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Tessera Technologies Announces Fourth Quarter And Fiscal Year 2012 Results

Stocks in this article: TSRA

Tessera Technologies, Inc. (NASDAQ: TSRA) (the “Company” or “we”) announced its results for the fourth quarter ended Dec. 31, 2012. Total revenue for the fourth quarter of 2012 was $53.2 million. Generally accepted accounting principles (GAAP) net loss for the fourth quarter of 2012 was $19.6 million, or $0.38 per basic share.

“Fourth quarter of 2012 Intellectual Property revenue of $43.0 million resulted in full year 2012 Intellectual Property revenue of $192.9 million, within our targeted long-term Intellectual Property average annual revenue run rate of $180 million to $200 million,” stated Robert A. Young, president and chief executive officer, Tessera Technologies, Inc. “Historically, our Tessera, Inc. patent portfolio has generated our Intellectual Property royalties. We also have semiconductor related patents and next-generation technologies in our Invensas Corporation patent portfolio, which are key to our broad DRAM re-licensing program. In January of 2013 we announced SK hynix Inc. as the first DRAM maker to take a license to our Invensas Corporation portfolio, which expanded our revenue base. The successful conclusion of the SK hynix deal gives us confidence we are well positioned to maintain our targeted long-term Intellectual Property average annual run-rate revenue.

“Turning to our DigitalOptics segment, we are excited to announce today that John Thode has been appointed president of DigitalOptics Corporation. Thode, a consumer mobile product industry veteran, will be responsible for the Company’s DigitalOptics business, including strategy and operations. In the fourth quarter of 2012 we shipped sample quantities of our MEMS autofocus camera modules to three smartphone Original Equipment Manufacturers (OEMs). We believe our MEMS autofocus camera modules focus faster and require less power than the existing voice coil motor technology currently being used for the autofocus mechanism in smartphone cameras. We are seeing strong demand for our products, with their highly differentiated attributes, and this validates our strategy of investing in this business, which offers a significant growth opportunity in the foreseeable future.”

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