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.
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