Dolby Laboratories Inc. (DLB) Wednesday posted first quarter GAAP net income of $69.1 million or $0.59 per share, compared to $78.1 million or $0.68 per share in the prior year period. On a non-GAAP basis, first quarter net income was $74.3 million or $0.64 per share, compared to $70.3 million or $0.61 per share in last year quarter.
On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share. Analysts' estimates typically exclude special items.
Dolby said its non-GAAP measures exclude expenses related to stock-based compensation, the amortization of intangibles from business combinations, restructuring charges, a gain from an amended patent licensing agreement, and the related tax impact of these items.
For the first quarter, Dolby reported total revenue of $221.2 million, compared to $180.3 million in the year-ago quarter. Wall Street analysts expected revenues of $181.08 million.
Looking forward, for the fiscal year 2010, Dolby now expects revenue in the range of $780 million to $810 million, compared to its previous forecast in the range of $720 million and $750 million. Wall Street analysts expect revenues of $747.26 million.
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