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D Dolby Dolby Laboratories Reports First Quarter Fiscal 2021 Financial Results January 28 , 2021 SAN FRANCISCO , Jan. 28 , 2021 ( GLOBE NEWSWIRE ) -- Dolby Laboratories , Inc. ( NYSE : DLB ) today announced the company's financial results for the first quarter of fiscal 2021. For the first quarter , Dolby reported total revenue of $ 389.9 million , compared to $ 291.9 million for the first quarter of fiscal 2020 . " We had a good start to the fiscal year with solid financial results and ongoing progress across our growth initiatives , " said Kevin Yeaman , President and CEO , Dolby Laboratories . " Dolby Vision and Dolby Atmos continue to grow across more devices and services , including new focus areas like music and gaming , and we are in the early days of enabling a broader range of applications and services as we increase our engagement with developers through Dolby.io . " First quarter GAAP net income was $ 135.2 million , or $ 1.30 per diluted share , compared to GAAP net income of $ 48.8 million , or $ 0.47 per diluted share , for the first quarter of fiscal 2020. On a non - GAAP basis , first quarter net income was $ 153.3 million , or $ 1.48 per diluted share , compared to $ 65.5 million , or $ 0.64 per diluted share for the first quarter of fiscal 2020. First quarter cash flows from operations was $ 82.2 million , compared to $ 31.2 million for the first quarter of fiscal 2020. First quarter GAAP results included a pre - tax gain of $ 13.9 million related to the sale of property previously classified as held for sale . A complete listing of Dolby's non - GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release . COVID - 19 Dolby continues to monitor the COVID - 19 pandemic and its impact on our company . The safety and well - being of our employees and supporting our communities continue to be priorities . Since the initial outbreak of COVID - 19 , our revenue continues to be impacted across various markets within licensing and products and services . The implications of COVID - 19 on our future results of operations remain uncertain . We expect continued uncertainty in global financial markets . Dolby's financial results for the first quarter of fiscal 2021 rely on estimates of royalty - based revenue that take into consideration the macroeconomic effect of global events , including COVID - 19 , which may impact supply chain activities and consumer demand for electronic products . Dividend Today , Dolby announced a cash dividend of $ 0.22 per share of Class A and Class B common stock , payable on February 19 , 2021 , to stockholders of record as of the close of business on February 9 , 2021 . Financial Outlook The volume of shipments , aggregated across various end markets and devices , continues to be impacted and difficult to predict because of economic uncertainty due to COVID - 19 . The global cinema market has been adversely impacted by COVID - 19 , and we anticipate that cinema sites and the production of content could continue to be negatively affected through fiscal 2021 or longer . Our actual results could differ materially from the estimates we are providing due in part to the challenging economic environment and highly uncertain effects of COVID - 19 . The estimates we are providing for future periods reflect certain assumptions about the potential impact of COVID - 19 , based upon a consideration of external and internal data and information . For more information , see " Forward - Looking Statements " in this press release for a description of certain risks that we face , and the section captioned “ Risk Factors ” in our Quarterly Report on Form 10 - Q for the first quarter of fiscal 2021 , filed on or around the date hereof . Second Quarter Fiscal 2021 Dolby is providing the following estimates for its second quarter of fiscal 2021 : • Total revenue is estimated to range from $ 280 million to $ 310 million • Gross margin percentages are anticipated to range from 88 % to 89 % on a GAAP basis and from 89 % to 90 % on a non - GAAP basis • Operating expenses are anticipated to range from $ 200 million to $ 210 million on a GAAP basis and from $ 175 million to $ 185 million on a non - GAAP basis • Effective tax rate is anticipated to range from 20 % to 21 % on both a GAAP and non - GAAP basis • Diluted earnings per share is anticipated to range from $ 0.36 to $ 0.51 on a GAAP basis and from $ 0.57 to $ 0.72 on a non - GAAP basis Conference Call Information Members of Dolby management will lead a conference call open to all interested parties to discuss first quarter fiscal 2021 financial results for Dolby Laboratories at 2:00 p.m. PT ( 5:00 p.m. ET ) on Thursday , January 28 , 2021. Access to the teleconference will be available over the Internet from http://investor.dolby.com/event-calendar or by dialing 1-866-548-4713 . International callers can access the conference call at 1-323-794-2093 . A replay of the call will be available from 5:00 p.m. PT on Thursday , January 28 , 2021 , until 8:59 p.m. PT on Thursday , February 4 , 2021 , by dialing