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<?php
$resizedImagePath = 'new/path/to/file.jpg';

$imageProcessor = new Varien_Image($baseImagePath);
$imageProcessor->constrainOnly(false);
$imageProcessor->keepAspectRatio(true);
$imageProcessor->keepFrame(false);
$imageProcessor->keepTransparency(true);
$imageProcessor->backgroundColor(array(255, 255, 255));
$imageProcessor->quality(90);
$imageProcessor->resize($width, $height);
$imageProcessor->save($resizedImagePath);