Exhibit 99.1
| Company Contact: | Investor Relations Contact: | |
| Doug Norby | Lippert/Heilshorn & Associates | |
| Senior Vice President, Chief Financial Officer | Kirsten Chapman/Moriah Shilton | |
| Mike Forman | 415-433-3777 | |
| Vice President, Finance and Administration | Moriah@lhai-sf.com | |
| 408-894-0700 |
TESSERA TECHNOLOGIES RAISES GUIDANCE FOR Q3 AND
FULL YEAR 2004
San Jose, Calif., August 30, 2004 – Tessera Technologies, Inc. (Nasdaq: TSRA), a leading technology developer, licensor and product development services provider for semiconductor chip-scale and multi-chip packages (CSPs and MCPs), announced today it is raising its financial guidance for the third quarter and full year 2004.
Tessera is increasing its projected third quarter 2004 total revenue by approximately $2 million, which will also be incremental to its projected full year total revenue. Tessera now expects third quarter 2004 total revenues in the range of $22.3 to $22.6 million. Net income is expected to range between $12.0 and $12.2 million, or $0.25 to $0.26 per diluted share. The company had previously guided for total third quarter 2004 revenues of $20.1 to $20.5 million, net income of $10.0 to $10.3 million and earnings per diluted share of approximately $0.21.
Bruce McWilliams, Tessera’s chairman and chief executive officer, said, “We are revising our guidance upward as recent reports from our customers indicate Tessera will receive greater than expected royalty revenue during the third quarter. This increase is broad based and reflects strength in both wireless and consumer electronics end markets. In keeping with company practice, we will provide fourth quarter guidance during our third quarter earnings conference call.”
About Tessera
Tessera develops semiconductor packaging technology that meets the demand for miniaturization and increased performance of electronic products. Tessera licenses its technology to its customers, enabling them to produce semiconductors that are smaller and faster, and incorporate more features. These semiconductors are utilized in a broad range of communications, computing and consumer electronic products.
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. Factors that might cause or contribute to such differences include, but are not limited to, fluctuations in Tessera’s operating results due to the timing of new license agreements and royalties, the pace of adoption of Tessera’s chip scale and multi-chip packaging technologies by the consumer electronics industry, Tessera’s ability to protect its intellectual property and increases in the costs of that effort and the risk of a decline in demand for semiconductor products. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. Tessera’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2003 and its Quarterly Report on Form 10-Q filed for the quarter ended June 30, 2004, include more information about factors that could affect the company’s financial results.
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