Dolby Laboratories Reports Second Quarter Fiscal 2019 Financial Results
investor.dolby.com
SAN FRANCISCO, May 01, 2019 (GLOBE NEWSWIRE) -- Dolby Laboratories, Inc. (NYSE:DLB) today announced the Company's financial results for the second quarter (Q2) of fiscal 2019. For the second quarter, Dolby reported total revenue of $338.3 million, compared to $299.7 million for the second quarter of fiscal 2018.
“It was another solid quarter, as we continued to expand the amount of content and devices in Dolby Vision and Dolby Atmos and grow our footprint of Dolby Cinema,” said Kevin Yeaman, President and CEO, Dolby Laboratories. “Going forward, this means more people around the world will be able to enjoy experiences in Dolby.”
Second quarter GAAP net income was $73.4 million, or $0.70 per diluted share, compared to GAAP net income of $65.2 million, or $0.61 per diluted share, for the second quarter of fiscal 2018. On a non-GAAP basis, second quarter net income was $109.0 million, or $1.04 per diluted share, compared to non-GAAP net income of $78.1 million, or $0.73 per diluted share, for the second 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 6?06") 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 May 22, 2019, to stockholders of record as of the close of business on May 14, 2019.
Financial Outlook
Q3 Fiscal 2019
Dolby is providing the following estimates for its third quarter (Q3) of fiscal 2019:
Total revenue will range from $295 million to $315 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 $201 million and $205 million on a GAAP basis and between $181 million and $185 million on a non-GAAP basis
Diluted earnings per share will be between $0.45 and $0.51 on a GAAP basis and between $0.62 and $0.68 on a non-GAAP basis
Effective tax rate will be between 19 percent and 21 percent on both a GAAP and non-GAAP basis
Fiscal Year 2019
Dolby is providing the following estimates for its fiscal year 2019:
Total revenue will range from $1.24 billion to $1.28 billion
Gross margin percentages will be approximately 87 percent on a GAAP basis and approximately 88 percent on a non-GAAP basis
Operating expenses will range from $786 million to $796 million on a GAAP basis and from $705 million to $715 million on a non-GAAP basis
Effective tax rate for the year will be between 11 percent and 13 percent on a GAAP basis and between 19 and 20 percent on a non-GAAP basis |
