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Essay / Research Paper Abstract
A 3 page paper discussing this sound-revolutionizing company's initial public offering, focusing on the finance aspects of the IPO. The events that have occurred at Dolby Laboratories cannot be described as those of a new venture, but this 40-year-old company has recently concluded its IPO. Private until only recently, Dolby went public in March 2005. The purpose here is to review the process by which Dolby became a publicly-traded company. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSfinDolbyIPO.rtf
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Unformatted sample text from the term paper:
have occurred at Dolby Laboratories cannot be described as those of a new venture, but this 40-year-old company has recently concluded its IPO. Private until only recently, Dolby went
public in March 2005. The purpose here is to review the process by which Dolby became a publicly-traded company. Dolby Laboratories "Dolby
Laboratories was founded in 1965 by Ray Dolby and is headquartered in San Francisco, California" (Profile, 2005). In the 1970s, Dolbys efforts "made cassette tapes worth hearing. After that,
its work on film soundtracks surrounded us at almost every movie" (Barker, 2005; p. 92). A few weeks before the IPO, Barker (2005)
advised investors to expect Dolbys IPO to be received well. "With a history of innovation and its recent performance - 33% sales growth in fiscal 2004 ended September, to
$289 million; operating profit up 39%, to $105 million - the company is as well seasoned as technology IPOs come" (Barker, 2005; p. 92). Dolbys management hoped that the
stock would settle around $14.50 a share. If that could be the case, then "Dolby would command a market value of 22 times its past four quarters profit (table).
Thats hardly a Googlacious (136 times) multiple, and its sharply below the 28 times earnings of a leading rival, Digital Theater Systems" (Barker, 2005; p. 92). Four months past
its IPO, Dolbys stock has flirted with the $14.50 price range twice, but its most recent close was at $19.65 (Dolby Laboratories, 2005). Figure 1 illustrates the course of
its stock price since its IPO in March: Figure 1. Dolby Laboratories Stock Price Performance Managements Problems
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