Dolby Laboratories Announces Unaudited Consolidated Earnings Results for the First Quarter Ended January 1, 2016; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2016; Declares Cash Dividend Payable on February 17, 2016
January 27, 2016 at 04:15 pm
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Dolby Laboratories announced unaudited consolidated earnings results for the first quarter ended January 1, 2016. For the quarter, the company reported total revenue of $240,814,000 compared to $234,238,000 a year ago. Operating income was $39,188,000 compared to $53,539,000 a year ago. Income before income taxes was $39,484,000 compared to $54,316,000 a year ago. Net income attributable to company was $30,901,000 or $0.30 per diluted share compared to $41,357,000 or $0.40 per basic and diluted share a year ago. Net cash provided by operating activities was $67,395,000 compared to $3,445,000 a year ago. Purchase of PP&E was $24,368,000 compared to $21,661,000 a year ago. Purchase of intangible assets was $105,270,000 compared to $6,416,000 a year ago. Non-GAAP net income was $48.6 million or $0.48 per diluted share compared to $58.5 million or $0.56 per diluted share a year ago.
For the second quarter of fiscal year 2016, the company estimates that total revenue for the second quarter of fiscal 2016 will range from $255 million to $270 million. Gross margin percentages are projected to range between approximately 89% and 90% on a GAAP basis and between 90% and 91% on a non-GAAP basis. The company anticipates that operating expenses will be between $171 million and $175 million on a GAAP basis and between $153 million and $157 million on a non-GAAP basis. The company estimates that diluted earnings per share will be between $0.42 and $0.48 on a GAAP basis and between $0.57 and $0.63 on a non-GAAP basis. The company estimates that its effective tax rate will be approximately 26% on both a GAAP and non-GAAP basis.
For full year of fiscal 2016, the company anticipates that total revenue will range from $1 billion to $1.03 billion. The company anticipates that operating expenses will be between $685 million and $695 million on a GAAP basis and between $610 million and $620 million on a non-GAAP basis. Full year gross margins on a GAAP basis are projected to range from 89% to 90%, and non-GAAP gross margins should be about 1 point higher, and the effective tax rate for the year is projected to range from 25% to 26%.
The company announced a cash dividend of $0.12 per share of Class A and Class B common stock, payable on February 17, 2016, to stockholders of record as of the close of business on February 8, 2016.
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 Announces Unaudited Consolidated Earnings Results for the First Quarter Ended January 1, 2016; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2016; Declares Cash Dividend Payable on February 17, 2016