30.04.2009 20:05:00

Dolby Laboratories Reports Second Quarter Fiscal 2009 Results

Dolby Laboratories, Inc. (NYSE:DLB) today announced the Company's financial results for the second quarter of fiscal 2009.

For the second quarter, Dolby reported total revenue of $204.1 million, compared to $172.6 million for the second quarter of fiscal 2008, an increase of eighteen percent. Total revenue benefited from the recognition of $23.6 million in revenue related to digital cinema, which was deferred in prior quarters.

Second quarter net income was $69.5 million, or $0.60 per diluted share, compared to $56.8 million, or $0.49 per diluted share, for the second quarter of fiscal 2008.

Net income for the second quarter of fiscal 2009 reflects stock-based compensation expense of $4.8 million compared to $6.1 million for the second quarter of fiscal 2008 and charges related to the amortization of intangibles of $4.7 million for the second quarter of fiscal 2009 compared to $4.1 million for the second quarter of fiscal 2008. Fiscal second quarter net income also reflects $1.9 million in restructuring charges primarily related to the consolidation of manufacturing operations.

"We are very pleased with our second quarter performance,” said Kevin Yeaman, President and Chief Executive Officer, Dolby Laboratories. "We continue to diversify our revenue streams while increasing the adoption of our technologies in many of the world’s most popular entertainment devices.”

Guidance

Dolby now expects fiscal 2009 revenue to be $650 million to $700 million. Net income is now expected to be $204 million to $222 million. Earnings per diluted share are now expected to be $1.76 to $1.91. Reflected in Dolby’s fiscal 2009 earnings guidance is a $20 million gain in the first quarter resulting from an amendment to a license agreement with an unrelated patent licensor, and approximately $6 million in estimated restructuring charges primarily related to the consolidation of manufacturing operations to be recognized in fiscal 2009. The net impact of the $20 million gain and the $6 million in restructuring charges in the fiscal year are approximately $13 million and $4 million, respectively, or $0.11 and $0.03 per diluted share, respectively. While under FAS 123R, stock-based compensation expense may vary based on factors such as stock price or volatility, Dolby now expects stock-based compensation expense for the full year to be approximately $23 million. In addition, Dolby now expects charges related to the amortization of intangibles for fiscal 2009 to be approximately $16 million.

The Company's Conference Call Information

Members of Dolby management will lead a conference call, open to all interested parties, to discuss Dolby Laboratories’ second quarter of fiscal 2009 financial results at 2:00 p.m. PT/5:00 p.m. ET, Thursday, April 30, 2009.

Access to the teleconference will be available over the Internet from http://investor.dolby.com/medialist.cfm or by dialing 888-256-9119. International callers can access the conference call at 913-312-1277.

A replay of the call will be available beginning at 5:00 p.m. PT on Thursday, April 30, 2009, until 9:00 p.m. PT on May 7, 2009 at 888-203-1112 (international callers can access the replay by dialing 719-457-0820) using confirmation code 1222784. An archived version of the teleconference will also be available on www.dolby.com.

Forward-Looking Statements

Certain statements in this press release, including statements relating to Dolby's expectations regarding revenue, including net income, earnings per diluted share, future restructuring charges, stock-based compensation expense and charges relating to the amortization of intangibles for the fiscal year ending September 25, 2009, Dolby’s continued diversification of revenues and the adoption of Dolby technologies into many of the world’s most popular entertainment devices and the benefits that may be derived therefrom 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 certain risks and uncertainties actual results may differ materially from those projected. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: risks associated with trends in the markets in which Dolby operates, including the DVD and Blu-ray Disc, broadcast, personal computer, consumer electronic, gaming, mobile and automobile markets; the effects of the economic recession both domestically and internationally; pricing pressures; the timing of Dolby's receipt of royalty reports and/or payments from its licensees; Dolby’s accuracy of calculation of royalties due to its licensors; Dolby’s ability to develop, maintain, and strengthen relationships with industry participants; Dolby’s ability to develop and deliver innovative technologies in response to new and growing markets in the entertainment industry; competitive risks; risks associated with conducting business in China and other countries that have historically limited recognition and enforcement of intellectual property and contractual rights; risks associated with the health of the motion picture industry generally; the development and growth of the market for digital cinema and digital 3D and Dolby’s ability to successfully penetrate this market; Dolby’s ability to expand its business generally, and to expand its business beyond sound technologies to other technologies related to digital entertainment delivery, by acquiring and successfully integrating businesses or technologies; and other risks detailed in Dolby’s Securities and Exchange Commission filings and reports, including the risks identified under the section captioned "Risk Factors” in its most recent Quarterly Report on Form 10-Q. Dolby disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

About Dolby Laboratories

Dolby Laboratories (NYSE:DLB) is the global leader in technologies that are essential elements in the best entertainment experiences. Founded in 1965 and best known for high-quality audio and surround sound, Dolby creates innovations that enrich entertainment at the movies, at home, or on the go. Visit www.dolby.com for more information.

Dolby and the double-D symbol are registered trademarks of Dolby Laboratories. S09/21268 DLB-F

 
DOLBY LABORATORIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
       
 
Fiscal Quarter Ended Fiscal Year-to-Date Ended
March 28, 2008   March 27, 2009 March 28, 2008   March 27, 2009
(unaudited)
(in thousands, except per share amounts)
Revenue:
Licensing $ 149,619 $ 159,879 $ 272,049 $ 313,935
Product sales 15,628 36,008 35,638 53,954
Services   7,310     8,237     15,097     16,493  
Total revenue   172,557     204,124     322,784     384,382  
 
Cost of revenue:
Cost of licensing 5,555 4,613 8,818 7,861
Cost of product sales (1) 8,540 24,275 20,188 33,634

Cost of services (1)

3,151 3,094 6,206 6,300
Gain from amended patent licensing agreement   -     -     -     (20,041 )
Total cost of revenue   17,246     31,982     35,212     27,754  
Gross margin   155,311     172,142     287,572     356,628  
Operating expenses:
Selling, general and administrative (1) 55,310 53,420 106,296 107,400
Research and development (1) 15,725 16,244 29,632 31,409
Restructuring charges, net - 1,866 - 2,734
Gain on settlements   (249 )   (4,900 )   (249 )   (4,900 )
Total operating expenses   70,786     66,630     135,679     136,643  
Operating income 84,525 105,512 151,893 219,985
Other income, net   2,404     2,707     7,608     5,194  
Income before provision for income taxes and controlling interest 86,929 108,219 159,501 225,179
Provision for income taxes   (29,792 )   (38,430 )   (54,399 )   (77,053 )
Income before controlling interest 57,137 69,789 105,102 148,126
Controlling interest in net income   (359 )   (338 )   (651 )   (580 )
Net income $ 56,778   $ 69,451   $ 104,451   $ 147,546  
 
 
Basic earnings per share $ 0.51 $ 0.62 $ 0.94 $ 1.31
Diluted earnings per share $ 0.49 $ 0.60 $ 0.91 $ 1.28
 
Weighted-average shares outstanding (basic) 111,192 112,852 110,892 112,730
Weighted-average shares outstanding (diluted) 114,736 115,059 114,579 114,981
 
 
(1) Stock-based compensation included above was classified as follows:
Cost of product sales $ 262 $ 222 $ 503 $ 378
Cost of services 38 29 78 56
Selling, general and administrative 4,600 3,605 8,895 7,068
Research and development 1,229 984 2,119 1,918

 
DOLBY LABORATORIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
   
September 26, 2008 March 27, 2009
(unaudited)
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 394,761 $ 372,528
Short-term investments 119,667 193,543
Accounts receivable, net 27,650 45,245
Inventories 18,133 14,113
Deferred taxes 91,824 70,714
Prepaid expenses and other current assets   39,834   29,344  
Total current assets 691,869 725,487
Property, plant and equipment, net 87,915 86,895
Intangible assets, net 83,060 79,218
Goodwill 250,356 225,548
Long-term investments 180,996 244,535
Deferred taxes 24,900 38,033
Other assets   17,050   24,184  
Total assets $ 1,336,146 $ 1,423,900  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 156,925 $ 119,636
Income taxes payable 4,811 1,384
Current portion of long-term debt 1,593 1,540
Deferred revenue   37,344   25,372  
Total current liabilities 200,673 147,932
Long-term debt 7,782 6,453
Deferred revenue 6,171 7,363
Deferred taxes 16,755 14,341
Other liabilities   33,414   32,542  
Total liabilities 264,795 208,631
Controlling interest 22,098 20,174
Stockholders' equity:
Class A common stock 52 53
Class B common stock 60 60
Additional paid-in capital 434,907 449,914
Retained earnings 609,495 757,030
Accumulated other comprehensive income (loss)   4,739   (11,962 )
Total stockholders' equity   1,049,253   1,195,095  
Total liabilities and stockholders' equity $ 1,336,146 $ 1,423,900  

 
DOLBY LABORATORIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
     
Fiscal Year-to-Date Ended
March 28, 2008 March 27, 2009
(unaudited)
(in thousands)
Operating activities: $ 104,451 $ 147,546
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 12,238 14,585
Stock-based compensation expense 11,527 9,180
Accretion of discounts/amortization of premium on investments 212 2,265
Excess tax benefit from exercise of stock options (11,552 ) (1,483 )
Provision for doubtful accounts 485 1,382
Deferred taxes (15,735 ) 16,957
Gain on Put Rights - (9,220 )
Unrealized losses on auction rate certificates - 10,622
Gain from amended patent licensing agreement - (20,041 )
Other non-cash items affecting net income 1,500 (609 )
Changes in operating assets and liabilities:
Accounts receivable (13,521 ) (21,217 )
Inventories (6,117 ) (3,710 )
Prepaid expenses and other assets (5,313 ) 7,693
Accounts payable and accrued liabilities 7,341 (15,575 )
Income taxes, net 12,454 1,268
Deferred revenue 11,147 (6,972 )
Other liabilities   1,657     (2,604 )
Net cash provided by operating activities   110,774     130,067  
Investing activities:

Purchases of available-for-sale securities

(163,424 ) (195,253 )
Proceeds from sale of available-for-sale and trading securities 269,376 53,986
Purchases of property, plant and equipment (4,631 ) (3,552 )
Purchase of intangible assets

-

(8,321 )
Acquisitions, net of cash acquired (253,176 ) -
Other   40     -  
Net cash used in investing activities   (151,815 )   (153,140 )
Financing activities:
Payments on debt (759 ) (734 )
Proceeds from exercise of stock options 8,001 3,161
Issuance of Class A commons stock (ESPP) 505 1,635
Excess tax benefit from exercise of stock options   11,552     1,483  
Net cash provided by financing activities   19,299     5,545  
Effect of foreign exchange rate changes on cash and cash equivalents   777     (4,705 )
Net decrease in cash and cash equivalents (20,965 ) (22,233 )
Cash and cash equivalents at beginning of period   368,467     394,761  
Cash and cash equivalents at end of period $ 347,502   $ 372,528  

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