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© bahar bostanci / dreamstime.com Components | January 27, 2012

Revenues of USD 254.6 million for Tessera in 2011

Tessera Technologies reported total revenues for fiscal 2011 (ended December 31, 2011) amounted to USD 254.6 million.
"2011 was a year of change and progress for the Company," stated Robert A. Young, chief executive officer and president, Tessera Technologies, Inc. "We made major changes to our executive team and board of directors, including a new CEO, new chairman of the board, and two new board members. The president of Tessera Intellectual Property Corp., Rich Chernicoff, led the successful renewal of two key DRAM licenses in the fourth quarter. Under the guidance of Bob Roohparvar, the president of DigitalOptics Corporation, we have made great strides. Notably, our MEMS technology has met and exceeds the performance and reliability requirements based on test criteria from multiple Tier 1 mobile phone makers. The MEMS actuator is now on track for a crucial design win in the first half of 2012. We look forward to sharing our continued success with our investors in 2012."

Full Year Ended Dec. 31, 2011

- Total revenues were $254.6 million.
- Intellectual Property (formerly Micro-electronics) segment revenues were $213.4 million.
- DigitalOptics (formerly Imaging & Optics) segment revenues were $41.2 million.

The company had a GAAP net loss of $19.3 million, or ($0.38) per basic share for 2011, which included a third quarter goodwill impairment charge of $49.7 million, all of which related to the DigitalOptics segment. 2011 Non-GAAP net income was $60.7 million, or $1.15 per diluted share.

Fourth Quarter 2011

- Total revenues were $56.7 million.
- Intellectual Property segment revenues were $49.0 million.
- DigitalOptics segment revenues were $7.7 million.

Total revenue for the fourth quarter of 2011 was $56.7 million, compared to $80.4 million of total revenue in the fourth quarter of 2010. Intellectual Property revenue for the fourth quarter of 2011 was $49.0 million, compared to $71.2 million in the prior year fourth quarter.

Fourth quarter 2011 Intellectual Property revenues were down approximately $6.2 million, or 11% as compared to the fourth quarter of 2010, when excluding one-time items and the impact of volume pricing adjustments Tessera, Inc. has with two of its major DRAM manufacturer licensees. DigitalOptics total revenue was $7.7 million, compared to fourth quarter 2010 DigitalOptics revenue of $9.2 million.

Generally accepted accounting principles (GAAP) net income for the fourth quarter of 2011 was $2.6 million, or $0.05 per diluted share, which included non-cash charges of $5.3 million for stock-based compensation and $4.8 million for amortization of acquired intangibles.

Non-GAAP net income for the fourth quarter of 2011 was $9.7 million or $0.18 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.

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