DTS Reports First Quarter Fiscal 04 Financial Results

CALABASAS, Calif., May 12, 2014 (GLOBE NEWSWIRE) -- DTS, Inc. (Nasdaq:DTSI), a leader in high-definition audio solutions and audio enhancement technologies, today announced financial results for the first quarter ended March 31, 2014.

DTS started off the year with record organic revenue and strong earnings growth, with non-GAAP net income up nearly 60% for the quarter. We believe that our Q1 performance puts us solidly on track to achieve our 2014 goals, said Jon Kirchner, chairman and CEO of DTS, Inc. With the launch of Headphone:X on the worlds first 2K smartphone during the quarter, along with a supporting content service, we expect 2014 to be a year marked by meaningful progress across our key program initiatives. Headphone:X and Play-Fi represent cutting edge solutions that we expect to lay an exciting foundation for our future growth as we continue to redefine the connected consumer entertainment experience.

Financial Comparison

Q1 2014 Q1 2013

Revenue $36.8 million $32.7 million

Year-over-Year Growth Rate 13%

GAAP Net Income/(Loss) $5.6 million $(1.5 million)

GAAP Earnings/(Loss) Per Share* $0.32 ($0.08)

Non-GAAP Operating Margin 24% 21%

Non-GAAP Net Income $6.3 million $4.0 million

Non-GAAP Earnings Per Share* $0.36 $0.22

*Earnings/(Loss) Per Diluted Share Net of Tax

Other GAAP Results

Q1 2014 Amount Per Diluted Share*

Stock-Based Compensation $2.5 million $0.10

Amortization of Intangibles $2.4 million $0.10

Realignment Costs $1.1 million $0.05

*Amount Per Diluted Share Net of Tax @ 28%

DTS closed the quarter with cash and investments totaling $62.8 million and bought back 374,200 shares as part of the approved 2 million share buyback program.

The GAAP and non-GAAP reconciling items for the quarters ended March 31, 2014 and 2013 can be found in the Non-GAAP Financial Metrics schedule attached to this press release and on the investor relations portion of the Companys website at www.DTS.com.

Business Outlook

The Company continues to expect full year revenue in the range of $132 to $138 million, including a normal level of royalty recoveries, non-GAAP operating margins in the mid-20s and non-GAAP diluted EPS in the range of $1.20 to $1.40 based on a 30% effective tax rate. Stock-based compensation expense is expected to be in the range of $0.41 to $0.47 per diluted share net of tax and amortization of intangibles is expected to be in the range of $0.41 to $0.45 per diluted share net of tax. The Company expects its tax rate, for both GAAP and non-GAAP purposes,

LINK:	http://www.dts.com/corporate/press-releases/2014/05/dts-reports-first-...
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