DTS Cites Cautious Outlook for Consumer ElectronicsFriday, August 16, 2013
DTS Inc. reported a better-than-expected second quarter, but the audio technology company but was cautious in its guidance based on prospects for lower consumer electronics spending.
After the markets closed, the Calabasas licenser of the technology behind “surround sound” reported a net loss of $2.1 million (-11 cents a share), compared with a loss of $755,000 in the same period a year earlier. Revenue rose 25 percent to $27.2 million.
Adjusted for one-time items, profit was 11 cents a share, compared with the Wall Street consensus of 4 cents a share on revenue of 26.4 million.
The company expects full-year revenue in the range of $130 million to $136 million, with adjusted profit of 98 cents to $1.12 a shares.
"DTS delivered attractive revenue growth in the second quarter in line with our expectations,” Chief Executive Jon Kirchner said in a statement. "As we enter the important autumn and holiday season, we are closely monitoring (consumer electronics) market headwinds and the timing of certain … product rollouts.”
Shares earlier closed down 55 cents, or 2 percent, to $23.49 on the Nasdaq.