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Dolby Laboratories Reports Fiscal 2012 Fourth Quarter And Year-End Financial Results

Dolby Laboratories, Inc. (NYSE:DLB) today announced the Company’s financial results for the fourth quarter and fiscal year ended September 28, 2012. For the fourth quarter, Dolby reported total revenue of $224.8 million, compared to $243.8 million for the fourth quarter of fiscal 2011.

Fourth quarter GAAP net income was $51.5 million, or $0.49 per diluted share, compared to $79.1 million, or $0.71 per diluted share, for the fourth quarter of fiscal 2011. On a non-GAAP basis, fourth quarter net income was $63.8 million, or $0.61 per diluted share, compared to $89.9 million, or $0.81 per diluted share, for the fourth quarter of fiscal 2011.

Fiscal year GAAP net income was $264.3 million, or $2.46 per diluted share, compared to $309.3 million, or $2.75 per diluted share, for fiscal 2011. On a non-GAAP basis, fiscal year net income was $306.9 million, or $2.85 per diluted share, compared to $339.9 million, or $3.02 per diluted share, for fiscal 2011. Dolby’s non-GAAP measures exclude expenses related to stock-based compensation, the amortization of intangibles from business combinations, restructuring charges, and the related tax impact of these items.

“Fourth quarter revenue came in higher than expected, primarily due to strength in mobile devices,” said Kevin Yeaman, President and Chief Executive Officer, Dolby Laboratories. “We continue to see increasing adoption of our technologies in smartphones and tablets, and during the quarter, Amazon incorporated Dolby as a key feature in its latest family of Kindle Fire HD products.”

Financial Outlook

Fiscal Year 2013

For fiscal 2013, Dolby is anticipating total revenue to range from $900 million to $950 million.

For fiscal 2013, Dolby estimates that operating expenses will be approximately $550 million on a GAAP basis, and $490 million on a non-GAAP basis. Dolby's non-GAAP expenses exclude amounts related to stock-based compensation, the amortization of intangibles from business combinations, and restructuring charges. Non-GAAP results would also include the related tax impact of these items. Although stock-based compensation expense may vary based on factors such as stock price or volatility, the amount for fiscal 2013 is anticipated to be approximately $55 million. Operating expenses related to the amortization of acquired intangibles are expected to be approximately $5 million for the fiscal year. The Company does not currently anticipate any restructuring charges in fiscal 2013.

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