DTS Misses Deadline for Q1 Financials

Spinning off its digital cinema business contributed to DTS, Inc. missing the deadline for filing first quarter financial statements, the company said Friday. The company notified the U.S. Securities and Exchange Commission it could not meet deadline because of several matters impacting the preparing and reviewing of financial statements, including complexities relate to the separation and restructuring of its businesses and accounting for DTS Digital Cinema as a discontinued operation. In February, the board of directors of the Agoura Hills-based digital technology company announced it would sell its cinema and digital images business to better concentrate on its electronic components business. The sale is expected to be finalized by the end of 2007. The new company, DTS Digital Cinema, will be located in Burbank. Preliminary revenues for the first quarter ending March 31 were placed at $12.6 million, the company said.