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DTS Reports Fourth Quarter And Fiscal 2012 Financial Results

Stocks in this article: DTSI

Non-GAAP net income for the full year was $4.7 million, or $0.27 per diluted share net of tax, compared to $24.7 million, or $1.40 per diluted share net of tax, in 2011. Non-GAAP operating margin for the full year was 24%, compared to 42% in 2011.

GAAP net loss for the full year was $15.5 million, or $0.89 per diluted share, compared to net income of $18.3 million, or $1.04 per diluted share, in 2011. GAAP net income for 2012 includes $11.3 million, or $0.39 per diluted share net of tax, in stock-based compensation expense; $15.7 million, or $0.44 per diluted share net of tax, in acquisition and integration costs; and $4.8 million, or $0.17 per diluted share net of tax, in amortization of intangibles.

The GAAP and non-GAAP reconciling items for the quarters and years ended December 31, 2012 and 2011 can be found in the "Non-GAAP Financial Metrics" schedule attached to this press release and on the investor relations portion of the Company's website at www.DTS.com.

The Company generated $14.8 million in cash flow from operations in 2012, compared to $24.2 million in 2011, and closed the year with cash and investments totaling $77.0 million.

"The fourth quarter concluded a transformative year for DTS. Over the course of 2012, we successfully completed the integration of two acquisitions, realized all anticipated synergies, extended our capabilities as a complete audio solutions provider, and significantly enhanced our network-connected footprint," said Jon Kirchner, chairman and CEO of DTS, Inc.

Mr. Kirchner continued, "DTS is dramatically changing the way consumers experience entertainment – whether on-the-go or at home – and we are very excited about our strong product pipeline, including the products recently announced at CES and Mobile World Congress. New technologies such as our Play-Fi wireless audio delivery technology and Headphone:X™, a game-changing technology designed to create an immersive, multi-dimensional sound experience using only a pair of standard headphones, are generating significant industry excitement. We are poised to accelerate our network-connected growth in 2013 and are intently focused on positioning the Company for improved financial performance as we move through our strategic transition."

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