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DTS Reports Fourth Quarter And Fiscal 2013 Financial Results

Network-Connected Revenue Up 24% in the Fourth Quarter Company Announces New Two Million Share Repurchase Program

CALABASAS, Calif., March 17, 2014 (GLOBE NEWSWIRE) -- DTS, Inc. (Nasdaq:DTSI), a leader in high-definition audio solutions and audio enhancement technologies, today announced financial results for the fourth quarter and fiscal year ended December 31, 2013.

"2013 was a year of significant progress in our strategic transition toward delivering innovative audio solutions for the connected, on-the-go consumer lifestyle," said Jon Kirchner, chairman and CEO of DTS, Inc. "We are pleased to have delivered strong earnings for the year, despite the Q4 impact of certain customer product delays and accelerated legacy market declines on our top-line performance. We are very excited about moving into the commercialization phase for several of our key new technology offerings, including Headphone:X and Play-Fi. We are also making progress in other key initiatives such as streaming and UHD."

Mr. Kirchner continued, "Additionally, we are pleased to announce a new two million share repurchase authorization, which underscores our confidence in our strategic progress and growth trajectory in the network-connected space. Coupled with our 2014 outlook, which reflects meaningful gains in profitability, the repurchase program demonstrates our ongoing commitment to enhancing shareholder value."

 
Financial Comparison
  Q4 2013 Q4 2012
Revenue $37.1 million $29.8 million
 Year-over-Year Growth Rate 25% 3%
 
GAAP Net Income/(Loss) $17.3 million $(102,000)
GAAP Earnings/(Loss) Per Share* $0.96 $(0.01)
 
Non-GAAP Operating Margin 32% 26%
Non-GAAP Net Income/(Loss) $8.3 million $5.7 million
Non-GAAP Earnings/(Loss) Per Share* $0.46 $0.31
 
  FY 2013 FY 2012
Revenue $125.1 million $100.6 million
 Year-over-Year Growth Rate 24% 4%
 
GAAP Net Income/(Loss) $15.8 million $(15.9 million)
GAAP Earnings/(Loss) Per Share* $0.86 $(0.91)
 
Non-GAAP Operating Margin 23% 24%
Non-GAAP Net Income/(Loss) $19.5 million $4.3 million
Non-GAAP Earnings/(Loss) Per Share* $1.07 $0.24
*Earnings/(Loss) Per Diluted Share Net of Tax
 
Other GAAP Results
  Q4 2013 Amount Per Diluted Share*
Stock-Based Compensation $3.0 million $0.12
Amortization of Intangibles $2.4 million $0.09
Acquisition, Integration and Restructuring Costs $0.8 million $0.03
Net Adjustment to Phorus-related Intangibles and Contingent Consideration $(0.7 million) $(0.03)
 
  FY 2013 Amount Per Diluted Share*
Stock-Based Compensation $11.7 million $0.45
Amortization of Intangibles $9.8 million $0.38
Acquisition, Integration and Restructuring Costs $2.4 million $0.09
Net Adjustment to Phorus-related Intangibles and Contingent Consideration $(3.2 million) $(0.12)
*Amount Per Diluted Share Net of Tax @ 30%

DTS generated $21.4 million in cash flow from operations in 2013, compared to $14.8 million in 2012, and closed the year with cash and investments totaling $71.0 million. 

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