Dolby Laboratories, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2013. For the first quarter, the company reported total revenue of $231.3 million, compared to $236.6 million for the first quarter of fiscal year 2013. First quarter GAAP net income was $44.5 million, or $0.43 per diluted share, compared to $51.3 million, or $0.50 per diluted share, for the first quarter of fiscal 2013. On a non-GAAP basis, first quarter net income was $60.6 million, or $0.59 per diluted share, compared to $66.4 million, or $0.64 per diluted share, for the first quarter of fiscal 2013. Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release. Operating income was $59.93 million against $67.03 million a year ago. Income before income taxes was $60.70 million against $69.05 million a year ago. Net cash provided by operating activities was $77.28 million against $67.30 million a year ago. Purchases of property, plant and equipment was $8.96 million against $6.71 million a year ago.

For the second quarter of fiscal 2014, the company has estimated that total revenue will range from $240 million to $250 million. Gross margin percentages are projected to range between approximately 90%--91% on a GAAP basis and between 91%--92% on a non-GAAP basis. The company expects diluted earnings per share to be between $0.45 and $0.52 on a GAAP basis and between $0.59 and $0.66 on a non-GAAP basis. The company estimates that fiscal second quarter of 2014 effective tax rate will be between approximately 27% and 28% on both a GAAP and non-GAAP basis.

For the full year of fiscal 2014, the company anticipates that total revenue will range from $910 million to $940 million. The company estimates that full year gross margins on a GAAP basis will range from 90% to 91%, with non-GAAP gross margins roughly about 1 point higher and the effective tax rate for fiscal 2014 is anticipated to range from 27% to 28%.