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DTS Reports Fourth Quarter And Fiscal 2012 Financial Results

CALABASAS, Calif., March 11, 2013 (GLOBE NEWSWIRE) -- DTS, Inc. (Nasdaq:DTSI) today announced financial results for the fourth quarter and fiscal year ended December 31, 2012.

Revenue for the fourth quarter was $29.8 million, including 86% year-over-year growth from the network-connected markets. This compares to revenue of $29.0 million in the fourth quarter of 2011, which included $1.6 million in royalty recoveries. Excluding royalty recoveries, the 9% year-to-year increase in total revenue resulted primarily from robust growth in the Company's network-connected business, which was bolstered by the acquisition of SRS Labs, Inc. last July. These results were partially offset by the continuing decline in demand for DVD products and a decline in Blu-ray revenue attributable in part to a comparably weaker holiday season in 2012.

Non-GAAP net income in the fourth quarter of 2012 was $6.1 million, or $0.33 per diluted share net of tax, compared to non-GAAP net income of $8.8 million, or $0.52 per diluted share net of tax, in the fourth quarter of 2011. Non-GAAP operating margin in the fourth quarter of 2012 was 26%, compared to 50% in the fourth quarter of 2011, largely due to increased expenses resulting from recent acquisitions as well as investments to support the Company's emerging network-connected business.

GAAP net income in the fourth quarter of 2012 was $302,000, or $0.02 per diluted share, compared to $7.1 million, or $0.42 per diluted share, in the fourth quarter of 2011. GAAP net income for the fourth quarter of 2012 includes $3.0 million, or $0.09 per diluted share net of tax, in stock-based compensation expense; $4.8 million, or $0.15 per diluted share net of tax, in acquisition and integration-related costs; and $2.0 million, or $0.06 per diluted share net of tax, in amortization of intangibles.

For the full year, revenue was $100.6 million, compared to revenue of $96.9 million in 2011. Revenue from royalty recoveries for 2012 was $2.4 million as compared to $2.0 million in 2011.

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