Dolby Laboratories Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2011. For the quarter, the company reported net income attributable to company of $73,159,000 or $0.67 diluted earnings per share on revenue of $233,378,000 compared to net income attributable to company of $86,387,000 or $0.76 diluted earnings per share on revenue of $242,712,000 for the same period a year ago. Operating income was $101,293,000 and income before provision for income taxes was $103,204,000 compared to operating income of $109,202,000 and income before provision for income taxes of $111,066,000 for the same period a year ago. Net cash provided by operating activities was $95,792,000 and purchases of property, plant and equipment was $12,566,000 compared to net cash provided by operating activities of $70,652,000 and purchases of property, plant and equipment of $9,646,000 for the same period a year ago. Non-GAAP net income was $83.1 million or $0.76 diluted per share compared to $85.0 million or $0.75 diluted per share for the same period a year ago. Licensing revenue for the first quarter was $199.6 million, up 6% year over year and down 3% sequentially. The year-over-year increase was driven by Broadcast market and its Other Markets category. The sequential decline was driven by its Other Markets category and Broadcast. For the fiscal 2012, the company continues to target total gross margin of approximately 90%, operating expenses of $465 million to $475 million, and other income of approximately $5 million. In addition, the company continues to target a tax rate of approximately 29% to 30% for fiscal 2012. On Non-GAAP basis for fiscal 2012, the company continues to target total gross margin of approximately 91%, operating expenses of $410 million to $420 million, and other income of approximately $5 million. The company continues to target diluted shares outstanding of approximately 110 million. These targets lead to a fiscal 2012 diluted earnings per share target range of $2.31 to $2.61 on a GAAP basis and $2.71 to $3.02 on a non-GAAP basis. For the total revenue, the company continues to target $910 million to $970 million. Specifically for licensing, the company continues to target revenue of $790 million to $830 million. This target continues to assume growth from Broadcast and the Other Markets category led by Mobile.