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DTS Reports First Quarter 2013 Financial Results

Stocks in this article: DTSI

CALABASAS, Calif., May 8, 2013 (GLOBE NEWSWIRE) -- DTS, Inc. (Nasdaq:DTSI) today announced financial results for the first quarter ended March 31, 2013.

Revenue for the first quarter was $32.7 million. This compares to $26.9 million in the first quarter of 2012, which included $2.3 million in royalty recoveries. Excluding royalty recoveries, revenue grew 33%, primarily due to continued significant growth in the Company's network-connected business, which grew 246% year-over-year, with particular strength in the strategically important network-connected TV, PC and mobile markets. These results were partially offset by expected declines in sales of DVD-based products, standalone Blu-ray players and PC Blu-ray products.

Non-GAAP net income in the first quarter of 2013 was $4.0 million, or $0.22 per diluted share net of tax, compared to non-GAAP net income of $6.2 million, or $0.37 per diluted share net of tax, in the first quarter of 2012. Consistent with our expectations, non-GAAP operating margin in the first quarter of 2013 was 21%, compared to 38% in the first quarter of 2012.

GAAP net loss in the first quarter of 2013 was $1.5 million, or a loss of $0.08 per share, compared to net income $4.0 million, or $0.24 per diluted share, in the first quarter of 2012. The Company's GAAP results reflect a tax rate of 293% due to a valuation allowance against future tax benefits of approximately $0.10 per share. Due in part to its recent acquisitions, the Company has generated a three-year cumulative pre-tax loss in the U.S., requiring it to provide the valuation allowance and currently preventing the Company from utilizing these losses to offset other income taxes, which will temporarily create substantial volatility in its tax provisions. As a result, the Company's non-GAAP presentation reflects a more normalized 40% tax rate as management works to resolve the situation. 

GAAP operating margin in the first quarter of 2013 was 3%, compared to 26% in the first quarter of 2012. GAAP results for the first quarter of 2013 include $3.0 million, or $0.10 per diluted share net of tax, in stock-based compensation expense; $2.5 million, or $0.08 per diluted share net of tax, in amortization of intangibles; and $388,000, or $0.01 per diluted share net of tax, in acquisition and integration-related costs. 

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