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Tessera Technologies (NASDAQ:TSRA): Closing price $18.30
Tessera is reconfiguring its DigitalOptics Corporation business strategy and anticipates a reduction in operating expenses in DOC by about $78 million, or 45 percent, on an annualized basis exiting 2013, as compared to last year. The company has decided that it is no longer necessary for DOC to be a vertically integrated camera module provider. Tessera’s restructuring will decrease spending in DOC and Corporate Overhead, but not in its Intellectual Property unit. DOC also projects cost of revenues to fall from $40 million in 2012 to roughly $15 million in 2013. DigitalOptics is unifying its manufacturing capabilities into its Taiwan facility and expects to end all operations at its leased facility in Zhuhai. The company expects to take a total charge of between $17 million and $23 million, including restructuring, impairment of assets and other related exit costs, with the majority taken in the first quarter and the remainder in the second. Shares closed up 0.44 percent on Thursday at $18.30, and have been traded in a 52-week range of $12.77 to $18.79.
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