assets available for benefits:
|
||||||||
|
Beginning
of year
|
61,898,690 | 74,586,518 | ||||||
|
End
of year
|
$ | 45,656,854 | $ | 61,898,690 | ||||
See
accompanying notes to financial statements.
3
DAKTRONICS, INC. 401(k) PLAN
NOTES
TO FINANCIAL STATEMENTS
Note
1. SIGNIFICANT ACCOUNTING POLICIES
Nature of business of Plan
Sponsor: Daktronics, Inc. and its subsidiaries are engaged
principally in the design, manufacture and sale of a wide range of electronic
display systems and related products which are sold in a variety of markets
throughout the world and rendering related maintenance and professional
services. Our products are designed primarily to inform and entertain
people through the communication of content.
Basis of
accounting: The accompanying financial statements are prepared
on the accrual basis of accounting.
Reclassification:
Certain reclassifications have been made to the fiscal year 2008 financial
statements to conform to the presentation used in the fiscal 2009 financial
statements. These reclassifications had no affect on the net assets available
for benefits.
Use of
estimates: The preparation of financial statements in
conformity with U.S. generally accepted accounting principles requires
management to make estimates that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from
those estimates.
Investment valuation and
income recognition: The Daktronics, Inc. 401(k) Plan (the
“Plan”) investments are stated at fair value as determined by quoted market
prices on the last business day of the Plan year, except investment assets in
the common collective trust (“CCT”) which are stated at fair value as reported
by the CCT fund. Participant notes receivable are valued at their
outstanding balances, which approximate fair value.
Purchases
and sales of securities are recorded on a trade-date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on
the ex-dividend date.
Wells
Fargo Stable Return Fund N4 is a CCT fund which has all its assets invested in
Wells Fargo Stable Return Fund G. The fair value of this investment
is based on the underlying unit value reported by Wells Fargo Stable Return Fund
G. The fair value of the CCT is adjusted to contract value, in
accordance with the Financial Accounting Standards Board (“FASB”) Staff Position
(“FSP”) AAG INV-1 and American Institute of Certified Public Accountants
(“AICPA”) Statement of Position (“SOP”) 94-4-1, Reporting of Fully
Benefit-Responsive Investment Contracts Held by Certain Investment Companies
Subject to the AICPA Investment Company Guide and Defined-Contribution Health
and Welfare and Pension Plans (the FSP). Contract value
represents contributions made plus interest accrued at the contract value, less
withdrawals.
Fully Benefit-Responsive
Investment Contracts: The Plan, through its investment in the
Wells Fargo Stable Fund, invests in fully benefit-responsive investment
contracts. The Plan follows FSP AAG INV-1 and AICPA SOP
94-4-1. The FSP defines the circumstances in which an investment
contract is considered to be a fully benefit-responsive investment contracts in
a defined-contribution pension plan.
As
required under FSP AAG INV-1, investments in the accompanying statements of net
assets available for benefits include fully benefit-responsive investment
contracts recognized at fair value. AICPA SOP 94-4, Reporting of Investment Contracts
Held by Health and Welfare Benefit Plans and Defined-Contribution Pension Plans,
as amended, requires fully benefit-responsive investment contracts to be
reported at fair value in the Plan’s statements of net assets available for
benefits with a corresponding adjustment to reflect these investments at
contract value. The requirements of the FSP were reflected in the
statements of net assets available for benefits as of April 30, 2009 and
2008.
Fully
benefit-responsive investment contracts are recorded on the Form 5500 at
contract value, whereas in the Plan’s financial statements these investments are
presented at fair value with an adjustment to contract value.
Payment of
benefits: Benefit payments are recorded when
paid.
4
New
Accounting Pronouncements: In September 2006, the FASB issued
Statement of Financial Accounting Standards (“SFAS”) No. 157 Fair Value Measurements,
which defines fair value, establishes a framework for measuring fair value in
accordance with generally accepted accounting principles and establishes a
hierarchy that categorizes and prioritizes the sources to be used to estimate
fair value. SFAS No. 157 also expands disclosures about fair-value
measurements. SFAS No. 157 as issued was effective for fiscal years
beginning after November 15, 2007. In February 2008, the FASB issued
FSP No. 157-2, Effective Date
of FASB Statement No. 157 that deferred the effective date of SFAS No.
157 for one year for certain nonfinancial assets and nonfinancial
liabilities. Accordingly, the Plan adopted certain parts of SFAS No. 157
at the beginning of fiscal year 2009 and the adoption had no impact to the
Plan’s financial position or results. The remaining parts of SFAS No.
157 will be adopted by the Plan at the beginning of fiscal year
2010. The Plan has not yet determined the impact, if any, that the
implementation of the remaining aspects of SFAS No. 157 for certain nonfinancial
assets and nonfinancial liabilities will have on the Plan’s financial
statements.
In
February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial
Assets and Liabilities. SFAS No. 159 permits entities to
choose to measure many financial instruments and certain other items at fair
value. The objective is to improve financial reporting by providing entities
with the opportunity to mitigate volatility in reported earnings caused by
measuring related assets and liabilities differently without having to apply
complex hedge accounting provisions. SFAS No. 159 is expected to expand the use
of fair value measurement, which is consistent with FASB’s long-term measurement
objectives for accounting for financial instruments. SFAS No. 159 is effective
for financial statements issued for fiscal years beginning after November 15,
2007 and interim periods within those fiscal years. The Plan did not
elect to apply the fair value option for any financial assets or
liabilities.
Note 2. INFORMATION REGARDING THE PLAN
The
following description of the Plan provides only general
information. More complete information on the provisions of the plan
can be found in the Plan agreement.
General: The
Plan is a defined contribution plan providing benefits for substantially all
U.S. based employees of the Company who have attained 21 years of age and have
completed one year of service. Notwithstanding the preceding,
employees are eligible to make salary deferrals to the Plan upon completion of
three months of service and attainment of 21 years of age. The Plan
is subject to the provisions of the Employee Retirement Income Security Act of
1974 (ERISA).
Administration: The
Company has appointed an Administrative Committee to manage the day-to-day
operation and administration of the Plan and an Investment Committee to select
and monitor the investments of the Plan.
Participant’s
contributions: Participants may elect to have the Company contribute a
percentage of their eligible pre-tax compensation not to exceed the maximum
amount allowable under the Internal Revenue Code (the “Code”). Participants who
elect to have the Company contribute a portion of their compensation to the Plan
agree to accept an equivalent reduction in taxable compensation. Contributions
withheld are invested in accordance with the participant’s
direction.
Participants
are also allowed to make rollover contributions of amounts received from other
tax-qualified employer-sponsored retirement plans. Such contributions are
deposited in the appropriate investment funds in accordance with the
participant’s direction and the Plan’s provisions.
Employer
contributions: The Company may make discretionary profit sharing
contributions to the accounts of eligible participants as defined in the Plan
and as approved by the Company’s Board of Directors. In the twelve
months ending April 30, 2009 and April 30, 2008, respectively, the Company
matched 50% of the first 6% of each eligible participant’s
contribution. Additional discretionary contributions were made for
the year ended April 30, 2009 equal to 1.1% of pay to a maximum of $200 per
participant and for the year ended April 30, 2008 equal to 1.4% of pay to a
maximum of $400 per participant.
Participants’
accounts: Each participant’s account is credited with the
participant’s contribution and allocations of the Company’s contribution and
Plan earnings and losses, and it is charged with an allocation of administrative
expenses. Allocations are based on participant earnings or account
balances, as defined in the Plan’s provisions. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant’s vested account. Non-participant directed investments
are invested in a mutual fund.
Vesting: Participants
are immediately vested in their voluntary contributions, including rollover
contributions from other qualified plans, plus actual earnings
thereon. The remainder of their accounts are vested according to the
number of years of continuous service. Participant’s accounts become
fully vested after five years of credited service, vesting at the rate of 20%
per year commencing after one year of service. U.S. based employees
hired as a result of an acquisition by the Company or its subsidiaries are
generally entitled to an appropriate service credit for the length of employment
with their former company for purposes of determining eligibility, vesting and
contribution allocations for the Plan.
5
Payment of
benefits: Distributions of a participant’s vested account
balance are made as soon as administratively possible following his or her
retirement, total disability, death or termination of employment. The
amount of distribution under the Plan is equal to the participant’s vested
account balance. If the participant has any loan balance at the time
of distributions, the amount of cash available to the participant or beneficiary
is reduced by the outstanding balance of the loan.
Investment fund
information: Participants may individually direct employee
contributions in various mutual funds, common collective trust, money market
accounts and Daktronics, Inc. common stock. Participants may change their
investment options daily.
Participant notes
receivable: Participants may borrow from their accounts up to
the lesser of $50,000 or 50% of their vested account balance. Loan
transactions are treated as a transfer to (from) the investment funds from (to)
the participant notes fund. Loan terms range from one to five years,
or longer for the purchase of a primary residence. The loans are
secured by the balance in the participant’s account and bear a commercially
reasonable rate of interest, which the Company has determined to be the prime
rate as determined by the Plan’s Trustee. Changes in the prime rate are
implemented by the Trustee when it is reasonably administratively feasible to do
so. Principal and interest is paid ratably no less than biweekly through payroll
deductions.
Excess contributions
refundable: At April 30, 2009 and April 30, 2008, payables of
$78,210 and $49,450, respectively, were recorded for amounts refundable by the
Plan to participants for contributions made in excess of amounts allowed by the
Internal Revenue Service.
Forfeited
accounts: During the years ended April 30, 2009 and April 30,
2008, respectively, forfeitures of the non-vested accounts of terminated
participants of $44,817 and $26,963 were used to reduce employer
contributions.
Administrative
expenses: Administrative expenses consisting of investment
management services fees and audit fees are paid by the Plan using forfeitures
of the Company’s contributions, and any remaining balance is netted against
investment returns.
Note
3. INVESTMENTS
During
the years ended April 30, 2009 and April 30, 2008, the Plan’s investments
(including investments purchased, sold and held during the year) appreciated
(depreciated) in fair value as determined by quoted market prices as
follows:
|
Year
Ended
|
||||||||
|
April
30,
|
April
30,
|
|||||||
|
2009
|
2008
|
|||||||
|
Daktronics,
Inc. common stock
|
$ | (11,761,870 | ) | $ | (12,524,900 | ) | ||
|
Mutual
Funds
|
(9,191,531 | ) | (846,049 | ) | ||||
|
Common
Collective Trust
|
96,331 | 160,014 | ||||||
| $ | (20,857,070 | ) | $ | (13,210,935 | ) | |||
Investments
that represent 5% or more of the fair value of the Plan’s net assets as of April
30, 2009 and 2008 are as follows:
|
April
30,
2009
|
April
30,
2008
|
|||||||
|
Investments,
at fair value:
|
||||||||
|
Daktronics,
Inc. common stock
|
$ | 18,430,698 | $ | 27,038,265 | ||||
|
Euro
Pacific Growth Fund
|
4,101,847 | 6,470,826 | ||||||
|
Investment
Company of America Fund
|
3,870,787 | 5,732,701 | ||||||
|
Growth
Fund of America Fund
|
3,681,210 | 5,114,186 | ||||||
|
Wells
Fargo Stable Return Fund N4
|
2,897,358 | 2,107,547 | ||||||
|
MFS
Total Return Fund
|
2,409,538 | 2,558,094 | ||||||
6
The
following represents holdings and transactions in Daktronics, Inc. common stock,
a party-in-interest:
|
April
30,
2009
|
April
30,
2008
|
|||||||
|
Investments,
at fair value:
|
||||||||
|
Daktronics,
Inc. common stock
|
$ | 18,430,698 | $ | 27,038,265 | ||||
|
Year
Ended
|
||||||||
|
April
30,
2009
|
April
30,
2008
|
|||||||
|
Changes
in Daktronics common stock due to:
|
||||||||
|
Contributions
|
$ | 4,996,698 | $ | 7,145,655 | ||||
|
Dividends
|
164,457 | 111,886 | ||||||
|
Net
realized and unrealized depreciation in fair value
|
(11,761,870 | ) | (12,524,900 | ) | ||||
|
Distributions
to participants
|
(2,006,852 | ) | (6,035,576 | ) | ||||
| $ | (8,607,567 | ) | $ | (11,302,935 | ) | |||
Note
4. FAIR VALUE MEASUREMENT
SFAS No.
157, as described previously, defines fair value as the price that would be
received to sell an asset or paid to transfer the liability (an exit price) in
an orderly transaction between market participants and also establishes a fair
value hierarchy which requires an entity to maximize the use of observable
inputs and minimize the use of unobservable inputs when measuring fair
value. The fair value hierarchy within SFAS No. 157 distinguishes
between three levels of inputs that may be utilized when measuring fair value,
consisting of level 1 inputs (using quoted prices in active markets for
identical assets or liabilities), level 2 inputs (using inputs other than level
1 prices, such as quoted prices for similar assets and liabilities in active
markets or inputs that are observable for the asset or liability) and level 3
inputs (unobservable inputs supported by little or no market activity based on
our own assumptions used to measure assets and liabilities). A
financial asset or liability’s classification within the above hierarchy is
determined based on the lowest level input that is significant to the fair value
measurement. The following table presents the Plan’s assets
valued at fair value as of April 30, 2009 by level within the fair value
hierarchy:
|
Level
1
|
Level
2
|
Level
3
|
Total
|
|||||||||||||
|
Daktronics,
Inc. Common Stock
|
$ | 18,430,698 | $ | – | $ | – | $ | 18,430,698 | ||||||||
|
Common
Collective Trust
|
– | 2,897,358 | – | 2,897,358 | ||||||||||||
|
Mutual
Funds
|
21,210,165 | – | – | 21,210,165 | ||||||||||||
|
Money
Market Mutual Fund
|
1,436,513 | – | 1,436,513 | |||||||||||||
|
Participant
Notes Receivable
|
– | – | 930,867 | 930,867 | ||||||||||||
|
TOTAL
|
$ | 41,077,376 | $ | 2,897,358 | $ | 930,867 | $ | 44,905,601 | ||||||||
The table
below sets forth a summary of changes in the fair value of the Plan’s level 3
investments for the Plan year ended April 30, 2009:
|
Participant Notes
Receivable
|
||||
|
Balance,
beginning of period
|
$
|
939,001
|
||
|
Purchases,
sales, issuances, and settlements (net)
|
(8,134
|
)
|
||
|
Balance,
end of period
|
$
|
930,867
|
||
Note
5. PLAN TERMINATION
Although
it has not expressed any intent to do so, the Company has the right under the
Plan to discontinue contributions at any time and to terminate the Plan subject
to the provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
7
Note
6. TAX STATUS
The
underlying non-standardized prototype plan has received an opinion letter from
the Internal Revenue Service (IRS) dated August 31, 2001 stating that the form
of the plan is qualified under Section 401 of the Code, and therefore, the
related trust is tax exempt. In accordance with Revenue Procedure 2007-6
and Revenue Procedure 2005-16, the Plan Sponsor has determined that it is
eligible to and has chosen to rely on the current IRS prototype plan opinion
letter. The Plan is required to operate in conformity with the Code to maintain
its qualification. The plan administrator believes the Plan is being operated in
compliance with the applicable requirements of the Code and, therefore, believes
that the Plan is qualified and the related trust is tax exempt.
Note
7. RISKS AND UNCERTAINTIES
The Plan
invests in various investment securities. Investment securities are exposed to
various risks such as interest rate, market and credit risks. Due to the level
of risk associated with certain investment securities, it is at least reasonably
possible that changes in the values of investment securities will occur in the
near term and that such changes could materially affect participants’ account
balances and the amounts reported in the statements of net assets available for
benefits.
Note
8. SUBSEQUENT EVENTS
On May
28, 2009, Board of Directors of Daktronics, Inc. declared payment dividend of
$0.095 per share payable on June 23, 2009 to holders of record of its common
stock on June 9, 2009.
Effective
August 1, 2009, the quarterly 401(k) match made on employee contributions
decreased from fifty percent (50%) of the first six percent (6%) of the
employee’s pay during the quarter to twenty five percent (25%) of the first six
percent (6%) of the employee’s pay during the quarter.
Effective
August 10, 2009, the Janus Perkins Mid-Cap Value Fund was added to the plan. On
the same date, the Lord Abbett Mid-Cap Value Fund was closed to contributions.
Investment elections for future contributions automatically transferred to the
Janus Perkins Mid-Cap Value Fund. Funds remaining in the Lord Abbett Mid-Cap
Value Fund transferred on August 12, 2009 to the Janus Perkins Mid-Cap Value
Fund.
8
DAKTRONICS, INC. 401(k) PLAN
EIN-46-0306862
PLAN 002
SCHEDULE
H, LINE 4i
SCHEDULE
OF ASSETS (HELD AT END OF YEAR)
APRIL
30, 2009
|
Identity
of Issue, Borrower,
Lessor,
or Similar Party
|
Shares
|
Cost
|
Current
Value
|
|||||||||
|
Common
Stock:
|
||||||||||||
|
Daktronics,
Inc. common stock*
|
2,038,794 | $ | 18,028,515 | $ | 18,430,698 | |||||||
|
Common
collective trust:
|
||||||||||||
|
Wells
Fargo Stable Return Fund*
|
68,766 | 2,929,601 | 3,005,558 | |||||||||
|
Mutual
Funds:
|
||||||||||||
|
Pimco
Total Return Fund
|
163,134 | 1,705,748 | 1,667,226 | |||||||||
|
Euro
Pacific Growth Fund
|
144,330 | 5,671,829 | 4,101,847 | |||||||||
|
Growth
Fund of America Fund
|
170,663 | 4,882,908 | 3,681,210 | |||||||||
|
Investment
Company of America Fund
|
188,268 | 6,734,040 | 3,870,787 | |||||||||
|
Lord
Abbett Mid-Cap Value Fund
|
129,766 | 2,460,892 | 1,318,424 | |||||||||
|
MFS
Total Return Fund
|
215,330 | 3,061,919 | 2,409,538 | |||||||||
|
T
Rowe Price Mid-Cap Growth Fund
|
54,314 | 2,672,809 | 1,960,745 | |||||||||
|
T
Rowe Price Small Capitalization Fund
|
87,752 | 2,543,857 | 1,794,534 | |||||||||
|
Wells
Fargo Index Fund*
|
12,759 | 559,231 | 405,854 | |||||||||
| $ | 30,293,233 | $ | 21,210,165 | |||||||||
|
Money
market mutual fund:
|
||||||||||||
|
Wells
Fargo Short-term Money Market Fund*
|
1,436,513 | $ | 1,436,513 | $ | 1,436,513 | |||||||
|
Participant
notes receivable (with interest rates
|
||||||||||||
|
ranging
from 4.25% to 10.5%, maturing
|
||||||||||||
|
through
November, 2013)
|
$ | 930,867 | $ | 930,867 | ||||||||
| $ | 53,618,729 | $ | 45,013,801 | |||||||||
|
___________________
|
||||||||||||
*Indicates
a party-in-interest to the Plan.
9
Pursuant
to the requirements of the Securities Act of 1934, the trustees (or other
persons who administer the employee benefit plan) have duly caused this annual
report to be signed on its behalf by the undersigned thereunto duly
authorized.
DAKTRONICS,
INC. 401(k) PLAN
By: /s/ William R.
Retterath
William
R. Retterath
Chief
Financial Officer
Date: October
28, 2009
10