Dolby Laboratories, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2013; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2014
January 23, 2014 at 09:05 pm
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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%.
Dolby Laboratories, Inc. is engaged in designing and manufacturing of audio and imaging hardware and software products for the cinema, television, broadcast and entertainment industries. The Company's products are used in content creation, distribution and playback to enhance image and sound quality and improve transmission and playback. Its cinema imaging products include digital cinema servers used to load, store, decrypt, decode, watermark, and playback digital film files for presentation on digital cinema projectors and software used to encrypt, encode and package digital media files for distribution. Its cinema audio products include cinema processors, amplifiers and loudspeakers used to decode, render, and optimally play back digital cinema soundtracks, including those using Dolby Atmos. The Company's other products include three dimensional glasses and kits, broadcast hardware and software. Its technology includes Dolby Atmos, Dolby TrueHD, Dolby Vision and Dolby Digital Plus.
Dolby Laboratories, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2013; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2014