Tessera Technologies, Inc. (Nasdaq: TSRA) (the “Company”) today
announced C. Richard (Rick) Neely, Jr. has been named executive vice
president and chief financial officer, effective immediately. Neely will
report to Robert A. Young, the Company’s president and chief executive
officer, and be responsible for the company’s finance, accounting,
financial planning, and investor relations. The Company also announced
that its former CFO, Michael Anthofer, has resigned his position to
pursue other interests and opportunities.
“We are thrilled to have someone with Rick’s knowledge and depth of
financial and operational expertise join Tessera,” said Young. “He
brings to the Company more than three decades of financial and
managerial experience in high technology industries. We are confident in
his ability to help us effectively build our DigitalOptics business into
a global, vertically integrated supplier of original design camera
modules for handsets and other applications, as well as to grow our core
Intellectual Property licensing business.”
“I am excited to be joining such an innovative and dynamic company at a
crucial point in its growth strategy,” stated Neely. “I look forward to
working with my new team to capitalize on the opportunities that lie
ahead.”
Neely is a senior financial executive with broad experience in financial
and operating control activities, including financial planning and
reporting, accounting, budgeting and forecasting, procurement, and risk
management. His international experience includes extensive finance,
treasury, and logistics services in Asia and Europe. Neely, 58, joins
the Company from Livescribe, Inc., a privately held consumer electronics
manufacturer and retailer of digital “Smartpens,” which he joined in
Feb. 2011 as CFO. From Sept. 2005 through Jan. 2011 he served as CFO of
Monolithic Power Systems, Inc., a fabless semiconductor company
specializing in analog power management products. While Neely served as
CFO, the annual revenue of Monolithic Power Systems grew from $99
million to $219 million. Prior to Monolithic Power Systems, he served as
CFO of NuCORE Technology, Inc., a privately held developer of
leading-edge digital and analog imaging devices for digital still and
video cameras. Neely also held senior roles at several semiconductor
related companies, including Synopsys, Inc. and AMD.
Neely earned an M.B.A. from the University of Chicago Booth School of
Business and a B.A. in Economics from Whitman College.
Young also acknowledged the contributions of Mike Anthofer, “Mike has
been a valuable member of our executive team since 2008. Over the past
four years, he contributed in many ways to our success, including
playing an important role in the development of the Company’s strategic
plan. We wish him well in his future endeavors.”
Safe Harbor Statement
This press release contains forward-looking statements, which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve risks
and uncertainties that could cause actual results to differ
significantly from those projected, particularly with respect to the
impact on the Company of Mr. Neely’s appointment as executive vice
president and chief financial officer and his ability to help build and
grow the Company’s businesses. Material factors that may cause results
to differ from the statements made include the plans or operations
relating to the Company's businesses; market or industry conditions; the
expiration of license agreements and the cessation of related royalty
income; the failure, inability or refusal of licensees to pay royalties;
initiation, delays, setbacks or losses relating to the Company’s
intellectual property or intellectual property litigations, or
invalidation or limitation of key patents; the timing and results, which
are not predictable and may vary in any individual proceeding, of any
ICC ruling or award, including in the Amkor arbitration; fluctuations in
operating results due to the timing of new license agreements and
royalties, or due to legal costs; changes in patent laws, regulation or
enforcement, or other factors that might affect the Company’s ability to
protect or realize the value of its intellectual property; the risk of a
decline in demand for semiconductor and camera module products; failure
by the industry to use technologies covered by the Company’s patents;
the expiration of the Company's patents; the Company's ability to
successfully complete and integrate acquisitions of businesses,
including the integration by DigitalOptics Corporation (“DOC”) of its
recently acquired camera module manufacturing facility in Zhuhai, China;
the risk of loss of, or decreases in production orders from, customers
of acquired businesses; financial and regulatory risks associated with
the international nature of the Company’s businesses; failure of the
Company’s products to achieve technological feasibility or
profitability; failure to successfully commercialize the Company's
products; changes in demand for the products of the Company’s customers;
limited opportunities to license technologies and sell products due to
high concentration in the markets for semiconductors and related
products and camera modules; the impact of competing technologies on the
demand for the Company’s technologies and products; failure by DOC to
become a vertically integrated camera module supplier; and the reliance
on a limited number of suppliers for the components used in the
manufacture of DOC products. You are cautioned not to place undue
reliance on the forward-looking statements, which speak only as of the
date of this release. The Company’s filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the
year ended Dec. 31, 2011, and its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2012, include more information about factors that
could affect the Company’s financial results. The Company assumes no
obligation to update information contained in this press release.
Although this release may remain available on the Company’s website or
elsewhere, its continued availability does not indicate that the Company
is reaffirming or confirming any of the information contained herein.
About Tessera Technologies, Inc.
Tessera Technologies, Inc. is a holding company with operating
subsidiaries in two segments: Intellectual Property and DigitalOptics.
Our Intellectual Property business generates revenue from patented
innovations through license agreements with semiconductor companies and
outsourced semiconductor assembly and test companies. Tessera, Inc.
pioneered chip-scale packaging solutions for the semiconductor industry.
Our DigitalOptics business delivers innovation in imaging and optics
with products and capabilities that enable expanded functionality in
increasingly smaller devices. Our miniaturized camera module solutions
provide cost-effective, high-quality camera features, including Micro
Electro Mechanical Systems (“MEMS”)-based autofocus, extended depth of
field (“EDoF”), zoom, image enhancement and optical image stabilization.
We also offer customized micro-optic lenses from diffractive and
refractive optical elements to integrated micro-optical subassemblies.
For more information call 1.408.321.6000 or visit www.tessera.com.
Tessera, Tessera, Inc., the Tessera logo, DigitalOptics Corporation, and
Invensas Corporation are trademarks or registered trademarks of
affiliated companies of Tessera Technologies, Inc. in the United States
and other countries. All other company, brand and product names may be
trademarks or registered trademarks of their respective companies.
TSRA-G
