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Dolby Laboratories Reports First Quarter Fiscal 2013 Financial Results

Dolby Laboratories, Inc. (NYSE:DLB) today announced the Company's financial results for the first quarter of fiscal year 2013. For the first quarter, Dolby reported total revenue of $236.6 million, compared to $234.2 million for the first quarter of fiscal year 2012.

First quarter GAAP net income was $51.3 million, or $0.50 per diluted share, compared to $73.2 million, or $0.67 per diluted share, for the first quarter of fiscal year 2012. On a non-GAAP basis, first quarter net income was $66.4 million, or $0.64 per diluted share, compared to $83.1 million, or $0.76 per diluted share, for the first quarter of fiscal year 2012. Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.

“We had a solid first quarter,” said Kevin Yeaman, President and Chief Executive Officer, Dolby Laboratories. “More mobile devices than ever feature Dolby sound, and the rapidly growing number of movie titles in Dolby Atmos shows that the industry has embraced our new, more immersive cinema sound format.”

Financial Outlook

Q2 2013

Dolby anticipates total revenue to range from $240 million to $250 million. Gross margin percentages are projected to be comparable to what they were in the first quarter of fiscal 2013.

Dolby anticipates that operating expenses will be approximately $145 million on a GAAP basis and $127 million on a non-GAAP basis.

Dolby expects diluted earnings per share to be between $0.53 and $0.60 on a GAAP basis and between $0.68 and $0.75 on a non-GAAP basis.

The Company estimates that its fiscal Q2 2013 effective tax rate will range from 26 percent to 27 percent.

FISCAL YEAR 2013

Dolby now anticipates total revenue will range from $910 million to $950 million.

Dolby now anticipates that operating expenses will be approximately $572 million on a GAAP basis and $500 million on a non-GAAP basis.

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