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Dolby Laboratories Reports Second Quarter Fiscal 2016 Financial Results

DLB, +12.81% today announced the Company's financial results for the second quarter (Q2) of fiscal year 2016. For the second quarter, Dolby reported total revenue of $274.3 million, compared to $271.9 million for the second quarter of fiscal year 2015.

Second quarter GAAP net income was $67.4 million, or $0.66 per diluted share, compared to $58.0 million, or $0.56 per diluted share, for the second quarter of fiscal 2015. On a non-GAAP basis, second quarter net income was $83.5 million, or $0.82 per diluted share, compared to $74.9 million, or $0.72 per diluted share, for the second quarter of fiscal 2015. Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.

“It was a solid quarter and we gained momentum in mobile with the inclusion of Dolby Audio in iOS,” said Kevin Yeaman, President and CEO, Dolby Laboratories. “We’ve also expanded the number of Dolby Vision TVs in market and the amount of Dolby Vision content, while continuing to roll out Dolby Cinema locations around the world.”

Dividend

Today, Dolby announced a cash dividend of $0.12 per share of Class A and Class B common stock, payable on May 18, 2016, to stockholders of record as of the close of business on May 9, 2016.

Financial Outlook

Q3 2016

Dolby estimates that total revenue for the third quarter (Q3) of fiscal 2016 will range from $260 million to $275 million. Gross margin percentages are projected to range between approximately 89 percent and 90 percent on a GAAP basis and between 90 percent and 91 percent on a non-GAAP basis.

Dolby anticipates that operating expenses will be between $172 million and $175 million on a GAAP basis and between $154 million and $157 million on a non-GAAP basis.

Dolby estimates that diluted earnings per share will be between $0.47 and $0.53 on a GAAP basis and between $0.62 and $0.68 on a non-GAAP basis.

Dolby estimates that its fiscal Q3 2016 effective tax rate will be approximately 26 percent on both a GAAP and non-GAAP basis.

Fiscal Year 2016

Dolby anticipates that total revenue will range from $1 billion to $1.03 billion.

Dolby anticipates that operating expenses will be between $685 million and $690 million on a GAAP basis and between $610 million and $615 million on a non-GAAP basis.

Conference Call Information

Members of Dolby management will lead a conference call open to all interested parties to discuss Q2 fiscal 2016 financial results for Dolby Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Wednesday, April 27, 2016. Access to the teleconference will be available over the Internet from http://investor.dolby.com/events.cfm or by dialing 1-800-753-9057. International callers can access the conference call at 1-913-312-0654.

A replay of the call will be available from 5:00 p.m. PT on Wednesday, April 27, 2016, until 9:00 p.m. PT on Wednesday, May 4, 2016, by dialing 1-877-870-5176 (international callers can access the replay by dialing 1-858-384-5517) and entering the confirmation code 7546497. An archived version of the teleconference will also be available on the Dolby Laboratories website, http://investor.dolby.com/events.cfm.

Non-GAAP Financial Information

To supplement Dolby's financial statements presented on a GAAP basis, Dolby provides certain non-GAAP financial measures. These measures are adjusted to exclude amounts related to stock-based compensation, expense associated with dividend equivalents paid on restricted stock units, the amortization of intangibles from business combinations, restructuring charges, and the related tax impact of these items. Dolby presents non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Dolby's operating results in a manner that focuses on what Dolby's management believes to be its ongoing business operations. Dolby's management believes it is useful for itself and investors to review both GAAP and non-GAAP measures in order to assess the performance of Dolby's business for planning and forecasting in subsequent periods. Dolby's management does not itself, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Whenever Dolby uses non-GAAP financial measures, it provides a reconciliation of the non-GAAP financial measures to the most closely applicable GAAP financial measures. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as detailed above. Investors are also encouraged to review Dolby's GAAP financial statements as reported in its US Securities and Exchange Commission (SEC) filings. A reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release and on Dolby's investor relations website at http://investor.dolby.com.

Forward-Looking Statements

Certain statements in this press release, including, but not limited to, statements relating to Dolby's expected financial results for Q3 2016 and fiscal 2016, our ability to advance our long-term objectives, and future quarterly dividend payments are "forward-looking statements" that are subject to risks and uncertainties. These forward-looking statements are based on management's current expectations, and as a result of...


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