Thursday, Tessera Technologies, Inc. (TSRA) raised its revenue forecast for the third quarter expecting higher royalty and license fee as a result of improved second quarter performance. Tessera also announced that it would file a petition to review the initial determination in DRAM ITC action.
The San Jose, California-based company, which develops and licenses miniaturization technologies, boosted its third quarter revenue forecast to a range between $65 million and $66 million from $60 million and $62 million projected earlier. On average, five analysts polled by Thomson Reuters currently expect the company to post revenue of $62.09 million for the quarter.
Micro-electronics revenue, all of which will be royalty and license related, is now expected to range between $58 million and $59 million for the third quarter, helped by the improved second quarter performance. Earlier, Tessera expected third quarter Micro-electronics revenue to range between $54 million and $56 million.
The company said it now has greater visibility into its Imaging & Optics business, and as a result, is raising its third quarter 2009 Imaging & Optics Total revenue forecast to about $7 million, of which approximately $4 million will be Royalties and License Fees. Prior guidance, was $6 million, of which approximately $3 million was Royalties and License Fees.
The company reaffirmed its other third quarter 2009 items, and expects non-GAAP operating expenses to range between $30 million and $31 million, excluding litigation expenses. Stock-based compensation is projected to be about $7 million. Amortization charges are expected to be about $3 million.
Tessera also announced that it will file a Petition to review the Initial Determination issued on August 28, by the Administrative Law Judge or ALJ in the International Trade Commission or ITC Investigation No. 337-TA-630 brought by Tessera against certain DRAM manufacturers and sellers.
In the Initial Determination, the ALJ found Tessera's asserted patents valid, but determined, among other things, that there was insufficient evidence to prove infringement. The Commissioners of the ITC recently held, unanimously, that similar evidence submitted by Tessera in Investigation No. 337-TA-605 was sufficient to prove infringement. Similar evidence also was accepted by the ITC in Investigation 337-TA-432, as well as last year in Tessera's arbitration against Amkor Technology, Inc.
Tessera said the Commission is expected to decide whether to review the Initial Determination no later than November 2, and may request additional briefing at that time. If the Commission elects to review the Initial Determination, the Commission's final Determination accepting or rejecting a reversal is currently scheduled to be issued by December 29. If, on the other hand, the Commission declines to review the Initial Determination, it would become final and Tessera would be permitted to appeal the decision to the Court of Appeals for the Federal Circuit.
TSRA closed Wednesday's regular trading session at $27.95.
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