DTS Releases First-Quarter Financial Results
DTS, Inc., a leader in high-definition audio solutions and audio enhancement technologies, recently announced financial results for the first quarter ended March 31, 2014.
“DTS started off the year with record organic revenue and strong earnings growth, with non-GAAP net income up nearly 60% for the quarter. We believe that our Q1 performance puts us solidly on track to achieve our 2014 goals,” says Jon Kirchner, chairman and CEO of DTS, Inc. “With the launch of Headphone:X on the world’s first 2K smartphone during the quarter, along with a supporting content service, we expect 2014 to be a year marked by meaningful progress across our key program initiatives. Headphone:X and Play-Fi represent cutting edge solutions that we expect to lay an exciting foundation for our future growth as we continue to redefine the connected consumer entertainment experience.”
DTS closed the quarter with cash and investments totaling $62.8 million and bought back 374,200 shares as part of the approved 2 million share buyback program.
The GAAP and non-GAAP reconciling items for the quarters ended March 31, 2014 and 2013 can be found in the “Non-GAAP Financial Metrics” schedule attached to this press release and on the investor relations portion of the Company’s website at www.DTS.com.
DTS also recently announced that Universal Music Enterprises (UME) is releasing an exclusive DTS Headphone:X mix of Soundgarden’s landmark album Superunknown in 11.1 surround sound to fans who purchase the ‘Super Deluxe Edition,’ of the rerelease. Superunknown is the first Rock album to ever be offered with an exclusive 11.1 DTS Headphone:X mix. DTS Headphone:X allows fans to hear the music as if they were sitting in the producer’s chair, in studio with the band.