Dolby Laboratories Reports Third Quarter Fiscal 2018 Financial Results
investor.dolby.com
SAN FRANCISCO, July 25, 2018 (GLOBE NEWSWIRE) -- Dolby Laboratories, Inc. (NYSE:DLB) today announced the Company's financial results for the third quarter (Q3) of fiscal 2018. For the third quarter, Dolby reported total revenue of $317.4 million, compared to $305.7 million for the third quarter of fiscal 2017.
“We continue to see progress on several fronts,” said Kevin Yeaman, President and CEO, Dolby Laboratories. “Apple adopted Dolby Atmos into Apple TV 4K while Microsoft announced Dolby Vision support for Xbox One. We also now have partners that will be launching Dolby Cinema sites for the first time in England, Germany and Kuwait.”
Third quarter GAAP net income was $83.1 million, or $0.78 per diluted share, compared to net income of $76.0 million, or $0.73 per diluted share, for the third quarter of fiscal 2017. On a non-GAAP basis, third quarter net income was $98.9 million, or $0.92 per diluted share, compared to $89.2 million, or $0.86 per diluted share, for the third quarter of fiscal 2017. Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.
Dividend
Today, Dolby announced a cash dividend of $0.16 per share of Class A and Class B common stock, payable on August 14, 2018, to stockholders of record as of the close of business on August 6, 2018.
Stock Repurchase Program
Today, Dolby also announced that its Board of Directors has approved increasing the size of its stock repurchase program by $350 million, bringing the amount available for future repurchases of the Company's Class A Common Stock to approximately $412 million. Stock repurchases under this program may be made through open market transactions, negotiated purchases, or otherwise, at times and in such amounts as the Company considers appropriate.
Financial Outlook
Q4 Fiscal 2018
Dolby is providing the following estimates for its fourth quarter (Q4) of fiscal 2018:
Total revenue will range from $265 million to $275 million
Gross margin percentages will be approximately 86 percent on a GAAP basis and approximately 87 percent on a non-GAAP basis
Operating expenses will be between $195 million and $199 million on a GAAP basis and between $176 million and $180 million on a non-GAAP basis
Diluted earnings per share will be between $0.25 and $0.31 on a GAAP basis and between $0.40 and $0.46 on a non-GAAP basis
Effective tax rate will be between 20 percent and 23 percent on both a GAAP and non-GAAP basis Fiscal Year 2018
Dolby is providing the following estimates for its fiscal 2018:
Total revenue will range from $1.17 billion to $1.18 billion
Gross margin percentages will be approximately 88 percent on a GAAP basis and approximately 89 percent on a non-GAAP basis
Operating expenses will range from $744 million to $748 million on a GAAP basis and from $670 million to $674 million on a non-GAAP basis
The full year tax rate on a GAAP basis will be approximately 67 percent and approximately 20 percent on a non-GAAP basis
Fiscal Year 2018
Dolby is providing the following estimates for its fiscal 2018:
Total revenue will range from $1.17 billion to $1.18 billion
Gross margin percentages will be approximately 88 percent on a GAAP basis and approximately 89 percent on a non-GAAP basis
Operating expenses will range from $744 million to $748 million on a GAAP basis and from $670 million to $674 million on a non-GAAP basis
The full year tax rate on a GAAP basis will be approximately 67 percent and approximately 20 percent on a non-GAAP basis |
