Dolby Laboratories Inc. (DLB) Thursday reported a decline in profit for the second quarter, due mainly to lower revenues.
The San Francisco, California-based company's attributable net income for the second quarter was $61.9 million or $0.60 per share, compared to $88.1 million or $0.81 per share in the same quarter last year.
Adjusted income for the quarter declined to $76.4 million or $0.74 per share from $99.2 million or $0.91 per share in the prior-year quarter.
On average, nine analysts polled by Thomson Reuters expected the company to earn $0.57 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter dropped to $249.76 million from $262.77 million in the comparable quarter last year, while nine analysts had a consensus revenue estimate of $246.63 million for the quarter.
Looking ahead to the third quarter of fiscal 2013, the company expects earnings per share to be between $0.26 and $0.32 on a GAAP basis and between $0.42 and $0.49 on a non-GAAP basis. Revenue is projected to range from $205 million to $215 million.
Analysts currently expect third quarter 2013 earnings of $0.36 per share and revenues of $211.59 million.
For fiscal 2013, the company anticipates total revenue to range from $910 million to $940 million. Analysts now expect fiscal 2013 revenue of $922.24 million.
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