(By Balaseshan) Tessera Technologies Inc. (NASDAQ: TSRA), which develops miniaturization technologies and products, slipped to a quarterly loss due to a 6.2% decline in revenue and higher operating expenses.
Loss for the fourth quarter was $19.64 million or $0.38 per share, compared to a profit of $2.64 million or $0.05 per share in the previous year quarter. Adjusted loss per share was $0.24, compared to a profit of $0.18 per share last year.
Total revenue declined 6.2% to $53.24 million.
Intellectual Property revenue fell to $43.0 million from $49.0 million, due primarily to the absence of royalty revenue from Micron Technology Inc. and Powertech Technology Inc.
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DigitalOptics revenue rose to $10.2 million from $7.7 million.
Cash, cash equivalents and investments were $442.6 million at Dec. 31, 2012, a decrease of $23.3 million from Sept. 30, 2012. In the fourth quarter of 2012, net cash provided by operations was $1.8 million.
On Jan. 30, the board of directors declared a cash dividend of $0.10 per share for the first quarter, payable on March 28 to stockholders of record at the close of business on March 7.
The company has reviewed its corporate general and administrative (G&A) expense in relation to its two operating businesses and has determined that it is appropriate to take steps to reduce corporate G&A spending in the range of 17% to 21% by the end of year 2013.
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In a separate release, the company said John Thode has been appointed president of DigitalOptics Corp.
TSRA is trading down 7.98% at $16.15 on Friday. The stock has been trading between $12.77 and $20.31 for the past 52 weeks.