Tessera Technologies Swings To Q3 Profit

(RTTNews) - Tessera Technologies, Inc. (TSRA) Thursday reported a swing to profit in the third quarter, as revenues surged.

San Jose, California-based Tessera's third-quarter profit of $108.7 million or $2.04 per share, compared with last year's loss of $71.0 million or $1.31 per share last year.

The company said its net income includes a $40.4 million benefit from income taxes recorded in continuing operations and $7.6 million benefit from income taxes recorded in discontinued operations.

Adjusted earnings from continuing operations were $47.1 million or $0.87 per share, compared with last year's adjusted loss from continuing operations of $26.8 million or $0.48 per share last year.

Total revenues for the quarter surged to $93.3 million from $37.3 million last year.

The surge in revenue includes $36.5 million greater episodic revenue in the third quarter from a year ago.

Chief Executive Tom Lacey said, "These financial results are the direct result of the hard work and focus of our employees to develop and license our valuable technologies to our customers. They also reflect management's ongoing commitment to pursue collaboration with our technology partners, using litigation only when absolutely necessary."