UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 5, 2014
Tessera Technologies, Inc.
(Exact name of Registrant as specified in its charter)
| Delaware | 000-50460 | 16-1620029 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
3025 Orchard Parkway
San Jose, California 95134
(Address of Principal Executive Offices)
(408) 321-6000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02. | Results of Operations and Financial Condition. |
On February 5, 2014, Tessera Technologies, Inc. (the “Company”) filed a Current Report on Form 8-K that included a press release (Exhibit 99.1) dated February 5, 2014, announcing the Company’s financial results for the fourth quarter ended December 31, 2013. This Form 8-K/A is being filed to revise the financial results included with such Current Report on Form 8-K.
The previously reported financial results for the fourth quarter ended December 31, 2013 have been revised to include $6.3 million of additional charges related to the restructuring of the Company’s DigitalOptics Corporation subsidiary, which was announced on January 16, 2014. The additional charges include (i) an additional $2.6 million of fixed asset impairment charges, (ii) $3.5 million for commitments on the purchase of equipment and materials and (iii) $0.2 million in other miscellaneous charges. The additional charges result in a generally accepted accounting principles (“GAAP”) net loss for the fourth quarter of 2013 in the amount of $54.1 million, or $1.01 per basic share. For the entire year ended December 31, 2013, GAAP net loss was $185.6 million, or $3.48 per basic share. Set forth below are revised Consolidated Statements of Operations for the three and twelve months ended December 31, 2012 and 2013, and revised Consolidated Balance Sheets as of December 31, 2012 and 2013.
TESSERA TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
| December 31, 2013 |
December 31, 2012 |
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| ASSETS | ||||||||
| Current assets: |
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| Cash and cash equivalents |
$ | 73,722 | $ | 103,802 | ||||
| Short-term investments |
285,865 | 338,801 | ||||||
| Accounts receivable, net |
3,138 | 11,595 | ||||||
| Inventories |
— | 1,507 | ||||||
| Short-term deferred tax assets |
56 | 3,880 | ||||||
| Current assets of discontinued operations |
7,029 | — | ||||||
| Other current assets |
22,501 | 15,701 | ||||||
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| Total current assets |
392,311 | 475,286 | ||||||
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| Property and equipment, net |
9,481 | 72,544 | ||||||
| Intangible assets, net |
81,202 | 120,432 | ||||||
| Long-term deferred tax assets |
904 | 22,499 | ||||||
| Other assets |
855 | 7,677 | ||||||
| Goodwill |
— | 6,664 | ||||||
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| Total assets |
$ | 484,753 | $ | 705,102 | ||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: |
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| Accounts payable |
$ | 3,209 | $ | 14,437 | ||||
| Accrued legal fees |
10,189 | 11,726 | ||||||
| Accrued liabilities |
23,535 | 22,140 | ||||||
| Deferred revenue |
1,149 | 4,869 | ||||||
| Current liabilities of discontinued operations |
407 | — | ||||||
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| Total current liabilities |
38,489 | 53,172 | ||||||
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| Long-term deferred tax liabilities |
520 | 3,102 | ||||||
| Other long-term liabilities |
5,110 | 6,403 | ||||||
| Long-term liabilities of discontinued operations |
197 | — | ||||||
| Stockholders’ equity: |
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| Common stock |
55 | 53 | ||||||
| Additional paid-in capital |
530,762 | 480,347 | ||||||
| Treasury stock |
(39,918 | ) | (10,642 | ) | ||||
| Accumulated other comprehensive income |
133 | 119 | ||||||
| Retained earnings (deficit) |
(50,595 | ) | 172,548 | |||||
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| Total stockholders’ equity |
440,437 | 642,425 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 484,753 | $ | 705,102 | ||||
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TESSERA TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Total revenues |
$ | 56,370 | $ | 47,576 | $ | 168,908 | $ | 209,838 | ||||||||
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| Operating expenses: |
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| Cost of revenues |
837 | 1,743 | 4,515 | 7,845 | ||||||||||||
| Research, development and other related costs |
22,226 | 24,920 | 86,653 | 88,762 | ||||||||||||
| Selling, general and administrative |
16,148 | 22,916 | 82,236 | 92,533 | ||||||||||||
| Litigation expense |
16,201 | 14,113 | 60,386 | 34,018 | ||||||||||||
| Restructuring, impairment of long-lived assets and other charges |
51,385 | 2,524 | 70,007 | 2,524 | ||||||||||||
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| Total operating expenses |
106,797 | 66,216 | 303,797 | 225,682 | ||||||||||||
| Operating loss from continuing operations |
(50,427 | ) | (18,640 | ) | (134,889 | ) | (15,844 | ) | ||||||||
| Other income and expense, net |
540 | 492 | 1,780 | 5,872 | ||||||||||||
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| Loss before income taxes from continuing operations |
(49,887 | ) | (18,148 | ) | (133,109 | ) | (9,972 | ) | ||||||||
| Provision for (benefit from) income taxes |
2,539 | (5,410 | ) | 24,483 | 1,144 | |||||||||||
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| Loss from continuing operations |
(52,426 | ) | (12,738 | ) | (157,592 | ) | (11,116 | ) | ||||||||
| Loss from discontinued operations, net of tax |
(1,723 | ) | (7,878 | ) | (27,963 | ) | (19,109 | ) | ||||||||
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| Net loss |
$ | (54,149 | ) | $ | (20,616 | ) | $ | (185,555 | ) | $ | (30,225 | ) | ||||
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| Earnings per share: |
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| Loss from continuing operations: |
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| Basic |
$ | (0.97 | ) | $ | (0.24 | ) | $ | (2.95 | ) | $ | (0.21 | ) | ||||
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| Diluted |
$ | (0.97 | ) | $ | (0.24 | ) | $ | (2.95 | ) | $ | (0.21 | ) | ||||
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| Loss from discontinued operations: |
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| Basic |
$ | (0.03 | ) | $ | (0.15 | ) | $ | (0.52 | ) | $ | (0.37 | ) | ||||
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| Diluted |
$ | (0.03 | ) | $ | (0.15 | ) | $ | (0.52 | ) | $ | (0.37 | ) | ||||
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| Net loss: |
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| Basic |
$ | (1.01 | ) | $ | (0.39 | ) | $ | (3.48 | ) | $ | (0.58 | ) | ||||
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| Diluted |
$ | (1.01 | ) | $ | (0.39 | ) | $ | (3.48 | ) | $ | (0.58 | ) | ||||
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| Cash dividends declared per share |
$ | 0.10 | $ | 0.10 | $ | 0.70 | $ | 0.30 | ||||||||
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| Weighted average number of shares used in per share calculations-basic |
53,866 | 52,226 | 53,346 | 51,977 | ||||||||||||
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| Weighted average number of shares used in per share calculations-diluted |
53,866 | 52,226 | 53,346 | 51,977 | ||||||||||||
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The information in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 27, 2014
| TESSERA TECHNOLOGIES, INC. | ||
| By: | /S/ Robert Andersen | |
| Name: | Robert Andersen | |
| Title: | Executive Vice President and Chief | |
| Financial Officer | ||