Dolby Laboratories Reports First Quarter Fiscal 2019 Financial Results
finance.yahoo.com
SAN FRANCISCO, Jan. 30, 2019 (GLOBE NEWSWIRE) -- Dolby Laboratories, Inc. ( DLB) today announced the Company's financial results for the first quarter (Q1) of fiscal 2019. For the first quarter, Dolby reported total revenue of $302.4 million, compared to $299.5 million for the first quarter of fiscal 2018.
“We’re off to a solid start to 2019, and we are excited that a growing number of consumers around the world are able to enjoy Dolby experiences,” said Kevin Yeaman, President and CEO, Dolby Laboratories. “Our momentum for Dolby Vision and Dolby Atmos was on strong display at CES, and we opened our first Dolby Cinema in the UK at the iconic Odeon Leicester Square.”
First quarter GAAP net income was $98.2 million, or $0.93 per diluted share, compared to GAAP net loss of $53.3 million, or $0.52 per diluted share, for the first quarter of fiscal 2018. On a non-GAAP basis, first quarter net income was $78.7 million, or $0.74 per diluted share, compared to non-GAAP net income of $95.4 million, or $0.90 per diluted share, for the first quarter of fiscal 2018. A complete listing of Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.
As previously indicated, Dolby adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC 606") in the first quarter of fiscal 2019, and today’s announced results and the financial outlook are presented in accordance with that new revenue standard. Dolby adopted ASC 606 using the full retrospective transition method. Therefore, all prior periods are also presented in accordance with the new revenue standard. Included at the end of this press release are financial results for fiscal 2017, fiscal 2018, and the four quarters of fiscal 2018, as adjusted in accordance with ASC 606.
Dividend
Today, Dolby announced a cash dividend of $0.19 per share of Class A and Class B common stock, payable on February 21, 2019, to stockholders of record as of the close of business on February 12, 2019.
Financial Outlook
Q2 Fiscal 2019
Dolby is providing the following estimates for its second quarter (Q2) of fiscal 2019:
Total revenue will range from $325 million to $345 millionGross margin percentages will be approximately 88 percent on a GAAP basis and approximately 89 percent on a non-GAAP basisOperating expenses will be between $206 million and $210 million on a GAAP basis and between $186 million and $190 million on a non-GAAP basisDiluted earnings per share will be between $0.48 and $0.54 on a GAAP basis and between $0.81 and $0.87 on a non-GAAP basisEffective tax rate will be between 38 percent and 42 percent on a GAAP basis and between 19 percent and 21 percent on a non-GAAP basisFiscal Year 2019
Dolby is providing the following estimates for its fiscal year 2019:
Total revenue will range from $1.24 billion to $1.28 billionGross margin percentages will be approximately 87 percent on a GAAP basis and approximately 88 percent on a non-GAAP basisOperating expenses will range from $786 million to $796 million on a GAAP basis and from $705 million to $715 million on a non-GAAP basisEffective tax rate for the year will be between 13 percent and 15 percent on a GAAP basis and between 19 and 21 percent on a non-GAAP basis |
