Dolby Labs Bullish on Broadcast Sector

12 Dec

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Dolby Laboratories, Inc. (NYSE:DLB) announced the Company’s financial results for the fourth quarter and fiscal year ended September 30, 2011.

“We continue to see a significant opportunity in broadcast and remain focused on extending our technologies to online content and a growing array of portable devices.”

For the fourth quarter, Dolby reported total revenue of $243.8 million, compared to $227.8 million for the fourth quarter of fiscal 2010.

Fourth quarter GAAP net income was $79.1 million, or $0.71 per diluted share, compared to $65.0 million, or $0.57 per diluted share, for the fourth quarter of fiscal 2010. On a non-GAAP basis, fourth quarter net income was $89.9 million, or $0.81 per diluted share, compared to $74.9 million, or $0.66 per diluted share, for the fourth quarter of fiscal 2010.

Fiscal year GAAP net income was $309.3 million, or $2.75 per diluted share, compared to $283.4 million, or $2.46 per diluted share, for fiscal year 2010. On a non-GAAP basis, fiscal year net income was $339.9 million, or $3.02 per diluted share, compared to $313.5 million, or $2.72 per diluted share for fiscal 2010. Dolby’s non-GAAP measures exclude expenses related to stock-based compensation, the amortization of intangibles from business combinations, restructuring charges, and the related tax impact of these items. The non-GAAP measures also exclude the one-time tax benefit resulting from the release of a deferred tax liability in the first quarter of fiscal 2011.

“We continued to see solid growth from our broadcast market in the fourth quarter, helping licensing revenue finish up 11 percent for the fiscal year,” said Kevin Yeaman, President and Chief Executive Officer, Dolby Laboratories. “We continue to see a significant opportunity in broadcast and remain focused on extending our technologies to online content and a growing array of portable devices.”

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