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Dolby Laboratories profit misses consensus by 45.7% in fiscal Q1

Dolby Laboratories Inc. said its normalized net income for the fiscal first quarter ended Jan. 1 amounted to 24 cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.

EPS decreased 25.0% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $24.6 million, a decline of 26.7% from $33.6 million in the first quarter ended Dec. 26, 2014.

The normalized profit margin declined to 10.2% from 14.4% in the year-earlier period.

Total revenue climbed on an annual basis to $240.8 million from $234.2 million, and total operating expenses grew 11.8% from the prior-year period to $201.6 million from $180.3 million.

Reported net income declined 26.7% year over year to $30.6 million, or 30 cents per share, from $41.7 million, or 40 cents per share.