Tessera cuts jobs; outlook mixed

SAN JOSE, Calif. - As part of Tessera Technologies Inc.’s recent reorganization of its Imaging & Optics segment, the company announced a reduction of its Imaging & Optics employees that is anticipated to be up to 15 percent of the company’s worldwide employee base.

Tessera expects to incur severance and other related costs in conjunction with the planned workforce reduction in the range of $2.5 million to $3.0 million, which the company will recognize in the first quarter of 2011.

As reported, Tessera last year scrapped further development of its wafer-level optics line for camera modules.

Tessera also announced its results for the fourth quarter and full year ended Dec. 31, 2010. Fourth quarter 2010 total revenues of $80.4 million were up 42 percent compared to the fourth quarter of 2009.

Generally accepted accounting principles (GAAP) net income for the fourth quarter of 2010 was $13.5 million, or $0.27 per diluted share, which included non-cash charges of $6.8 million for stock-based compensation, $4.0 million for amortization of acquired intangibles, and $3.5 million for the impairment of certain long-lived assets.

This compares to a net of $6.357 million, or $0.13 a share, a year ago.  

First quarter 2011 total revenues are expected to range between $65 million and $68 million, compared to first quarter 2010 total revenues of $64.3 million.