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Executive Vice President and Chief Financial Officer
Sr. Director, Communications & Investor Relations
TESSERA TECHNOLOGIES ANNOUNCES FOURTH QUARTER & FULL YEAR 2013 RESULTS
San Jose, Calif., Feb. 5, 2014 Tessera Technologies, Inc. (NASDAQ: TSRA) (the Company or we) announced its results for the fourth quarter and full year ended Dec. 31, 2013. Total revenue from continuing operations for the fourth quarter of 2013 was $56.4 million. Generally accepted accounting principles (GAAP) net loss from continuing operations for the fourth quarter of 2013 was $46.2 million, or $0.86 per basic share, and included $45.3 million in impairment charges primarily related to the Companys previously announced decision to stop its mems|camTM manufacturing business. Non-GAAP net income for the fourth quarter of 2013 was $7.7 million or $0.14 per diluted share.
At Tessera we are laser focused on our core business again and fully expect the Company to return to Non-GAAP profitability based on our recurring revenue alone in 2014 which was bolstered by our recent signing of license agreements with Samsung Electronics, Co Ltd., stated Thomas Lacey, CEO of Tessera Technologies, Inc. Tessera is at a strategic inflection point in its history and is well positioned for future growth. We are excited for the opportunities that lie ahead.
Year over Year Comparison
Total revenue from continuing operations was $56.4 million in the fourth quarter of 2013, as compared with revenue from continuing operations of $47.6 million in the fourth quarter of 2012, an increase of $8.8 million.
The Companys Intellectual Property revenue for the fourth quarter of 2013 was $49.1 million, compared to $43.0 million in the year ago quarter. The $6.1 million increase was primarily due to increased royalty revenue from SK hynix, Inc., as compared to the prior years fourth quarter, and greater episodic revenue in the fourth quarter of 2013 compared to 2012. Fourth quarter of 2013 Intellectual Property revenue included $30.8 million in episodic revenue compared to $26.5 million in the fourth quarter of 2012.
The following information was filed by Tessera Technologies Inc (TSRA) on Wednesday, February 5, 2014 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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