DTS Posts Loss for Q2

DTS Inc. reported a $658,000 net loss for the second quarter when compared with the same period from a year ago. The net loss for the Agoura Hills-based digital entertainment technology company came on revenues of $12.9 million for the period ending June 30. For the second quarter in 2006, the company reported net income of $1.9 million, or $0.10 per diluted share, on revenues of $9.6 million. During the second quarter, the company purchased $3.7 million in common stock as part of its share repurchase program. The repurchase reflects confidence in the long-term value of the business, said DTS President and CEO Jon Kirchner. “We continue to be optimistic about our future growth prospects and are confident that we will benefit from the accelerating transition to high definition entertainment,” Kirchner said. DTS is made up of an electronics division and digital cinema business. The digital cinema business will be spun off later this year and will be headquartered in Burbank. The electronics business will remain in Agoura Hills.