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Components | August 01, 2012

Tessera: Year still on minus

"We generated $92 million in Intellectual Property revenue in the first half of 2012," stated Robert A. Young, chief executive officer and president, Tessera Technologies, Inc.
"We are pleased with the progress we have made to date in our licensing discussions with current and potential customers of our patent portfolios. In addition, Invensas Corporation introduced two new semiconductor packaging technologies in the first half. We are taking key steps toward the commercial adoption of these next-generation technologies."

"Turning to our DigitalOptics segment, in the first half of this year we achieved significant operational milestones toward our goal of becoming a vertically integrated Original Design Manufacturer (ODM), including most recently our acquisition of the Vista Point Technologies camera module manufacturing assets from Flextronics. We are engaged in discussions with multiple Tier One and other mobile phone manufacturers for initial commercial adoption of our MEMS autofocus technology. As discussed previously, we believe growth in our DigitalOptics segment will come from the sale of integrated camera modules using our MEMS autofocus technology to the $9 billion market for mobile phone cameras."

Second Quarter 2012

- Total revenues were $61.4 million.
- Intellectual Property segment revenues were $53.0 million.
- DigitalOptics segment revenues were $8.4 million.

Total revenue for the second quarter of 2012 was $61.4 million, compared to $70.7 million of total revenue in the second quarter of the prior year. Intellectual Property revenue for the second quarter of 2012 was $53.0 million, compared to $60.5 million in the second quarter of the prior year, which included a nonrecurring $1.0 million license fee.

The year-over-year decline was primarily due to the timing of the renewed contract with a major DRAM customer which resulted comparatively in lower revenues of $6.1 million and lower unit volumes reported by customers totaling $9.8 million, offset by audit payments in the second quarter of 2012 of approximately $9.4 million.

DigitalOptics revenue for the second quarter of 2012 was $8.4 million, compared to $10.2 million in the second quarter of the prior year. The decrease was due primarily to an Extended Depth of Field (EDoF) customer whose reported units were lower than the prior year and weaker demand for the Company's Micro-Optics products.

Six-month Period Ended June 30, 2012

- Total revenue was $108.1 million.
- Intellectual Property segment revenue was $92.0 million.
- DigitalOptics segment revenue was $16.1 million.
- GAAP net loss for the six-month period was $8.5 million, or $0.16 per diluted share. Non-GAAP net income for the six-month period was $8.0 million, or $0.15 per diluted share.

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