San Francisco - Dolby Laboratories reported higher revenue for its fiscal first quarter.
For the first quarter, Dolby reported total revenue of $221.2 million, compared with $180.3 million for the first quarter of fiscal 2009, an increase of 23 percent.
First-quarter GAAP net income was $69.1 million, compared with $78.1 million for the first quarter of fiscal 2009. On a non-GAAP basis, first quarter net income was $74.3 million, compared with $70.3 million for the first quarter of fiscal 2009.
"In the first quarter, we made progress on a number of fronts," said Kevin Yeaman, president/CEO, Dolby Laboratories. "We experienced increased global adoption of our next-generation audio format, Dolby Digital Plus; experienced strong demand for our cinema 3D systems; and, in January, saw a leading set-top-box manufacturer adopt Dolby Volume in certain models."
In the first quarter of fiscal 2010, Dolby prospectively adopted new accounting standards on revenue recognition, resulting in $17.6 million in incremental product sales revenue when compared to revenue that would have been recognized under prior accounting guidance. The net impact of this accounting change to net income, on both a GAAP and non-GAAP basis, was approximately $4.4 million, in the first quarter of fiscal 2010.