Tessera Technologies, Inc. (NASDAQ: TSRA) (the “Company” or “we”) announced its results for the first quarter ended March 31, 2012.
“The first quarter of 2012 was an important quarter for the Company. In our DigitalOptics segment, we met significant milestones in the ongoing transformation of our DigitalOptics business into an original design manufacturer with high-volume manufacturing capabilities for next-generation camera modules,” stated Robert A. Young, chief executive officer and president, Tessera Technologies, Inc. “We announced a key step toward high-volume manufacturing of devices using our Micro Electro Mechanical Systems (MEMS) technology – the execution of a definitive agreement with Flextronics International Ltd. to acquire certain assets of Vista Point Technologies, a Tier 1 qualified camera module manufacturing business. We continue to build out our team, develop our supply chain, engage with multiple Tier 1 mobile phone suppliers, and make progress towards our first design win for our MEMS actuator.
“In our Intellectual Property segment we successfully renewed four licensees in the first quarter, including two well-known Japanese electronics manufacturers.
“We also announced the initiation of a quarterly dividend of $0.10 per share of common stock, demonstrating our confidence in the Company’s long-term cash generation ability, and ability to fund our growth initiatives. We look forward to sharing our continued progress with our investors.”
First Quarter 2012
- Total revenues were $46.7 million.
- Intellectual Property segment revenues were $39.0 million.
- DigitalOptics segment revenues were $7.7 million.
Total revenue for the first quarter of 2012 was $46.7 million, compared to $67.8 million of total revenue in the first quarter of 2011. Intellectual Property revenue for the first quarter of 2012 was $39.0 million, compared to $53.6 million in the first quarter of the prior year. The decrease was due to lower year-over-year royalty bearing units reported, in aggregate, by licensees.