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News Breaks | | | | March 21, 2013 | | 07:15 EDT |  | TSRA | Tessera to restructure DigitalOptics business
Tessera is refocusing its DigitalOptics Corporation - DOC - business strategy and expects to reduce operating expenses in DOC by approximately $78M, or 45%, on an annualized basis exiting 2013, as compared to 2012. The company has determined that it is no longer necessary for DOC to be a vertically integrated camera module supplier. The company’s restructuring will reduce spending in DOC and Corporate Overhead, but not in the company’s Intellectual Property business. DOC also expects cost of revenues to decline from $40M in 2012 to approximately $15M in 2013. DOC will accelerate the use of partner manufacturers for the production of camera modules and will focus its own manufacturing on the lens barrel assembly, a higher-margin component for which DOC has unique proprietary technology. This approach will cut DOC’s expected capital spending in 2013 to $5M-$7M, vs. previous estimate of $10M-$15M. DOC is consolidating its manufacturing capabilities into its Taiwan facility and expects to cease all operations at its leased facility in Zhuhai, China. The company expects to take a total charge of $17M-$23M, including restructuring, impairment of assets and other related exit costs, with the majority taken in Q1 and the remainder in Q2. | |
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News For TSRA From The Last 14 Days Check below for free stories on TSRA the last two weeks. |
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| May 23, 2013 | | 11:50 EDT | | TSRA | Tessera says new board to have 6 Starboard nominees, 4 company ones
 Subscribe for More Information | | | 11:46 EDT | | TSRA | Tessera to appoint interim CEO from Starboard slate of nominees
| | | 11:43 EDT | | TSRA | Tessera, Starboard agree to reconstituted board with 6 Starboard nominees
| | | May 17, 2013 | | 07:08 EDT | | TSRA | Tessera says ISS, Glass Lewis recommend against Starboard control
Tessera announced that with addition of the report from Egan-Jones, proxy advisory firms including Institutional Shareholder Services and Glass Lewis have recommended that Starboard Value does not merit control of the company's board. ISS and Egan-Jones recommended for the company’s slate of nominees, Tessera added. | | | May 16, 2013 | | 16:27 EDT | | TSRA | SAC Capital reports 5.0% passive stake in Tessera
Subscribe for More Information | | | May 15, 2013 | | 08:32 EDT | | TSRA | Starboard issues open letter to Tessera shareholders
"Just a few short months ago, Tessera was severely broken. The Board was in disarray and extremely dysfunctional, high levels of turnover persisted at the executive ranks, and there was no end in sight for the extended period of dramatic financial and stock price underperformance that we as shareholders had been forced to endure for far too long. Starboard therefore undertook, on behalf of shareholders, an intensive process to identify a world-class slate of director candidates committed to executing a thorough strategic turnaround at Tessera. Left to its own devices and absent external pressure, it did not appear that the Board would take such initiative on its own to address the Company's many deficiencies and shortcomings. Throughout this campaign, we have endeavored to gain your support based on presenting the facts, outlining our detailed action plan, and proposing a clearly superior slate of director nominees with specifically relevant credentials for Tessera. Unfortunately, management and the Board have taken a very different approach in this contest. They have repeatedly attempted to misrepresent our plan for Tessera, make false claims about our director nominees, and use manipulative tactics to make late-stage corporate governance changes to tip the balance in their favor... We are very pleased by Amici Capital's endorsement and support for our entire slate of director nominees at the upcoming Annual Meeting. Amici Capital's conclusion is largelysupported by the recent report issued by Glass Lewis, a leading proxy advisory firm, in which Glass Lewis recommended shareholders vote on Starboard's WHITE proxy card to elect four of our nominees to the Board." | | | 07:35 EDT |  | TSRA | JPMorgan to host a conference
41st Annual Global Technology, Media & Telecom Conference is being held in Boston on May 14-16 with webcasted company presentations to begin on May 15 at 8 am; not all company presentations may be webcasted. Webcast Link | | | May 13, 2013 | | 10:48 EDT | | TSRA | Starboard says Glass Lewis recommends four of its nominees for Tessera board
Subscribe for More Information | | | 06:31 EDT | | TSRA | Tessera expects to repurchase at least $16M over next four quarters
Subscribe for More Information | | | 06:30 EDT | | TSRA | Tessera announces special cash dividend of 30c
Subscribe for More Information | | | | May 10, 2013 | | 07:08 EDT | | TSRA | Tessera settles litigation with Siliconware, terms not disclosed
Tessera Technologies announced that its Tessera, Inc. subsidiary has reached a settlement with Siliconware Precision Industries and Siliconware USA. In exchange for being released from the litigation, Siliconware will pay Tessera, Inc. a partial upfront fee and smaller quarterly payments over the next five years. The companies did not disclose the full terms and conditions of the settlement agreement. Tessera, Inc. and Siliconware agreed to dismiss claims and counterclaims between the two parties relating to Tessera Inc.’s patent infringement claims pending in the United States District Court, Northern District of California. | |
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