Tessera Technologies Inc. (TSRA), a developer of miniaturization technologies and products for electronic devices, Monday announced a special cash dividend of $0.30 per share payable May 31 to shareholders of record on May 23. The special dividend was calculated based on the episodic revenue generated over the preceding four quarters, net of certain costs.
Adding on to this, the company also announced it expects to execute at least $16 million of stock repurchases through its stock buyback program over the next four quarters.
Episodic revenue is revenue other than revenue payable over at least one year pursuant to a contract, and may include revenue such as non-recurring engineering fees, initial license fees, back payments resulting from audits, damages awards from courts or tribunals, and lump sum settlement payments, the firm said in a statement.
"On our first quarter 2013 results conference call, we announced a new capital allocation strategy that included a special dividend from our episodic revenue, payable annually, and what we term 'opportunistic stock repurchases' through our stock buyback program," stated Richard Hill, interim CEO and executive chairman.
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