DTS Reports First Quarter 2012 Results

Posted by Joe Zaller
May 07 2012

Audio processing specialist DTS announced that its revenue for the first quarter of 2012 was $26.9m, flat with the same period a year ago.  The results were at the high end of the company’s previously issued guidance.

Included in these results are 13% year-over-year growth from the network-connected markets and $2.25m in royalty recoveries.

The company said that excluding royalty recoveries, it had an 8% year-to-year decline in revenue due to accelerating declines in DVD-based products, completion of a broadcast arrangement in 2011, softness in Blu-ray game consoles, and lingering effects of the Thailand floods on the supply chain.

Non-GAAP net income was $6.2m, compared to non-GAAP net income $7.1m in the first quarter of 2011.

The non-GAAP operating margin in the first quarter of 2012 was 38%, down from 44% in the first quarter of 2011.

Gross profit for the first quarter of 2012 was $26.7m, or 99% of revenue, compared to $26.6m, or 99% of revenue, for the first quarter of 2011.

 

Business Outlook

The company issued forward looking guidance, which did not include the recently announced $148m acquisition of SRS Labs.

DTS said it expect 2012 revenue in the range of $112m to $116m, with a non-GAAP operating margin of approximately 40% and non-GAAP EPS in the range of $1.60 to $1.65 per diluted share. On a GAAP basis, management expects operating margins of approximately 30% and EPS in the range of $1.18 to $1.22 cents per diluted share.

 

Related Content:

Press Release: DTS Reports First Quarter 2012 Results

More Broadcast Vendor M&A: DTS to Acquire SRS Labs for $148 Million

Previous Year: DTS Q1 2011 Revenue Jumps 23% Thanks to Increasing Adoption of Blu-Ray

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