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DTS Reports Second Quarter 2013 Financial Results

CALABASAS, Calif., Aug. 15, 2013 (GLOBE NEWSWIRE) -- DTS, Inc. (Nasdaq:DTSI) today announced financial results for the second quarter ended June 30, 2013.

"DTS delivered attractive revenue growth in the second quarter in line with our expectations. The growth was driven by strong performance in our network-connected business. Our strategy remains squarely focused on the large network-connected opportunity, and as expected, this segment of our business contributed nearly half of total revenue during the quarter," said Jon Kirchner, chairman and CEO of DTS, Inc. "As we enter the important autumn and holiday season, we are closely monitoring CE market headwinds and the timing of certain customer network-connected product rollouts.  Importantly, we are very encouraged by the growing interest in our new Headphone:X and Play-Fi technologies and expect those products to see increasing design wins as we get into 2014. With growing content support and increasing device penetration, we are pleased with our strategic progress and remain focused on execution in the coming quarters."

Quarterly Financial Comparison
  Q2 2013 Q2 2012
Revenue $27.2 million $21.8 million
 Year-over-year growth rate 25% 6%
GAAP Net income/(loss) $(2.0) million  $(755,000)
GAAP Earnings/(loss) per share*  $(0.11)  $(0.05)
Non-GAAP Operating margin 13% 26%
Non-GAAP Net income $2.1 million $3.5 million
Non-GAAP Earnings per share* $0.11 $0.21
*Earnings/loss per diluted share net of tax    
Other GAAP Results
  Q2 2013 Amount per diluted share*
Stock-based compensation $2.9 million $0.10
Amortization of intangibles $2.5 million $0.08
Acquisition and integration-related costs $47,000 $0.00
*Amount per diluted share net of tax    

The Company generated $2.4 million in cash flow from operations during the second quarter of 2013, compared to $3.8 million during the second quarter of 2012, and closed the quarter with cash and investments totaling $76.7 million. 

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