DTS REVISES FOURTH QUARTER AND FISCAL YEAR 2012 RESULTS CALABASAS, Calif. (March 18, 2013) - DTS, Inc. (Nasdaq: DTSI) today announced that it has revised its financial results for the fourth quarter and fiscal year ended December 31, 2012 to include an additional accrual for foreign withholding taxes in the amount of $0.4 million, and adjustments to the Companys consolidated balance sheet as of December 31, 2012 to reflect the reclassification of deferred tax liabilities and certain unrecognized tax benefits against deferred tax assets.
For the fourth quarter 2012, the revised GAAP net loss was $0.1 million, or $0.01 per diluted share, and the revised non-GAAP net income was $5.7 million, or $0.31 per diluted share. For the full year 2012, the revised GAAP net loss was $15.9 million, or $0.91 per diluted share, and the revised non-GAAP net income was $4.3 million, or $0.24 per diluted share. The Companys 2013 outlook is unaffected by these changes.
The amended release reads: DTS, Inc. (Nasdaq: DTSI) today announced financial results for the fourth quarter and fiscal year ended December 31, 2012.
Revenue for the fourth quarter was $29.8 million, including 86% year-over-year growth from the network-connected markets. This compares to revenue of $29.0 million in the fourth quarter of 2011, which included $1.6 million in royalty recoveries. Excluding royalty recoveries, the 9% year-to-year increase in total revenue resulted primarily from robust growth in the Companys network-connected business, which was bolstered by the acquisition of SRS Labs, Inc. last July. These results were partially offset by the continuing decline in demand for DVD products and a decline in Blu-ray revenue attributable in part to a comparably weaker holiday season in 2012.
Non-GAAP net income in the fourth quarter of 2012 was $5.7 million, or $0.31 per diluted share net of tax, compared to non-GAAP net income of $8.8 million, or $0.52 per diluted share net of tax, in the fourth quarter of 2011. Non-GAAP operating margin in the fourth quarter of 2012 was 26%, compared to 50% in the fourth quarter of 2011, largely due to increased expenses resulting from recent acquisitions as well as investments to support the Companys emerging network-connected business.
GAAP net loss in the fourth quarter of 2012 was $0.1 million or $0.01 per diluted share, compared to net income of $7.1 million, or $0.42 per diluted share, in the fourth quarter of 2011. GAAP net loss for the fourth quarter of 2012 includes $3.0 million, or $0.09 per diluted share net of tax, in stock-based compensation expense; $4.8 million, or $0.15 per diluted share net of tax, in acquisition and integration-related costs; and $2.0 million, or $0.06 per diluted share net of tax, in amortization of intangibles.
For the full year, revenue was $100.6 million, compared to revenue of $96.9 million in 2011. Revenue from royalty recoveries for 2012 was $2.4 million as compared to $2.0 million in 2011.
Non-GAAP net income for the full year was $4.3 million, or $0.24 per diluted share net of tax, compared to $24.7 million, or $1.40 per diluted share net of tax, in 2011. Non-GAAP operating margin for the full year was 24%, compared to 42% in 2011.
GAAP net loss for the full year was $15.9 million, or $0.91 per diluted share, compared to net income of $18.3 million, or $1.04 per diluted share, in 2011. GAAP net income for 2012 includes $11.3 million, or $0.39 per diluted share net of tax, in stock-based compensation expense; $15.7 million, or $0.44 per diluted share net of tax, in acquisition and integration costs; and $4.8 million, or $0.17 per diluted share net of tax, in amortization of intangibles.
The GAAP and non-GAAP reconciling items for the quarters and years ended December 31, 2012 and 2011 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.
The Company generated $14.8 million in cash flow from operations in 2012, compared to $24.2 million in 2011, and closed the year with cash and investments totaling $77.0 million.
"The fourth quarter concluded a transformative year for DTS. Over the course of 2012, we successfully completed the integration of two acquisitions, realized all anticipated synergies, extended our capabilities as a complete audio solutions provider, and significantly enhanced our network-connected footprint," said Jon Kirchner, chairman and CEO of DTS, Inc.
Mr. Kirchner continued, "DTS is dramatically changing the way consumers experience entertainment - whether on-the-go or at home - and we are very excited about our strong product pipeline, including the products recently announced at CES and Mobile World Congress. New technologies such as our Play-Fi wireless audio delivery technology and Headphone:X , a game-changing technology designed to create an immersive, multi-dimensional sound experience using only a pair of standard headphones, are generating significant industry excitement. We are poised to accelerate our network-connected growth in 2013 and are intently focused on positioning the Company for improved financial performance as we move through our strategic transition."
Business Outlook
For 2013, the Company expects revenue in the range of $140 to $146 million, including a normal level of royalty recoveries. The midpoint of this range reflects approximately 42% year-over-year growth, of which 16 percentage points are expected to be from organic growth and 26 percentage points are expected to come from acquired technologies, which have now been integrated into the Companys ongoing business. The Company expects growth in 2013 to come primarily from the network-connected markets and particularly from the growing licensing of audio processing in TVs and mobile devices. The Company expects the ne
Most recent headlines
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
30/08/2025
WASHINGTON The Federal Communications Commission has adopted its FY 2025 Regulatory Fees Order that establishes the regulatory fee rates for the broadcast stati...
29/08/2025
Australian Red Cross and SBS launch training to help workplaces in the fight aga...
29/08/2025
The National Film and Video Foundation (NFVF), an agency of the Department of Sp...
29/08/2025
L3Harris Technologies has concentrated decades of expertise across the entire enterprise to develop affordable and reliable best-of-breed solutions to rapidly c...
29/08/2025
BURBANK, Calif. The CW Network and the Pac-12 Conference have announced a new media rights deal that will extend their broadcast partnership beginning with the ...
29/08/2025
NEW YORK Gracenote has released a new analysis of its global video dataset showing that the number of FAST channels grew nearly 14% from Q1 2025 and 76% since 2...
29/08/2025
SAN JOSE, Calif. Harmonic has announced a series of improvements to its live sports streaming solution that the company said will improve fan engagement, protec...
29/08/2025
NEW YORK and LOS ANGELES Fox Corp. and YouTube TV last night announced a renewal of the full portfolio of Fox networks, including Fox News Channel, Fox Business...
29/08/2025
Budapest, Hungary, August 2025 - The integration of Microsoft Teams Rooms (MTR) with Lightware's Taurus universal matrix switchers delivers a new level of f...
29/08/2025
Frequency, the engine behind many of the world's best-known streaming television channels, today announced it will launch Studio Live, a next-generation uni...
29/08/2025
In an era when AI and cyber resilience are essential, Scality will mark the 10th anniversary of Scality Day on October 16, 2025 in Paris. This flagship global e...
29/08/2025
Disguise's In-House Creative and Technical Teams Pre-Visualised, Programmed and Delivered Content for the Experience, All Powered by EX 3+
Technology solu...
29/08/2025
Disguise will be demonstrating the latest workflows for TV, film and live events on a number of partner booths at the show
Disguise, the industry-leading tech...
29/08/2025
STOCKHOLM, Sweden Accedo will showcase Accedo Compose, its AI agent-powered modular orchestration layer that assists streaming providers in transitioning client...
29/08/2025
LOS ANGELES Cineverse has announced that it is working with Xperi to bring four of its streaming channels to automobiles for the first time as part of the DTS A...
29/08/2025
DALLAS & ATLANTA Gray Media has announced an agreement with the sports streaming service Victory+ to simulcast 17 Dallas Stars NHL games in 15 television market...
29/08/2025
NEW YORK AND CULVER CITY Comcast NBCUniversal and Amazon have announced new and extended distribution agreements that will expand the content available on their...
29/08/2025
FOOTHILL RANCH, Calif. RED Digital Cinema will feature its Cine-Broadcast Module supporting live broadcast workflows during IBC2025, Sept. 12-15, at the RAI Ams...
29/08/2025
29 Aug 2025
Kyivstar Rings Opening Bell at Nasdaq Marking Landmark Listing and ...
29/08/2025
More than half of all NFL games live on Sky for the first timeFriday 29 August 2025
Sky Sports has announced a new three-year deal with the NFL, extending its ...
29/08/2025
Back to All News
RIV4LRIES: The Trailer of the New Series With Samuele Carrino ...
29/08/2025
Get ready for an inspiring and emotional insight into the world of competitive Irish dancing with My Story: Tomi Champion of the World airing on RT 2 this monda...
29/08/2025
RT has today announced that David McCullagh is to be the new presenter of RT Radio 1's flagship Today programme, which airs every weekday at 10am, replaci...
28/08/2025
By Kristin Feeley, Director, Documentary Film & Artist Programs
If you want to tell untold stories, if you want to give voice to the voiceless, you've got ...
28/08/2025
Directed by Steven Bognar and Julia Reichert, Sundance Institute-supported Amer...
28/08/2025
Corridos have been a cornerstone of M sica Mexicana for generations, telling stories rooted in everyday life. Now, a new chapter is taking shape: motivational c...
28/08/2025
Los corridos han sido un pilar de la M sica Mexicana durante generaciones, contando historias enraizadas en la vida cotidiana. Ahora, un nuevo cap tulo est tom...
28/08/2025
Earlier this month, we promised our Verano Forever party would bring the heat, a...
28/08/2025
L3Harris will provide the Polish F-16V fleet with the Viper Shield electronic warfare system as part of an upgrade program....
28/08/2025
Bilbao, August 26, 2025 - AgileTV, an international television and video technol...
28/08/2025
Ken Wilkinson is an Emmy Awards nominated New York audio engineer who specialises in production sound mixing for film, commercial, episodic and documentary work...
28/08/2025
NEW YORK FuboTV today announced that it will launch Fubo Sports, a skinny bundle that focuses on sports with a subscription price of $56 monthly....
28/08/2025
NEVADA City, Calif. At IBC2025, Sept. 12-15 at the RAI Amsterdam, Telestream will debut its new Global Ingest strategy, introducing a next-generation ingest arc...
28/08/2025
Dr. Rhoda Bernard Releases Groundbreaking Debut Book on Accessible Arts Educatio...
28/08/2025
TAG Video Systems, the leader in software-based IP end-to-end workflow monitoring, deep probing, and real-time visualization, has named Oliver Gappa as Sales Di...
28/08/2025
AI-based voice enhancement will be among a series of innovations making their IBC 2025 debut on the DHD stand B46 in Hall 8 at the RAI Amsterdam Convention Cent...
28/08/2025
Telef nica Servicios Audiovisuales (TSA), the leading system integrator and service provider in the media sector in Spain, with the support of Appear, the globa...
28/08/2025
To fully immerse sailing fans in the world's biggest offshore yacht race, production company, Optical Media turned to LiveU's On-site Production solutio...
28/08/2025
Working with Calrec on its most recent overhaul, radio and television broadcaster, WNED has migrated to a fully IP infrastructure with multiple Type R consoles,...
28/08/2025
Cleeng, the Subscriber Retention Management (SRM ) inventor, has unveiled Cleeng Pro, the first-ever direct-to-consumer (D2C) subscription management platform t...
28/08/2025
Zixi, the industry leader in live broadcast-quality video over IP, today announced that French media distribution platform OKAST has selected Zixi to enable rel...
28/08/2025
Solution offers a streamlined, speaker-free architecture to optimize integration with premium external loudspeakers and advanced loudness metering
Nixer Pro Au...
28/08/2025
Cinegy, the premier provider of software-defined television technology, has announced a strategic partnership with Vision One Touch Film Production Services L.L...
28/08/2025
Telestream, a global leader in media workflow technologies, will debut its new Global Ingest strategy at IBC2025, introducing a next-generation ingest architect...
28/08/2025
Tier 1 operator selects Broadpeak to power high-performance, unified CDN solution across Norway, Sweden and Finland
Broadpeak, a leader in streaming and moneti...
28/08/2025
Leading video software provider, Synamedia, today announced that 24 Frames Digital, one of India's leading live event streaming service providers, has chose...
28/08/2025
Meet VisualOn at IBC2025: See What's Next in AI-Powered Video Streaming Join VisualOn at IBC2025 and discover how our AI-driven Optimizer and advanced media...
DTS REVISES FOURTH QUARTER AND FISCAL YEAR 2012 RESULTS CALABASAS, Calif. (March 18, 2013) - DTS, Inc. (Nasdaq: DTSI) today announced that it has revised its financial results for the fourth quarter and fiscal year ended December 31, 2012 to include an additional accrual for foreign withholding taxes in the amount of $0.4 million, and adjustments to the Companys consolidated balance sheet as of December 31, 2012 to reflect the reclassification of deferred tax liabilities and certain unrecognized tax benefits against deferred tax assets. 
