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DTS Reports Third Quarter 2013 Financial Results

CALABASAS, Calif., Nov. 6, 2013 (GLOBE NEWSWIRE) -- DTS, Inc. (Nasdaq:DTSI) today announced financial results for the third quarter ended September 30, 2013.

"Our third quarter results reflect increasing penetration in the network-connected markets, which were up more than 100% year over year," said Jon Kirchner, chairman and CEO of DTS, Inc. "We continue to proactively position the business for future growth in a dynamic environment, and we are encouraged by the progress we are making in the connected television, mobile, PC and wireless audio categories. Our efforts are helping to lay the foundation for a transformative audio entertainment ecosystem. From our mobile Headphone:X technology, which is driving excitement among artists, labels, studios and product manufacturers, to Play-Fi, which is the only technology available that enables wireless audio in the home across Android, iOS and Windows, DTS is helping redefine the entertainment experience for today's connected consumer. As we enter the holiday period amidst some broader CE market weakness, we remain confident in our strategic direction and growth prospects as we look into 2014 and beyond."
Quarterly Financial Comparison
  Q3 2013 Q3 2012
Revenue $28.2 million $22.2 million
Year-over-year growth rate 27% 8%
GAAP Net income/(loss) $2.0 million $(19.1) million
GAAP Earnings/(loss) per share* $0.11 $(1.04)
Non-GAAP Operating margin 21% 2%
Non-GAAP Net income/(loss) $3.6 million $(11.1) million
Non-GAAP Earnings/(loss) per share* $0.19 $(0.61)
*Earnings/(loss) per diluted share net of tax
Other GAAP Results
  Q3 2013 Amount per diluted share*
Stock-based compensation $2.8 million $0.09
Amortization of intangibles $2.5 million $0.08
Acquisition and integration- related costs $1.1 million $0.04
Net adjustment to Phorus-related intangibles and contingent consideration ($2.5 million) ($0.08)
*Amount per diluted share net of tax

The Company generated $11.4 million in cash flow from operations during the third quarter of 2013, compared to $6.7 million during the third quarter of 2012, and closed the quarter with cash and investments totaling $81.1 million. 

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