- Company Raises Fourth Quarter 2008 Revenue Guidance to Range Between $67 Million to $69 Million -
- Management to Hold Conference Call Today -
SAN JOSE, Calif.--(BUSINESS WIRE)--Dec. 1, 2008--Tessera Technologies, Inc. (NASDAQ:TSRA) announced today the
Administrative Law Judge (ALJ) overseeing the International Trade
Commission (ITC) action brought by Tessera against certain wireless
manufacturers, Investigation No. 337-TA-605 (Wireless ITC action),
issued an Initial Determination finding Tessera's asserted patents are
valid but not infringed by the respondents.
"Although we are pleased that the ALJ's Initial Determination upheld the
validity of the patents at issue, we are disappointed that we did not
prevail at this juncture against these respondents regarding
infringement, and we will review the Initial Determination in depth
before determining our next steps," said Henry R. "Hank" Nothhaft,
president and CEO of Tessera. "More generally, it should be noted the
Initial Determination will not impact any of our financial results. We
have not included any revenue based on the outcome of this action in our
forecasts, and we remain financially strong, focused on developing
innovative technologies, and confident in our business."
The ALJ's decision, termed an "Initial Determination," is subject to
review by the full ITC Commission (Commission). Within 120 days of the
issued Initial Determination, the Commission can affirm, modify or
reverse the ALJ's decision in developing the ITC's final determination.
Tessera and the respondents have the opportunity to provide additional
briefing to the ITC as the Commission reviews the ALJ's decision.
The respondents in the Wireless ITC action are ATI Technologies,
Freescale Semiconductor, Inc., Motorola, Inc., Qualcomm, Inc., Spansion,
Inc., Spansion, LLC and ST Microelectronics N.V. Tessera is asserting
infringement of two Tessera patents, U.S. Patent No. 6,433,419 ('419)
and U.S. Patent No. 5,852,326 ('326).
Fourth Quarter 2008 Revenue Guidance
Due to stronger than expected royalty revenue from certain existing
customers and an option fee, Tessera is raising its fourth quarter 2008
revenue guidance to now range between $67 Million to $69 Million, up
from its previous guidance of $60 million to $62 million given on
October 30, 2008.
Conference Call Information
Management will hold a conference call today at 3:00 P.M. Pacific (6:00
P.M. Eastern). To access the call in the U.S., please dial 866-531-1286
and for international callers, dial 706-643-3789 approximately 10
minutes prior to the start of the conference call. The conference call
will also be broadcast live over the Internet and available for replay
for 30 days at www.tessera.com.
In addition, a replay of the call will be available via telephone for 2
business days, beginning two hours after the call. To listen to the
telephone replay in the U.S., please dial 800-642-1687 and for
international callers, dial 706-645-9291. Enter access code 76229357.
Tessera is a leading provider of miniaturization technologies for the
electronics industry. The company licenses its innovations, as well as
delivers products based on these innovations to promote the development
of the supply chain infrastructure, thus enabling manufacturers to get
the right product to market, at the right time. Tessera is headquartered
in San Jose, California. For information call 1.408.321.6000 or go to www.tessera.com.
Safe Harbor Statement
This press release contains forward-looking statements, which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve risks
and uncertainties that could cause actual results to differ
significantly from those projected. Material factors that may cause
results to differ from the statements made include delays, setbacks or
losses relating to our intellectual property or intellectual property
litigations, or any invalidation or limitation of our key patents;
fluctuations in our operating results due to the timing of new license
agreements and royalties, or due to legal costs; changes in patent laws,
regulation or enforcement, or other factors that might affect our
ability to protect our intellectual property; the risk of a decline in
demand for semiconductor products; failure by the industry to adopt our
technologies; competing technologies; the future expiration of our
patents; the future expiration of our license agreements and the
cessation of related royalty income; the failure or refusal of licensees
to pay royalties; failure to achieve the growth prospects and synergies
expected from acquisition transactions; and delays and challenges
associated with integrating acquired companies with our existing
businesses. You are cautioned not to place undue reliance on the
forward-looking statements, which speak only as of the date of this
release. Tessera's filings with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for the year ended December 31,
2007 and its Quarterly Report on Form 10-Q for the quarter ended Sept.
30, 2008, include more information about factors that could affect the
company's financial results.
Tessera and the Tessera logo are trademarks or registered trademarks of
Tessera Inc. or its affiliated companies in the United States and other
countries. All other company, brand and product names may be trademarks
or registered trademarks of their respective companies.
CONTACT: Tessera Technologies, Inc.
Michael Anthofer, 408-321-6711
EVP and CFO
Moriah Shilton, 408-321-6713
Source: Tessera Technologies, Inc.