DTS Inc. on Monday forecast fiscal 2009 profit below Wall Street estimates, despite reporting a first quarter above expectations.
After the markets closed, the Agoura Hills developer of entertainment sound technology reported net income of $190,000 (1 cent per share), compared with $3.3 million (18 cents) a year ago. Revenue rose 13 percent to $17.3 million.
Excluding ongoing litigation and other costs, DTS earned 15 cents a share. Analysts surveyed by Thompson Reuters expected adjusted earnings of 14 cents a share on revenue of $16.4 million.
For the year, DTS expects to earn 55 cents to 60 cents a share, excluding items, compared with the 66 cents average analysts expect.
?espite continued uncertainty in the overall economy, certain segments of the entertainment and consumer electronics markets are performing reasonably well,?Chief Executive Jon Kirchner said in a statement, noting Blu-ray DVD products as an example.
Before the announcement, DTS shares closed up 59 cents, or 2.5 percent, to $24.69 on the Nasdaq.
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