This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tessera Technologies Announces Third Quarter 2013 Results

Tessera Technologies, Inc. (NASDAQ: TSRA) (the “Company” or “we”) announced its results for the third quarter ended Sept. 30, 2013. Total revenue from continuing operations for the third quarter of 2013 was $37.3 million. Generally accepted accounting principles (GAAP) net loss from continuing operations for the third quarter of 2013 was $59.0 million, or $1.09 per basic share. Non-GAAP net loss for the third quarter of 2013 was $46.8 million or $0.87 per basic share. These GAAP and Non-GAAP net losses from continuing operations for the third quarter of 2013 include a provision for income taxes of $40.5 million due to a valuation allowance on the Company’s deferred tax assets.

Year over Year Comparison

Total revenue from continuing operations was $37.3 million in the third quarter of 2013, as compared with revenue from continuing operations of $60.4 million in the third quarter of 2012, a decrease of $23.1 million.

The Company’s Intellectual Property revenue for the third quarter of 2013 was $32.3 million, compared to $57.9 million in the year ago quarter. The $25.5 million decrease was due to the absence of royalty revenue from Micron Technology, Inc., whose license agreement expired in May of 2012, and Powertech Technology Inc. (PTI), who last made a payment in the third quarter of 2012. Third quarter of 2013 Intellectual Property revenue included $9.5 million in episodic revenue.

The Company’s DOC revenue from continuing operations for the third quarter of 2013 was $4.9 million, compared to $2.5 million in the year ago quarter. The $2.4 million increase was due to higher revenues from the Company’s image enhancement technologies.

The GAAP net loss from continuing operations for the third quarter was $59.0 million, or $1.09 per basic share. The GAAP net income from continuing operations for the third quarter of 2012 was $4.2 million, or $0.08 per diluted share. The GAAP tax provision from continuing operations was $40.5 million in the third quarter of 2013. The Company recorded a valuation allowance against substantially all of its federal deferred tax assets during the quarter, as it concluded such assets were no longer fully realizable given current uncertainties regarding the timing of future profits.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,285.74 +0.34 0.00%
S&P 500 2,130.82 +4.97 0.23%
NASDAQ 5,090.7940 +19.0510 0.38%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs