We *should* be in for a good pop tomorrow, TSRA crushed analyst estimates - average was 16 cents/shr, they earned 22 cents/sh (GAAP numbers). Also guided next quarter up yoy. Some highlights:
Tessera Technologies Announces First Quarter 2011 Results Last update: 4/28/2011 4:11:12 PM SAN JOSE, Calif., Apr 28, 2011 (BUSINESS WIRE)
"We had a solid first quarter of 2011. Total revenue of $67.8 million included Imaging & Optics revenue of $14.2 million, of which $3.8 million was license fees," said Henry R. Nothhaft, Tessera's chairman and chief executive officer. "Cash, cash equivalents, and investments at March 31, 2011 were $499.5 million, an increase of $24.5 million in the quarter."
Revenue Highlights: First Quarter 2011 -- Total revenues were $67.8 million. -- Micro-electronics revenues were $53.6 million. -- Imaging & Optics revenues were $14.2 million.
First quarter 2011 total revenues of $67.8 million were up $3.5 million, or 5% compared to the first quarter of 2010. First quarter 2011 Micro-electronics revenues of $53.6 million were down $2.2 million, or 4% compared to first quarter 2010 revenues of $55.8 million, which included a royalty payment of $3.0 million from United Test and Assembly Center Ltd. as a result of the companies' 2010 settlement.
First quarter 2011 Imaging & Optics revenues of $14.2 million included $8.7 million in royalties and license fees. Imaging & Optics royalties were $4.9 million and included a one-time catch up payment of $620,000. Imaging & Optics products and services revenue was $5.5 million.
Generally accepted accounting principles (GAAP) net income for the first quarter of 2011 was $11.2 million, or $0.22 per diluted share, which included a reduction-in-workforce restructuring charge of $2.1 million. Also included were non-cash charges of $6.1 million for stock-based compensation and $4.1 million for amortization of acquired intangibles.
Non-GAAP net income for the first quarter of 2011 was $19.0 million or $0.36 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 related tax effects.
"Operationally, we took several steps in the first quarter to accelerate and maximize the long-term growth potential of both our business segments," continued Nothhaft. "In our Micro-electronics segment, we formed a new group, operating through a subsidiary named Invensas Corporation, which is focused on the expansion of our intellectual property (IP) development and licensing activities beyond semiconductor packaging.
Second Quarter 2011 Financial Guidance Second quarter 2011 total revenues are expected to range between $75.5 million and $78.5 million, compared to second quarter 2010 total revenues of $74.6 million. Second quarter 2011 Micro-electronics revenues are expected to range between $65 million and $67 million.
If I understood the last question properly, the circuit court has declined to hear a re-appeal of the case regarding the Wireless ITC action. That leaves only The Supreme Court, which may decline to hear the appeal at all, and which is fairly prompt in deciding cases once they've been heard. The amount at stake is highly material, and ending the ongoing legal expenses of this dispute would be no small matter.
After listening to the CC I wanted to check some of the technical discussion on the Tessera web site--it has a definite look of neglect that bothers me.