San Francisco — Dolby Laboratories reported higher revenue but lower net income in its fiscal first quarter.
For the fiscal first quarter, Dolby reported total revenue of $236.6 million, compared with $234.2 million for the first quarter of fiscal year 2012.
First-quarter GAAP net income was $51.3 million, compared with $73.2 million for the first quarter of fiscal year 2012. On a non-GAAP basis, first-quarter net income was $66.4 million, compared with $83.1 million for the first quarter of fiscal year 2012.
“We had a solid first quarter,” said Kevin Yeaman, president/CEO, Dolby Laboratories. “More mobile devices than ever feature Dolby sound, and the rapidly growing number of movie titles in Dolby Atmos shows that the industry has embraced our new, more immersive cinema sound format.”
In its fiscal second quarter Dolby anticipates total revenue to range from $240 million to $250 million. Gross margin percentages are projected to be comparable to what they were in the first quarter of fiscal 2013.
Dolby anticipates that operating expenses will be approximately $145 million on a GAAP basis and $127 million on a non-GAAP basis.