Dolby Laboratories Inc. Announces Additional $100 Million for Stock Repurchase Program; Raises FY 2012 EPS Guidance

Dolby Laboratories Inc. announced that its Board of Directors has approved increasing its stock repurchase program by an additional $100 million, bringing the approximate amount available for future repurchases of Dolby`s Class A Common Stock to $436 million. The Company also announced that as a result of changes to its stock repurchase program, the Company is updating its financial targets with respect to its diluted shares outstanding and diluted earnings per share (EPS) for fiscal 2012. Dolby's target with respect to diluted shares outstanding is being revised from approximately 110 million to approximately 108 million. This revised target leads to an updated fiscal 2012 diluted earnings per share target range of $2.35-$2.66 on a GAAP basis (from $2.31-$2.61) and $2.76 -$3.07 on a non-GAAP basis (from $2.71-$3.02). According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $2.54 for fiscal 2012.