into its network over the next several years.  The reason these telecom giants are so committed to increasing the use of fiber-optics is simple: they foresee rapidly growing demand for this technology. Fiber-optic systems offer dramatically increased capacity for carrying voice, data and video information, and were initially used in “long-haul” or inter-city networks to carry large volumes of calls or transmissions. Later, fiber-optic was made available to large business customers which have heavy data transfer needs. The next phase of expansion was known as fiber-to- the-curb (FTTC), which brought fiber-optic capacity to regional or neighborhood nodes. The FTTP roll-out represents the fourth phase of the network deployment, and will replace existing copper-wire service to individual homes and small businesses. This will overcome the existing “bottleneck” in the fiber- optic pipeline, providing nearly unlimited bandwidth for an array of voice, data and video applications to individual users, and will also accommodate new broadband products and services that may be developed in the future. Ultimately, the deployment of fiber-optic capabilities to individual customers will be an expansion project of immense scope. Dycom has been a leading participant in the previous phases of fiber-optic development, and the build-out of the so-called “last mile” to the end-user may actually be even more construction intensive.  With a strengthening economy in general, the absorption of the telecom industry’s broadband capacity, and the launch of the multi-year roll-out of FTTP capabilities, the outlook for telecommunications infrastructure companies in general – and Dycom Industries in particular – is strong. Outside of the FTTP roll-out, other signs also suggest that a sustained cycle of significant increases in telecom capital expenditures is now commencing. Continued growing customer demand for broadband and other communications services is rapidly absorbing the overcapacity that once existed, and telephone providers are generally increasing their expenditures in new build-outs. While cable companies’ capital expenditures are still mostly in the area of ongoing maintenance, the general economic upturn is expected to generate additional activity in this area as well, as they continue to upgrade their networks for high-definition television, as well as their own version of broadband internet service and their new entries into telephone service. For several years now, Dycom has been anticipating the resumption of telecommunications growth.  Thanks to its strong balance sheet and prudent marshalling of resources during the industry downturn, Dycom was able to respond quickly to the initial Verizon opportunity. 