DTS Inc. reported quarterly results Monday that missed analyst expectations.
The Calabasas audio equipment company reported adjusted net income of $9.7 million (52 cents a share) for the quarter ended Sept. 30, compared to net income of $5.7 million (32 cents) for the same quarter a year ago. Revenue increased 57 percent to $48.7 million.
Analysts on average expected net income of 53 cents a share on revenue of $46 million, according to Thomson Financial Network.
DTS previously announced it will be acquired by Tessera Technologies in San Jose for $850 million.
"We remain excited about the opportunities ahead and expect the transaction with Tessera to close in December subject to DTS stockholder approval,” Chief Executive Jon Kirchner said in a statement. “We believe that the combination of DTS and Tessera will deliver the world’s leading audio and imaging solutions to all of our key markets.”
DTS shares closed up 2 cents or a fraction of a percent to $42.44 on the Nasdaq.
Salem Media Group, Inc. on Monday announced quarterly results that missed analysts’ forecasts.
The Camarillo broadcaster and publisher of Christian and conservative content reported net income of $2.2 million (8 cents a share) for the quarter ended Sept. 30 compared to net income of $2.1 million (8 cents) for the same quarter a year ago. Revenue increased 5.6 percent to $71.3 million.
Analysts on average expected net income of 12 cents a share on revenue of $68.8 million, according to Thomson Financial Network.
During the quarter, the company made several radio and print acquisitions. The largest was Hillcrest Media Group Inc. for $3.5 million and the assumption of $1.1 million in liabilities. Hillcrest provides self-publishing services for general market authors.
Salem shares closed up 15 cents or 2.7 percent to $5.70 on the Nasdaq.