Tessera Technologies, Inc. (NASDAQ:TSRA) (the "Company") today announced financial guidance for the second quarter ending June 30, 2012. Second quarter 2012 total revenue is expected to range between $59.0 million and $60.0 million, an increase of approximately 26% to 29% from the prior quarter. Revenue from the Intellectual Property segment is expected to range between $50.5 million and $51.0 million, which includes one-time payments of approximately $8.0 million, lower reported unit volumes of certain DRAM licensees, and the transitional impact of a renewed contract with a major DRAM licensee. For the DigitalOptics segment, revenue is expected to be in the range of $8.5 million to $9.0 million, comprising royalties and license fees of approximately $5.0 million, as well as products and services revenues in the range of $3.5 million to $4.0 million. Non-GAAP operating expenses for the second quarter 2012, excluding litigation expenses, are expected to range between $44.0 million and $45.0 million, which compares to $43.4 million in the prior quarter and includes expenses related to our continued investment in MEMS, lens, and camera module designs in our DigitalOptics segment. GAAP operating expenses for the second quarter 2012, excluding litigation expense, are expected to range between $56.0 million and $57.0 million. Included in the GAAP operating expenses are stock-based compensation, which is expected to be approximately $5.7 million, and amortization, which is expected to be approximately $6.3 million. The Intellectual Property segment’s litigation expense in the second quarter of 2012 is expected to be significantly higher than the first quarter 2012 expense of $3.5 million, which was exceptionally low due to the timing of litigation events. Safe Harbor Statement This document contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ significantly from those projected, particularly with respect to the Company's financial guidance. Material factors that may cause results to differ from the statements made include the plans or operations relating to the Company’s businesses; market or industry conditions; the expiration of license agreements and the cessation of related royalty income; the failure, inability or refusal of licensees to pay royalties; initiation, delays, setbacks or losses relating to the Company’s intellectual property or intellectual property litigations, or invalidation or limitation of key patents; fluctuations in operating results due to the timing of new license agreements and royalties, or due to legal costs; changes in patent laws, regulation or enforcement, or other factors that might affect the Company’s ability to protect or realize the value of its intellectual property; the risk of a decline in demand for semiconductor and camera module products; failure by the industry to use technologies covered by the Company’s patents; the expiration of the Company’s patents; the Company's ability to successfully complete and integrate acquisitions of businesses, including the pending acquisition by DigitalOptics Corporation of Flextronics’s camera module business in Zhuhai, China; the risk of loss of, or decreases in production orders from, customers of acquired businesses; financial and regulatory risks associated with the international nature of the Company’s businesses; failure of the Company’s products to achieve technological feasibility or profitability; failure to successfully commercialize the Company’s products; changes in demand for the products of the Company’s customers; limited opportunities to license technologies and sell products due to high concentration in the markets for semiconductors and related products and camera modules; the impact of competing technologies on the demand for the Company’s technologies and products; failure by DigitalOptics Corporation to become a vertically integrated camera module supplier; and the reliance on a limited number of suppliers for the components used in the manufacture of DigitalOptics products. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. The Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Dec. 31, 2011, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, include more information about factors that could affect the Company’s financial results. The Company assumes no obligation to update information contained in this press release. Although this release may remain available on the Company’s website or elsewhere, its continued availability does not indicate that the Company is reaffirming or confirming any of the information contained herein.