DTS Reports Strong Second Quarter 2014 Financial Results CALABASAS, Calif., Aug. 11, 2014 (GLOBE NEWSWIRE) -- DTS, Inc. (Nasdaq:DTSI), a leader in high-definition audio solutions, today announced financial results for the second quarter ended June 30, 2014.
DTS achieved strong revenue and earnings growth in the second quarter, with double-digit organic growth driven by progress in TV and game console markets as well as continued progress on our comprehensive royalty audit program, said Jon Kirchner, chairman and CEO of DTS, Inc. Importantly, we continue to see momentum in key areas of our business and market interest in innovative technologies like Play-Fi and Headphone:X. Our progress in the first half coupled with a growing product release pipeline has caused us to raise our full year outlook. Looking ahead, we remain focused on the large and attractive opportunities in network-connected devices, including smartphones, TVs and PCs, and expect to see accelerating organic growth over the next few years.
Financial Comparison
Q2 2014 Q2 2013
Revenue $36.2 million $27.2 million
Year-over-Year Growth Rate 33%
GAAP Net Income/(Loss) $7.0 million $(2.0) million
GAAP Earnings/(Loss) Per Share* $0.41 $(0.11)
Non-GAAP Operating Margin 31% 13%
Non-GAAP Net Income $8.0 million $2.1 million
Non-GAAP Earnings Per Share* $0.47 $0.11
*Earnings/(Loss) Per Diluted Share Net of Tax
Other GAAP Results
Q2 2014 Amount Per Diluted Share*
Stock-Based Compensation $2.9 million $0.12
Amortization of Intangibles $2.6 million $0.11
*Amount Per Diluted Share Net of Tax @ 30%
DTS closed the quarter with cash and investments totaling $69.5 million and generated $5.5 million in operating cash flow.
The GAAP and non-GAAP reconciling items for the quarters ended June 30, 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 raised its outlook for the full year and now expects revenue in the range of $137 to $142 million, non-GAAP operating margins in the mid to upper 20s and non-GAAP diluted EPS in the range of $1.40 to $1.50 based on a 30% effective tax rate. Stock-based compensation expense is expected to be in the range of $0.42 to $0.46 per diluted share net of tax and amortization of intangibles is expected to be in the range of $0.36 to $0.40 per diluted share net of tax. On a GAAP basis, the Company expects its effective tax rate to be approximately negative 5% to negative 10%, which is net of five to six million dollars of discrete item credits. The Company expects GAAP operating margins of approximately 9% to 11% and GAAP diluted EPS in the range of $0.85 to $0.95.
The Company continues to expect its organic growth in 2014 to come primarily from the network-connected markets, specifically connected TVs, mobile devices and PCs. Network-connected markets are expected to represent more than 50% of total revenue in 2014.
Use of Non-GAAP Financial Information
Included within this press release are non-GAAP financial measures that supplement the Companys Consolidated Statements of Operations prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Companys actual results prepared under GAAP to exclude charges and the related income tax effect for stock-based compensation, the amortization of intangible assets, and certain acquisition, integration and restructuring-related costs. Over the past several years, the Companys GAAP tax rate has been subject to substantial variability caused by three-year cumulative pre-tax losses in the US, which required the Company to record a valuation allowance against all United States Federal deferred tax benefits. For the second quarter of 2013, the Companys pre-tax earnings included a normalized 40% effective tax rate as management believed that the Companys inability to utilize its US deferred tax benefits would be temporary. In 2014, the Company effected a complex restructuring of certain intellectual property rights which addressed the issue of US taxable income. With the Companys global entity structure now optimized, management believes the appropriate measure for its second quarter 2014 results is to impute a normalized 30% effective tax rate on the pre-tax earnings of the Company. Reconciliations of GAAP to non-GAAP amounts for the periods presented herein are provided in schedules accompanying this release and should be considered together with the Consolidated Statements of Operations. These non-GAAP measures are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. The Companys management believes that this information can assist investors in evaluating the Companys operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP measures allow investors to evaluate DTS financial performance using some of the same measures as management. However, the non-GAAP financial measures should not be regarded as a replacement for or superior to corresponding, similarly captioned, GAAP measures.
Conference Call Information for August 11, 2014
DTS will host a conference call and live webcast at 1:30 p.m. Pacific Time to discuss the second quarter ended June 30, 2014 results. To access the conference call, dial 1-888-287-5563 or 1-719-325-2361 (outside the U.S. and Canada). A live webcast of the call will be available from the Investor Relations section of the Companys corporate website at www.dts.com and via replay beginning two hours after the completion of the call. An audio replay of the call will also be available to investors beginning at 4:30 p.m. Pacific Time, August 11, 2014 through 4:30
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
01/04/2026
January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION
Douyin Users Can Now Create And Share Videos With Stun...
08/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
08/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
08/01/2026
Maxon's new release of Cinebench features performance enhancements and adds support for the latest Nvidia and AMD GPUs as well as Apple Silicon.
Maxon is t...
08/01/2026
Zixi, the industry leader in IP-based video transport and orchestration, today announced the appointment of Heather Mellish as Vice President, Global Sales.
In...
08/01/2026
Pebble, the leading automation, content management and integrated channel specialist, has provided a complete update of its installation at Canal Sur in Spain. ...
08/01/2026
iWedia, a global leader in software solutions for connected TV devices, proudly announces the success of its collaboration with Panasonic on the Z95B OLED TV, o...
08/01/2026
Secuoya Chile, a leading provider of television content creation and supporting services, has invested in Ikegami UHK-X600 and UHL-X40 broadcast cameras as the ...
08/01/2026
Kiloview, a global leader in AV-over-IP solutions, will showcase its latest innovations at ISE 2026, highlighting the continued evolution of its complete, light...
08/01/2026
iWedia, a global leader in software solutions for connected TV devices, and Realtek, a leading global SoC design house, today announced the next phase of their ...
08/01/2026
CJP Broadcast has completed a new pitch-side media installation for Cinderford RFC, creating a flexible production setup that supports match coverage, coaching ...
08/01/2026
PlayBox Neo further drives momentum in Playout, Streaming, Media Management and Delivery
"With a brand new year at PlayBox Neo already off to a flying start, I...
08/01/2026
Boston Conservatory at Berklee Presents Second Annual Commercial Dance BFA Conce...
07/01/2026
SVG Summit 2025: All General Sessions Now Available to Watch on SVG PLAYThe SVG Summit celebrated its 20th edition with a loaded agendaBy Brandon Costa, Directo...
07/01/2026
NBCU's Brings Rinkside Live' and Courtside Live' Features to Peaco...
07/01/2026
Spotify is launching a week-long celebration spotlighting creators at the center...
07/01/2026
We know people use Spotify not just to listen, but to share the songs, podcasts, and audiobooks they love with their friends and family. When we launched Messag...
07/01/2026
This week, all eyes are on the podcast industry as the Golden Globes recognizes ...
07/01/2026
Podcasts are stepping onto a new stage this week as the Golden Globes recognize the medium for the first time. To mark this milestone moment, we're hosting ...
07/01/2026
The National Film and Video Foundation (NFVF), in collaboration with a distributor, is commissioning new micro-budget fiction feature films and invites eligible...
07/01/2026
NASA's Space Launch System rocket carrying the Orion spacecraft launches on the Artemis I flight test, Wednesday, Nov. 16, 2022, from Launch Complex 39B at ...
07/01/2026
For the first time ever, new C' variants allow international users to interoperate with U.S. personnel via NSA-certified cryptography....
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
07/01/2026
Abu Dhabi, UAE 7, January 2026 - Abu Dhabi Police and Space42 (ADX: SPACE42), ...
07/01/2026
Back to All News
The Trailer of Paparazzi King: The 5-Episode Docuseries Coming...
07/01/2026
Back to All News
Netflix Supports Warner Bros. Discovery Board's Commitment...
07/01/2026
Back to All News
What Next? Netflix Reveals Series, Films and Games Coming in 2026
Entertainment
07 January 2026
Global
Link copied to clipboard
Download ...
07/01/2026
AI has transformed retail and consumer packaged goods (CPG) operations, enhancin...
06/01/2026
Peacock Bringing Dolby Vision and Dolby Atmos to Live Sports ContentPeacock is the first streamer to embrace Dolbys full suite of advanced picture/sound innovat...
06/01/2026
SVG Europe Audio: Listening to the sounds of powder and ice at Milano Cortina wi...
06/01/2026
Quintar Meta Spatial SDK Integration Promises Next-Level XR ExperiencesBy Ken Kerschbaumer, Editorial Director
Tuesday, January 6, 2026 - 9:41 am
Print This...
DTS Reports Strong Second Quarter 2014 Financial Results CALABASAS, Calif., Aug. 11, 2014 (GLOBE NEWSWIRE) -- DTS, Inc. (Nasdaq:DTSI), a leader in high-definition audio solutions, today announced financial results for the second quarter ended June 30, 2014.
