Tessera Technologies Sees Q2 Revenues of $71M vs. $75.5-78.5M Prior

Tessera Technologies, Inc. TSRA today announced preliminary total revenues of approximately $71 million for the second quarter ended June 30, 2011. This compares to the previous second quarter 2011 guidance of between $75.5 million and $78.5 million in total revenues. Non-GAAP operating expenses, excluding litigation expenses, for the second quarter of 2011 are projected to be slightly below the low end of the previous guidance range of $35.0 million to $36.0 million. The company expects its litigation expense in the second quarter will range between $7.0 million and $7.5 million. As previously disclosed, as a result of the departure of two executive members of the company's management team in the second quarter of 2011, the company will incur additional stock based compensation in the second quarter. The company now expects its stock based compensation will be approximately $8.8 million, versus approximately $6.6 million as previously guided. Deal amortization is expected to be $4.2 million as compared to previous guidance of $4.3 million.