{"id":380347,"date":"2020-11-12T16:18:08","date_gmt":"2020-11-12T21:18:08","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=380347"},"modified":"2020-11-12T16:18:08","modified_gmt":"2020-11-12T21:18:08","slug":"dolby-laboratories-reports-fourth-quarter-and-fiscal-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/dolby-laboratories-reports-fourth-quarter-and-fiscal-2020-financial-results\/","title":{"rendered":"Dolby Laboratories Reports Fourth Quarter and Fiscal 2020 Financial Results"},"content":{"rendered":"
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SAN FRANCISCO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Dolby Laboratories, Inc. (NYSE:DLB) today announced the company’s financial results for the fourth quarter and fiscal year that ended September 25, 2020. For the fourth quarter, Dolby reported total revenue of $271.2 million, compared to $298.8 million for the fourth quarter of fiscal 2019. For fiscal 2020, Dolby reported total revenue of $1.16 billion, compared to $1.24 billion for fiscal 2019.<\/p>\n

\u201cDolby experiences are expanding to a broader range of content,\u201d said Kevin Yeaman, President and CEO, Dolby Laboratories. \u201cWith the launch of iPhone 12, consumers are now able to create in Dolby Vision and we are also beginning to address content experiences and interactions within new use cases and industries as we enable developers through Dolby.io.\u201d<\/p>\n

Fourth quarter GAAP net income was $26.8 million, or $0.26 per diluted share, compared to GAAP net income of $43.9 million, or $0.43 per diluted share for the fourth quarter of fiscal 2019. On a non-GAAP basis, fourth quarter net income was $45.8 million, or $0.45 per diluted share, compared to $67.6 million, or $0.66 per diluted share for the fourth quarter of fiscal 2019. Fourth quarter cash flows from operations was $112.7 million, compared to $130.5 million for the fourth quarter of fiscal 2019. A complete listing of Dolby’s non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.\u00a0<\/p>\n

Fiscal 2020 GAAP net income was $231.4 million, or $2.25 per diluted share, compared to $255.2 million, or $2.44 per diluted share for fiscal 2019. On a non-GAAP basis, fiscal 2020 net income was $305.2 million, or $2.97 per diluted share, compared to $334.6 million, or $3.20 per diluted share, for fiscal 2019. Fiscal 2020 cash flows from operations was $343.8 million, compared to $327.7 million for fiscal 2019.<\/p>\n

\n COVID-19<\/strong>\n <\/p>\n

Dolby continues to monitor the COVID-19 pandemic and its impact on our company. Our priorities continue to be the safety and well-being of our employees and supporting our communities. Since the initial outbreak of COVID-19, our revenues have been, and we expect will continue to be, impacted across various markets within licensing and products and services. The implications of COVID-19 on our future results of operations remain uncertain.<\/p>\n

We expect continued significant uncertainty in global financial markets. Dolby\u2019s financial results for the fourth quarter of fiscal 2020 rely on estimates of royalty-based revenue that take into consideration the macroeconomic effect of global events, including the COVID-19 pandemic, which may impact supply chain activities and demand for shipments. For more information, see the section captioned \u201cCritical Accounting Policies and Estimates\u201d in our most recently filed Quarterly Report on Form 10-Q.<\/p>\n

\n Dividend<\/strong>\n <\/p>\n

Today, Dolby announced a cash dividend of $0.22 per share of Class A and Class B common stock, payable on December 4, 2020, to stockholders of record as of the close of business on November 24, 2020.<\/p>\n

\n Financial Outlook – First and Second Quarters Fiscal 2021<\/strong>\n <\/p>\n

Unit volume shipments, aggregated across various end markets and devices, continue to be impacted and difficult to predict because of economic uncertainty due to COVID-19, and it remains unclear when such unit volumes could return to pre-pandemic levels. The global cinema market has been adversely impacted by COVID-19 because of site closures or reduced utilization, and we anticipate that cinema sites could continue to be negatively affected through the first half of fiscal 2021 or longer.<\/p>\n

Our actual results could differ materially from the estimates we are providing due in part to the challenging economic environment and highly uncertain effects of COVID-19. The estimates we are providing for future periods reflect certain assumptions about the potential impact of COVID-19, based upon a consideration of external and internal data and information. For more information, see “Forward-Looking Statements” in this press release for a description of certain risks that we face, and the section captioned \u201cRisk Factors\u201d in our most recently filed Quarterly Report on Form 10-Q.<\/p>\n

\n First Quarter Fiscal 2021<\/strong>\n <\/p>\n

Dolby is providing the following estimates for its first quarter of fiscal 2021:<\/p>\n