Dolby Revenue Declines 8 Percent in Q4 Fiscal 2012

Posted by Joe Zaller
Nov 14 2012

Dolby announced that its revenue for the fourth quarter of its 2012 fiscal year was $224.8m, down 8% versus the same period a year ago.

Fourth quarter GAAP net income was $51.5m, or $0.49 per diluted share, compared to $79.1m, or $0.71 per diluted share, for the fourth quarter of fiscal 2011. On a non-GAAP basis, fourth quarter net income was $63.8 million, or $0.61 per diluted share, compared to $89.9 million, or $0.81 per diluted share, for the fourth quarter of fiscal 2011.

Fiscal year GAAP net income was $264.3m, or $2.46 per diluted share, compared to $309.3m, or $2.75 per diluted share, for fiscal 2011. On a non-GAAP basis, fiscal year net income was $306.9m, or $2.85 per diluted share, compared to $339.9m, or $3.02 per diluted share, for fiscal 2011.

“Fourth quarter revenue came in higher than expected, primarily due to strength in mobile devices,” said Dolby Kevin Yeaman, President and CEO. “We continue to see increasing adoption of our technologies in smartphones and tablets, and during the quarter, Amazon incorporated Dolby as a key feature in its latest family of Kindle Fire HD products.”

 

Outlook for Q1 Fiscal 2013

For fiscal Q1 2013, Dolby is anticipating total revenue to range from $215m to $225m. For fiscal Q1 2013, gross margin is estimated to be approximately 90 percent on a GAAP basis and 91 percent on a non-GAAP basis.

For fiscal Q1 2013, Dolby is estimating that operating expenses will be approximately $135m on a GAAP basis, and approximately $120m on a non-GAAP basis. Included in the estimated GAAP basis operating expenses for fiscal Q1 2013 are approximately $14m of stock-based compensation expense and $1m of charges related to the amortization of acquired intangibles.

 

Outlook for Fiscal 2013

For fiscal 2013, Dolby is anticipating total revenue to range from $900m to $950m.

For fiscal 2013, Dolby estimates that operating expenses will be approximately $550m on a GAAP basis, and $490m on a non-GAAP basis. Dolby’s non-GAAP expenses exclude amounts related to stock-based compensation, the amortization of intangibles from business combinations, and restructuring charges. Non-GAAP results would also include the related tax impact of these items. Although stock-based compensation expense may vary based on factors such as stock price or volatility, the amount for fiscal 2013 is anticipated to be approximately $55m. Operating expenses related to the amortization of acquired intangibles are expected to be approximately $5m for the fiscal year. The Company does not currently anticipate any restructuring charges in fiscal 2013.

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Press Release: Dolby Laboratories Reports Fiscal 2012 Fourth Quarter and Year-End Financial Results

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