Exhibit 99.1
| | | | |
| Company Contact: | | | | Investor Relations Contact: |
| Charlie Webster | | | | Lippert/Heilshorn & Associates |
| Chief Financial Officer | | | | Kirsten Chapman/Moriah Shilton |
| 408-894-0700 | | | | 415-433-3777 |
| | | | mshilton@lhai.com |
TESSERA TECHNOLOGIES ANNOUNCES $100 MILLION
STOCK BUYBACK PROGRAM
San Jose, Calif., August 24, 2007 –Tessera Technologies, Inc. (Nasdaq: TSRA), a leading provider of miniaturization technologies for the electronics industry, announced today its board of directors has authorized a program to repurchase up to $100 million of common stock. The company intends, from time to time, as business conditions warrant, to purchase stock in the open market or through private transactions. Purchases may be increased, decreased or discontinued at any time without prior notice.
“Tessera’s management is confident in the strength of its business, which is supported by a solid balance sheet and strong cash flow,” said Bruce McWilliams, Tessera’s chairman, president and chief executive officer. “While we continue to see exciting long-term growth opportunities both through organic means as well as acquisitions, the management team and board of directors believe this stock buyback represents a good use of Tessera’s funds. We remain firm in our commitment to deliver long-term shareholder value.”
The plan does not obligate the company to repurchase any specific number of shares and may be suspended at any time at management’s discretion. The company currently has 47.7 million shares outstanding.
About Tessera Technologies, Inc.
Tessera is a leading provider of miniaturization technologies for the electronics industry. Tessera provides a broad range of advanced packaging, interconnect, and consumer optics solutions which are widely adopted in high-growth markets including consumer, computing, communications, medical and defense electronics. Tessera’s customers include the world’s top semiconductor companies such as Intel, Samsung, Texas Instruments, Toshiba, Micron and Infineon. The company’s stock is traded on the Nasdaq Global Select Market under the symbol TSRA. Tessera is headquartered in San Jose, California.www.tessera.com.
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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. Material factors that may cause results to differ from the statements made include delays, setbacks or losses relating to our intellectual property or intellectual property litigations, or any invalidation or limitation of our key patents; fluctuations in our 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 our ability to protect our intellectual property; the risk of a decline in demand for semiconductor products; failure by the industry to adopt our technologies; competing technologies; the future expiration of our patents; the future expiration of our license agreements and the cessation of related royalty income; the failure or refusal of licensees to pay royalties; failure to achieve the growth prospects and synergies expected from acquisition transactions; and delays and challenges associated with integrating acquired companies with our existing businesses. 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, 2006 and its Quarterly Report on Form 10-Q for the quarter ended July 1, 2007 include more information about factors that could affect the company’s financial results.
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