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Tessera Technologies Announces Third Quarter 2012 Results

DigitalOptics segment revenue for the third quarter of 2012 was $14.8 million, compared to $9.0 million in the third quarter of the prior year. The increase was due primarily to camera module product sales from the Company’s recently acquired manufacturing facility in Zhuhai, China.

GAAP net loss for the third quarter of 2012 was $1.1 million, or $0.02 per basic share, which included non-cash charges of $6.2 million for amortization of acquired intangibles and $4.0 million for stock-based compensation.

Non-GAAP net income for the third quarter of 2012 was $6.5 million or $0.12 per diluted share. Non-GAAP net income is defined as income and operating expenses adjusted for acquired intangibles amortization, charges for acquired in-process research and development, stock-based compensation expense, impairment charges on long-lived assets and goodwill, and related tax effects.

Nine-month Period Ended Sept. 30, 2012

  • Total revenue was $180.8 million.
  • Intellectual Property segment revenue was $149.9 million.
  • DigitalOptics segment revenue was $30.9 million.

GAAP net loss for the nine-month period was $9.6 million, or $0.19 per diluted share. Non-GAAP net income for the nine-month period was $14.5 million, or $0.27 per diluted share.

Balance Sheet

Cash, cash equivalents and investments were $465.9 million at Sept. 30, 2012, a decrease of $8.9 million from June 30, 2012. In the third quarter of 2012, net cash provided by operations was $2.3 million. The Company purchased $6.3 million of property and equipment and $1.2 million of intellectual property in the third quarter of 2012. On Sept. 13, 2012, $5.2 million was paid to stockholders of record as of Aug. 23, 2012, for the quarterly $0.10 per share of common stock cash dividend.

Quarterly Cash Dividend

On Oct. 31, 2012, the board of directors declared a cash dividend of $0.10 per share of common stock for the fourth quarter, payable on Dec. 13, 2012, for stockholders of record at the close of business on Nov. 22, 2012.

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