Dolby Laboratories announced earnings results for the first quarter of fiscal year 2015. For the quarter, the company's non-GAAP EPS were $0.56. Sales were $234.238 million. Operating income was $53.5 million on a GAAP basis or 22.9% of revenue and $76.1 million on a non-GAAP basis or 32.5% revenue. Net income was $41.4 million on a GAAP basis or 17.7% of revenue and was $58.5 million on a non-GAAP basis or 25% of revenue. Diluted earnings per share were $0.40 on a GAAP basis compared to $0.44 in the fourth quarter and $0.43 in first quarter of last year. And on a non-GAAP basis, diluted earnings per share were $0.56 compared to $0.58 in fourth quarter and $0.59 in first quarter of last year.

For fiscal year 2015, sales are seen between $970 million to $1 billion, in line with forecasts for $984.90 million. Operating expenses are estimated to range from $664 million to $674 million on a GAAP basis and from $585 million to $595 million on a non-GAAP basis. Gross margins on a non-GAAP basis will range from 89% to 90% with non-GAAP gross margins. Effective tax rate for the year is estimated to range from 24% to 26%.

For the second quarter of fiscal year 2015, the company expects sales of between $260 million to $270 million and non-GAAP EPS of between $0.60 and $0.66. Gross margin in the second quarter is estimated to range from 90% to 91% on a GAAP basis and 91% to 92% on a non-GAAP basis. Operating expenses in the second quarter are projected to range from $171 million to $175 million on a GAAP basis and from $152 million to $156 million on a non-GAAP basis. Effective tax rate is estimated to range from 25% to 26% on both the GAAP and non-GAAP basis. Diluted earnings per share are projected to range from $0.45 to $0.51 on a GAAP basis and from $0.60 to $0.66 on a non-GAAP basis.