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Technology Stocks : DLB Dolby Laboratories
DLB 63.25+0.6%5:15 PM ESTNews

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From: Cooters10/25/2017 4:54:59 PM
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Dolby Laboratories Reports Fourth Quarter and Fiscal 2017 Financial Results

investor.dolby.com


SAN FRANCISCO--(BUSINESS WIRE)-- Dolby Laboratories, Inc. (NYSE: DLB) today announced financial results for the fourth quarter (Q4) and fiscal year that ended September 29, 2017. For Q4, Dolby reported total revenue of $242.0 million, compared to $233.0 million for Q4 of fiscal 2016. For fiscal 2017, Dolby reported total revenue of $1.08 billion, compared to $1.03 billion for fiscal 2016.

"We continued to build momentum with our new initiatives in Q4," said Kevin Yeaman, President and CEO of Dolby Laboratories. "With increased adoption of Dolby Vision in televisions and mobile devices, a growing number of Dolby Cinema locations open, and Dolby Voice now launched into the huddle room market, we are well positioned to bring our experiences to significantly more consumers in 2018."

Fourth quarter GAAP net income was $21.8 million, or $0.21 per diluted share, compared to $23.9 million, or $0.23 per diluted share, for the fourth quarter of fiscal 2016. On a non-GAAP basis, fourth quarter net income was $46.6 million, or $0.45 per diluted share, compared to $38.6 million, or $0.37 per diluted share, for the fourth quarter of fiscal 2016. Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.

During Q4, Dolby initiated a plan to reduce certain activities and reallocate those resources towards higher priority investment areas, resulting in the elimination of approximately 80 employee positions. As a result, Dolby's Q4 operating expenses on a GAAP basis include a $12.9 million restructuring charge for severance-related costs associated with this action.

Fiscal 2017 GAAP net income was $201.8 million, or $1.95 per diluted share, compared to $185.9 million, or $1.81 per diluted share, for fiscal 2016. On a non-GAAP basis, fiscal 2017 net income was $269.7 million, or $2.61 per diluted share, compared to $249.0 million, or $2.43 per diluted share, for fiscal 2016.

Dividend

Today, Dolby announced a cash dividend of $0.16 per share of Class A and Class B common stock, payable on November 15, 2017, to stockholders of record as of the close of business on November 6, 2017.

Financial Outlook

Q1 Fiscal 2018

Dolby is providing the following estimates for its first quarter (Q1) of fiscal 2018:

    Total revenue will range from $260 million to $270 million Gross margin percentages will be approximately 88 percent on a GAAP basis, and approximately 89 percent on a non-GAAP basis Operating expenses will range from $174 million to $178 million on a GAAP basis, and from $156 million to $160 million on a non-GAAP basis Diluted earnings per share will be between $0.41 and $0.47 on a GAAP basis, and between $0.55 and $0.61 on a non-GAAP basis Effective tax rate will be between 23 percent and 24 percent on both a GAAP and non-GAAP basis
Fiscal 2018

Dolby is providing the following estimates for its fiscal 2018:

    Total revenue will range from $1.14 billion to $1.17 billion Gross margin percentages will be approximately 88 percent on a GAAP basis, and approximately 89 percent on a non-GAAP basis Operating expenses will range from $726 million to $736 million on a GAAP basis, and from $655 million to $665 million on a non-GAAP basis Effective tax rate will be between 23 percent and 24 percent on both a GAAP and non-GAAP basis
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