DTS Reports Second Quarter 2015 Financial Results CALABASAS, Calif., Aug. 10, 2015 (GLOBE NEWSWIRE) -- DTS, Inc. (Nasdaq:DTSI), a leader in high-definition audio solutions and audio enhancement technologies, today announced financial results for the second quarter ended June 30, 2015.
We delivered solid revenue and earnings performance for the second quarter, which continued to be driven by growth in the network-connected mobile and TV markets. DTS worked aggressively in the first half of the year and made a number of exciting announcements, including new Headphone:X implementations with letv smartphones and Samsung TV models, as well as adding Spotify, Rhapsody and Rdio to Play-Fis content service offerings, said Jon Kirchner, chairman and CEO of DTS, Inc. While our performance in the first half was broadly in line with our expectations, we are lowering our full year revenue outlook due to a confluence of factors that have resulted in a number of product delays by our customers. Importantly, we are maintaining bottom line guidance through adjustments in spending. Despite some near-term delays impacting customer product launches, we are seeing growing engagement and demand for our technology solutions as we continue to lay the important groundwork for broader ecosystem development, greater penetration and higher unit volumes.
Financial Comparison
Q2 2015 Q2 2014
Revenue $34.4 million $36.2 million
Year-over-Year Growth Rate (5%)*
GAAP Net Income $2.3 million $7.0 million
GAAP Earnings Per Share** $0.12 $0.41***
Non-GAAP Operating Margin 27% 31%
Non-GAAP Net Income $6.2 million $8.0 million
Non-GAAP Earnings Per Share** $0.34 $0.47
* Excluding royalties from compliance activities, revenue in Q2 2015 was $33.6 million, an increase of 4% compared to $32.4 million in Q2 2014
**Earnings per diluted share net of tax
*** Q2 2014 GAAP results include a $3.3 million income tax benefit related to a discrete item
Other GAAP Results
Q2 2015 Amount Per Diluted Share*
Stock-Based Compensation $2.7 million $0.10
Amortization of Intangibles $2.6 million $0.10
*Amount per diluted share net of 30% tax rate
DTS closed the quarter with cash and investments totaling $87.5 million and bought back 600,000 shares as part of the approved two million share buyback program.
The GAAP and non-GAAP reconciling items for the quarters ended June 30, 2015 and 2014 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 is revising its full year revenue outlook to the range of $140 million to $145 million, while maintaining previously issued bottom line guidance of non-GAAP diluted EPS in the range of $1.65 to $1.75.
The Company now expects non-GAAP operating margins in the range of 27% to 31%. On a GAAP basis, the Company expects operating margins in the range of 14% to 16% and diluted EPS in the range of $0.80 to $0.90.
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 income tax effects for stock-based compensation, the amortization of intangible assets, 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 August 10, 2015
DTS will host a conference call and live webcast at 1:30 p.m. Pacific Time to discuss the second quarter ended June 30, 2015 results. To access the conference call, dial 1-888-438-5448 or 1-719-785-1765 (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 10, 2015 through 11:59 p.m. Pacific Time, August 17, 2015, by dialing 1-888-203-1112 or 1-719-457-0820 (outside the U.S. and Canada) and entering pass code 6132859.
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 devic
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DTS Reports Second Quarter 2015 Financial Results CALABASAS, Calif., Aug. 10, 2015 (GLOBE NEWSWIRE) -- DTS, Inc. (Nasdaq:DTSI), a leader in high-definition audio solutions and audio enhancement technologies, today announced financial results for the second quarter ended June 30, 2015.
