8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

January 31, 2008

DOLBY LABORATORIES, INC.
(Exact name of registrant as specified in its charter)

Delaware	001-32431	90-0199783
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

100 Potrero Avenue

San Francisco, CA 94103-4813

(Address of principal executive offices) (Zip Code)

(415) 558-0200(Registrant’s telephone number, including area code)Not Applicable(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – Financial Information

ITEM 2.02 Results of Operations and Financial Condition.

The following information is intended to be furnished under Item 2.02 of Form 8-K, "Results of Operations and Financial Condition." This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On January 31, 2008, Dolby Laboratories, Inc. issued a press release announcing its financial results for its fiscal quarter ended December 28, 2007. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Section 9 – Financial Statements and Exhibits

ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is furnished herewith:

Exhibit No.	Description
99.1	Press Release of Dolby Laboratories, Inc. dated January 31, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			DOLBY LABORATORIES, INC.
		By:	/s/ Kevin J. Yeaman
			Kevin J. Yeaman
			Chief Financial Officer
Date:	January 31, 2008

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release of Dolby Laboratories, Inc. dated January 31, 2008

EX-99.1

Exhibit 99.1

Dolby Laboratories Reports First Quarter Fiscal 2008 Results

First Quarter Revenue Grows 44 Percent Year-Over-Year

SAN FRANCISCO--(BUSINESS WIRE)--Dolby Laboratories, Inc. (NYSE:DLB) today announced the Company's financial results for its first quarter of fiscal 2008.

For the first quarter, Dolby reported total revenue of $150.2 million, compared to $104.4 million for the first quarter of fiscal 2007, an increase of 44 percent. First quarter net income was $47.7 million, or $0.42 per diluted share, compared to $29.9 million, or $0.27 per diluted share, for the first quarter of fiscal 2007.

Net income for the first quarter of fiscal 2008 reflected stock-based compensation expense of $5.5 million compared to $4.9 million for the first quarter of fiscal 2007. Net income for the first quarter of fiscal 2008 includes charges related to the amortization of intangibles of $2.3 million compared to $0.5 million for the first quarter of fiscal 2007.

"Our first quarter results demonstrate Dolby’s strength across a broad range of entertainment platforms including DVD, PC, broadcast, cinema, and gaming,” said Bill Jasper, President and Chief Executive Officer, Dolby Laboratories. "We remain focused on innovation and being an essential element in the best entertainment technologies used by professionals and consumers."

Guidance

Dolby now expects fiscal 2008 revenue to be $575 million to $615 million. Net income is now expected to be $157 million to $167 million. Earnings per diluted share are now expected to be $1.34 to $1.44. While under FAS 123R, stock-based compensation expense may vary based on factors such as stock price or volatility, Dolby now expects stock-based compensation expense for the full year to be $19 million to $21 million. In addition, Dolby expects charges related to the amortization of intangibles for fiscal 2008 to be approximately $12 million, compared to $3.3 million in fiscal 2007.

The Company's Conference Call Information

Members of Dolby management will lead a conference call open to all interested parties to discuss Dolby Laboratories’ Q1 fiscal 2008 financial results at 2:00 p.m. PT/5:00 p.m. ET, Thursday, January 31, 2008.

Access to the teleconference will be available over the Internet from http://investor.dolby.com/medialist.cfm or by dialing 800-762-8779. International callers can access the conference call at 480-629-9041.

A replay of the call will be available beginning at 5:00 p.m. PT on January 31 until 9:00 p.m. on February 7, 2008; dial 800-406-7325 (international callers can access the replay by dialing 303-590-3030) and enter confirmation code 3832223. An archived version of the teleconference will also be available on Dolby Laboratories' website, www.dolby.com.

Forward-Looking Statements

Certain statements in this press release, including statements relating to Dolby's expectations regarding revenue, including net income, earnings per diluted share, stock-based compensation expense and charges relating to the amortization of intangibles for the fiscal year ending September 26, 2008, Dolby’s strength across a broad range of entertainment platforms, Dolby’s focus on innovation and having its technologies included as an essential element in entertainment technologies used by professionals and consumers, including long-term growth opportunities that may be derived therefrom, are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties actual results may differ materially from those projected. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: risks associated with trends in the markets in which Dolby operates, including the DVD and next-generation DVD, broadcast, personal computer, gaming, mobile, or portable device markets, and trends relating to the development of additional and newer markets for Dolby technologies; the timing of a potential US or foreign economic recession; pricing pressures; the timing of Dolby's receipt of royalty reports and/or payments from its licensees; Dolby’s accuracy of calculation of royalties due to its licensors; Dolby’s ability to develop, maintain, and strengthen relationships with industry participants; Dolby’s ability to develop and deliver innovative technologies in response to new and growing markets in the entertainment industry; competitive risks; risks associated with conducting business in China and other countries that have historically limited recognition and enforcement of intellectual property and contractual rights; risks associated with the health of the motion picture industry generally; the development and growth of the market for digital cinema and digital 3D and Dolby’s ability to successfully penetrate this market; Dolby’s ability to expand its business generally, and to expand its business beyond sound technologies to other technologies related to digital entertainment delivery, by acquiring and successfully integrating businesses or technologies; and other risks detailed in Dolby’s Securities and Exchange Commission filings and reports, including the risks identified under the section captioned “Risk Factors” in its most recent Periodic Report on Form 10-Q or 10-K. Dolby disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

About Dolby Laboratories

Dolby Laboratories (NYSE:DLB) develops and delivers products and technologies that make the entertainment experience more realistic and immersive. For more than four decades, Dolby has been at the forefront of defining high-quality audio and surround sound in cinema, broadcast, home audio systems, cars, DVDs, headphones, games, televisions, and personal computers. For more information about Dolby Laboratories or Dolby^® technologies, please visit www.dolby.com.

Dolby and the double-D symbol are registered trademarks of Dolby Laboratories. S08/19197 DLB-F

DOLBY LABORATORIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	Fiscal Quarter Ended
	December 29, 2006			December 28, 2007
	(unaudited)
	(in thousands, except per share amounts)
Revenue:
Licensing	$	82,375		$	122,430
Product sales		15,210			20,010
Services		6,857			7,787
Total revenue		104,442			150,227
Cost of revenue:
Cost of licensing		7,660			3,263
Cost of product sales (1)		8,686			11,648
Cost of services (1)		2,683			3,055
Total cost of revenue		19,029			17,966
Gross margin		85,413			132,261
Operating expenses:
Selling, general and administrative (1)		37,311			50,986
Research and development (1)		8,836			13,907
Total operating expenses		46,147			64,893
Operating income		39,266			67,368
Other income, net		5,427			5,204
Income before provision for income taxes and controlling interest		44,693			72,572
Provision for income taxes		14,452			24,607
Income before controlling interest		30,241			47,965
Controlling interest in net income		(348	)		(292	)
Net income	$	29,893		$	47,673
Earnings per share (basic)	$	0.28		$	0.43
Earnings per share (diluted)	$	0.27		$	0.42
Weighted-average shares outstanding (basic)		107,947			110,592
Weighted-average shares outstanding (diluted)		112,767			114,700
(1) Stock-based compensation included above was classified as follows:
Cost of product sales	$	218		$	241
Cost of services		37			40
Selling, general and administrative		3,859			4,295
Research and development		747			890

DOLBY LABORATORIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
	September 28, 2007		December 28, 2007
	(unaudited)
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	368,467	$	280,246
Short-term investments		231,217		200,727
Accounts receivable, net		28,165		37,955
Inventories		14,883		14,585
Deferred income taxes		73,686		76,086
Prepaid expenses and other current assets		17,000		19,585
Total current assets		733,418		629,184
Property, plant and equipment, net		85,552		85,079
Intangible assets, net		35,389		93,672
Goodwill		39,364		258,967
Long-term investments		73,224		29,301
Long-term deferred income taxes		12,393		17,887
Other assets		12,357		12,541
Total assets	$	991,697	$	1,126,631
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	119,068	$	138,488
Income taxes payable		9,051		15,155
Current portion of debt		1,563		1,571
Deferred revenue		13,522		18,358
Total current liabilities		143,204		173,572
Long-term debt		9,691		9,209
Long-term deferred revenue		5,073		4,932
Other non-current liabilities		14,294		49,709
Total liabilities		172,262		237,422
Controlling interest		22,279		22,031
Stockholders' equity:
Class A common stock		49		50
Class B common stock		61		61
Additional paid-in capital		375,830		392,999
Retained earnings		409,749		457,710
Accumulated other comprehensive income		11,467		16,358
Total stockholders' equity		797,156		867,178
Total liabilities and stockholders' equity	$	991,697	$	1,126,631

CONTACT:
Dolby Laboratories
Investor:
Alex Hughes, 415-645-4572
investor@dolby.com
or
Media:
Jeanne Alford, 415-645-5000
news@dolby.com