Dolby Laboratories Reports Q1 EPS of $.75 vs. $.64

Dolby Laboratories, Inc. DLB today announced the Company's financial results for its first quarter of fiscal 2011. For the first quarter, Dolby reported total revenue of $242.7 million, compared to $221.2 million for the first quarter of fiscal 2010. First quarter GAAP net income was $86.4 million, or $0.76 per diluted share, compared to $69.1 million, or $0.59 per diluted share, for the first quarter of fiscal 2010. On a non-GAAP basis, first quarter net income was $85.0 million, or $0.75 per diluted share, compared to $74.3 million, or $0.64 per diluted share, for the first quarter of fiscal 2010. First quarter fiscal 2011 GAAP net income benefited from various discrete tax items, primarily a one-time tax benefit resulting from the release of a deferred tax liability of $11.0 million related to the amortization of an intangible from a prior acquisition.