8-K

UNITED STATES
SECURITIES 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)

November 6, 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))

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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 November 6, 2008, Dolby Laboratories, Inc. issued a press release announcing its financial results for its fourth quarter and fiscal year ended September 26, 2008. 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 November 6, 2008

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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:	November 6, 2008

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release of Dolby Laboratories, Inc. dated November 6, 2008

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EX-99.1

Exhibit 99.1

Dolby Laboratories Reports FY 2008 Fourth Quarter and Year-End Results

SAN FRANCISCO--(BUSINESS WIRE)--November 6, 2008--Dolby Laboratories, Inc. (NYSE:DLB) today announced the Company's financial results for the fourth quarter and fiscal year ended September 26, 2008.

For the fourth quarter, Dolby reported total revenue of $163.1 million, compared to $129.0 million for the fourth quarter of fiscal 2007, an increase of 26 percent. Fourth quarter net income was $48.6 million, or $0.42 per diluted share, compared to $44.2 million, or $0.39 per diluted share, for the fourth quarter of fiscal 2007.

For fiscal year 2008, Dolby reported total revenue of $640.2 million, compared to $482.0 million for fiscal year 2007, an increase of 33 percent. Net income for fiscal year 2008 was $199.5 million, or $1.74 per diluted share, compared to $142.8 million, or $1.26 per diluted share, for fiscal year 2007.

Net income for the fourth quarter and fiscal year 2008 reflects stock-based compensation expense of $5.5 million and $22.7 million, respectively, compared to $5.1 million and $19.8 million for the same periods in fiscal 2007.

Net income for the fourth quarter and fiscal year 2008 also reflects charges related to the amortization of intangibles of $3.1 million and $12.5 million, respectively, compared to $1.3 million and $3.3 million for the same periods in fiscal 2007.

"Fiscal 2008 was a strong year for us, as we continued to benefit from the adoption of Dolby technologies globally," said Bill Jasper, President and Chief Executive Officer of Dolby Laboratories. “We finished fiscal 2008 with excellent profitability, a strong balance sheet, a global brand, and a continued focus on driving the adoption of existing and new technologies across our markets.”

Guidance

Dolby expects fiscal 2009 revenue to be $660 million to $720 million. Net income is expected to be $184 million to $208 million. Earnings per diluted share are expected to be $1.57 to $1.77. Included in Dolby’s fiscal 2009 earnings guidance is approximately $5.0 million in estimated restructuring charges for the consolidation of manufacturing operations. The impact of this restructuring charge on net income is approximately $3.0 million, or $0.03 per diluted share. While under FAS 123R, stock-based compensation expense may vary based on factors such as stock price or volatility, Dolby expects stock-based compensation expense for the full year to be approximately $25 million. In addition, Dolby expects charges related to the amortization of intangibles for fiscal 2009 to be approximately $13 million.

The Company's Conference Call Information

Members of Dolby management will lead a conference call open to all interested parties to discuss Dolby Laboratories’ Q4 and fiscal 2008 year-end financial results at 2:00 p.m. PT/5:00 p.m. ET, Thursday, November 6, 2008.

Access to the teleconference will be available over the Internet from http://investor.dolby.com/medialist.cfm or by dialing 888-205-6875. International callers can access the conference call at 913-981-5582.

A replay of the call will be available beginning at 5:00 p.m. PT on November 6, 2008 until 9:00 p.m. PT on November 13, 2008 at 888-203-1112 (international callers can access the replay at 719-457-0820) using confirmation code 1214655. An archived version of the teleconference will also be available on www.dolby.com.

Forward-Looking Statements

Certain statements in this press release, including statements relating to Dolby's expectations regarding revenue, net income, earnings per diluted share, stock-based compensation expense and charges relating to the amortization of intangibles, for the fiscal year ending September 25, 2009, and the expected future benefits from our global brand and driving adoption of our existing and new technologies, 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 trends related to DVD and Blu-ray Disc™, broadcast, personal computer, gaming, mobile, or portable device markets, and trends relating to the development of additional and newer markets for Dolby technologies; general economic risks both domestically and internationally; 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, including countries that have historically limited recognition and enforcement of intellectual property and contractual rights; risks associated with 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, including 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 Quarterly Report on Form 10-Q. 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) is the global leader in technologies that are essential elements in the best entertainment experiences. Founded in 1965 and best known for high-quality audio and surround sound, Dolby^® innovations enrich entertainment at the movies, at home, or on the go. Visit www.dolby.com for more information.

Dolby and the double-D symbol are registered trademarks of Dolby Laboratories. All other trademarks remain the property of their respective owners. S08/20618 DLB-F

DOLBY LABORATORIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	Fiscal Quarter Ended						Fiscal Year-to-Date Ended
	September 28, 2007			September 26, 2008			September 28, 2007			September 26, 2008
	(unaudited)
	(in thousands, except per share amounts)
Revenue:
Licensing	$	103,305		$	137,756		$	387,117		$	537,363
Product sales		19,617			18,586			67,487			72,284
Services		6,041			6,788			27,424			30,584
Total revenue		128,963			163,130			482,028			640,231
Cost of revenue:
Cost of licensing		2,151			3,623			28,438			15,802
Cost of product sales (1)		9,978			9,806			34,497			39,455
Cost of services (1)		2,860			3,120			11,330			12,520
Total cost of revenue		14,989			16,549			74,265			67,777
Gross margin		113,974			146,581			407,763			572,454
Operating expenses:
Selling, general and administrative (1)		50,536			62,815			178,802			224,090
Research and development (1)		12,459			17,082			44,109			62,080
Gain on settlements		(250	)		-			(2,100	)		(499	)
Total operating expenses		62,745			79,897			220,811			285,671
Operating income		51,229			66,684			186,952			286,783
Other income, net		5,346			4,750			22,464			15,019
Income before provision for income taxes and controlling interest		56,575			71,434			209,416			301,802
Provision for income taxes		(12,064	)		(22,254	)		(65,131	)		(100,770	)
Income before controlling interest		44,511			49,180			144,285			201,032
Controlling interest in net income, net of tax		(353	)		(621	)		(1,454	)		(1,574	)
Net income	$	44,158		$	48,559		$	142,831		$	199,458
Basic earnings per share	$	0.40		$	0.43		$	1.31		$	1.79
Diluted earnings per share	$	0.39		$	0.42		$	1.26		$	1.74
Weighted-average shares outstanding (basic)		110,112			112,342			109,202			111,492
Weighted-average shares outstanding (diluted)		114,118			115,010			113,573			114,781
(1) Stock-based compensation included above was classified as follows:
Cost of product sales	$	232		$	183		$	911		$	853
Cost of services		41			51			148			177
Selling, general and administrative		3,875			4,110			15,334			17,267
Research and development		936			1,136			3,448			4,413

DOLBY LABORATORIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
	September 28, 2007		September 26, 2008
	(unaudited)
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	368,467	$	394,761
Short-term investments		231,217		119,667
Accounts receivable, net		28,165		27,650
Inventories		14,883		18,133
Deferred taxes		73,686		91,824
Prepaid expenses and other current assets		17,000		39,834
Total current assets		733,418		691,869
Property, plant and equipment, net		85,552		87,915
Intangible assets, net		35,389		83,060
Goodwill		39,364		250,356
Long-term investments		73,224		180,996
Deferred taxes		12,393		24,900
Other assets		12,357		17,050
Total assets	$	991,697	$	1,336,146
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	119,068	$	156,925
Income taxes payable		9,051		4,811
Current portion of long-term debt		1,563		1,593
Deferred revenue		13,522		37,344
Total current liabilities		143,204		200,673
Long-term debt		9,691		7,782
Long-term deferred revenue		5,073		6,171
Deferred taxes		-		16,755
Other non-current liabilities		14,294		33,414
Total liabilities		172,262		264,795
Controlling interest		22,279		22,098
Stockholders' equity:
Class A common stock		49		52
Class B common stock		61		60
Additional paid-in capital		375,830		434,907
Retained earnings		409,749		609,495
Accumulated other comprehensive income		11,467		4,739
Total stockholders' equity		797,156		1,049,253
Total liabilities and stockholders' equity	$	991,697	$	1,336,146

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