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The Piacente Group | Investor Relations
Matt Steinberg, +1 212-481-2050
November 1, 2016
TESSERA TECHNOLOGIES ANNOUNCES THIRD QUARTER 2016 RESULTS
Third Quarter GAAP and Non-GAAP Earnings Exceed Guidance Range
FotoNation Secures Design Win with Leading Asia-Based SOC Provider
FotoNation Technologies Featured in OnePlus 3 Smartphone
Announced Merger Agreement with DTS, Inc.
San Jose, Calif., (BUSINESS WIRE) Tessera Technologies, Inc. (NASDAQ: TSRA) (the Company or we) today announced financial results for the third quarter ending September 30, 2016. Total revenue for the third quarter of 2016 was $62.4 million, within the Companys guidance range of $61 million to $63 million. GAAP net income for the third quarter of 2016 was $23.8 million, or $0.48 per diluted share, and non-GAAP net income was $28.6 million, or $0.57 per diluted share.
Our third quarter earnings exceeded our guidance range and reflects another strong quarter of financial performance. We continue to see positive momentum in all aspects of the business, said Tom Lacey, Tesseras Chief Executive Officer. FotoNation secured a design win with one of the worlds leading Asia-based SOC providers for our imaging processor unit, which is expected to be in silicon in the next few quarters. Additionally, we continued to introduce innovative products during the quarter and announced in August the new OnePlus 3 smartphone is shipping with FotoNation solutions.
On September 20th, we announced a transformational transaction with the execution of a merger agreement with DTS, Inc. (DTS) for a total equity value of approximately $850 million, added Lacey. The combination with DTS offers many compelling strategic benefits, including accelerated growth from significant cross-selling opportunities and an expanded breadth of customers and growing markets. We are pleased with the progress to date on integration planning and continue to be impressed with the DTS team. We currently anticipate that the transaction will close in early December.
The following information was filed by Tessera Technologies Inc (DTSI) on Tuesday, November 1, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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