Dolby Profit Falls

(RTTNews) - Dolby Laboratories Inc (DLB), the audio, video and voice technologies company, on Wednesday reported first-quarter net earnings of $41.4 million or $0.40 per share compared with $44.5 million or $0.43 per share last year.

Excluding items, adjusted earnings for the quarter were $0.56 per share compared with $0.59 per share a year ago.

Revenues for the quarter were $234.2 million compared with $231.3 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.38 per share on revenues of $239.5 million for the quarter. Analysts' estimates typically exclude special items.

Dolby announced a cash dividend of $0.10 per share.

For the second quarter, the company expects net earnings of $0.45 to $0.51 per share, adjusted earnings of $0.60 to $0.66 per share and revenues of $260 million to $270 million. Analysts expect earnings of $0.63 per share on revenues of $267.7 million.

For the full year, the company still projects sales of $970 million to $1 billion, while analysts expect $984.9 million.