DTS REPORTS FIRST QUARTER FISCAL 2016 FINANCIAL RESULTS
CALABASAS, Calif., May 09, 2016 (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, 2016.
We are pleased with our first quarter performance, driven by further penetration in mobile and automotive, as well as slightly higher than expected royalty recoveries, said Jon Kirchner, chairman and CEO, DTS, Inc. These results set us up nicely to meet our expectations for 2016. Importantly, with the acquisition and integration of HD Radio complete, and our first full quarter together under our belts, we are already seeing the benefits with non-GAAP operating income growth of 58% year-over-year, a 37% increase in operating cash flow, and improving profit margins. Over the longer run, we believe we are strategically positioned to grow our footholds in the home, mobile device and automotive markets by building content support and selling the broadest suite of innovative end-to-end audio solutions. Our vision is to deliver the highest quality audio experience anywhere, anytime, on any device.
Financial Comparisons
Q1 2016 Q1 2015
Revenue $ 45.2 million $ 33.9 million
Year-over-Year Growth Rate 33 %
GAAP Net Income $ 0.54 million $ 1.1 million
GAAP Earnings Per Share* $ 0.03 $ 0.06
Non-GAAP Operating Margin 25 % 21 %
Non-GAAP Net Income $ 7.2 million $ 5.0 million
Non-GAAP Earnings Per Share** $ 0.41 $ 0.27
*Earnings Per Diluted Share Net of Tax
Supplemental Information
Q1 2016 Amount Per Diluted Share**
Stock-Based Compensation $ 3.8 million $ 0.15
Amortization of Intangibles $ 5.5 million $ 0.22
**Amount Per Diluted Share Net of Tax @ 30%
DTS closed the quarter with cash and investments totaling $57.4 million.
The GAAP and non-GAAP reconciling items for the quarters ended March 31, 2016 and 2015 can be found in the Non-GAAP Financial Metrics schedule attached to this press release and on the Investor Relations section of the Companys website at www.dts.com.
Business Outlook
For fiscal year 2016, the Company continues to expect revenue in the range of $180 to $190 million. The Company expects growth in 2016 to primarily come from the mobile and automotive markets.
The Company expects non-GAAP operating margins in the low-to-mid 30s and non-GAAP diluted EPS in the range of $2.10 to $2.25. On a GAAP basis, the Company expects operating margins in the range of 10% to 15% and diluted EPS in the range of $0.70 to $0.85.
This outlook is based on a number of assumptions that the Company believes are reasonable at the time of this press release. Information regarding potential risks that could cause the actual results to differ from these forward-looking statements is set forth below and in the Companys filings with the Securities and Exchange Commission.
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 by excluding charges and the related estimated income tax effects for stock-based compensation, the amortization of intangible assets, and acquisition, integration, and realignment costs. Over the past several years, the Companys GAAP tax rate has varied substantially. As a result of the completion of an international restructuring in 2014, management believes the most appropriate measure for its estimated annual effective tax rate is approximately 30%. 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 May 9, 2016
DTS will host a conference call and live webcast at 1:30 p.m. Pacific Time to discuss the first quarter ended March 31, 2016 results. To access the conference call, dial 1-888-364-3109 or 1-719-325-2494 (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 at4:30 p.m. Pacific Time, May 9, 2016 through 4:30 p.m. Pacific Time, May 16, 2016, by registering at https://jsp.premiereglobal.com/webrsvp and entering 4117504.
About DTS, Inc.
Since 1993, DTS, Inc. (Nasdaq:DTSI) has been dedicated to making the world sound better. Through its pioneering audio solutions for mobile devices, home theater systems, cinemas, automotive and beyond, DTS provides incredibly high-quality, immersive and engaging audio experiences to listeners everywhere. DTS technology is integrated in more than two billion devices globally, and the worlds leading video and music streaming services are increasingly choosing DTS to deliver premium sound to their listen
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DTS REPORTS FIRST QUARTER FISCAL 2016 FINANCIAL RESULTS 
