Acacia Research Corp. announces earnings.PASADENA, Calif.--(BUSINESS WIRE)--May 16, 1997--Acacia Research Corp. (ACRI) Friday announced that it is correcting the fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of reported Thursday. The weighted average number of shares is being corrected to exclude from the computation the effect of stock options and warrants. Under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , stock options and warrants are not included in weighted average number of shares in any period in which there is a loss. Therefore, the weighted average number of shares for computation purposes for the period ended March 31, 1997, is 2,038,450 and not 2,677,875 as previously reported. The company reported a net loss of $1,011,412 for the three months ended March 31, 1997. Under the accounting rules applicable to periods in which there is a loss, this translates to a loss of 50 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Previously, the company inadvertently reported a loss 38 cents per share based on the weighted average number of shares that included outstanding stock options and warrants for the period. The loss for the three months ended March 31, 1997, reflected a one-time charge relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a legal settlement that now amounts to a 23 cents loss per share, rather than a 17 cents loss per share as reported Thursday. Earnings per share and weighted average number of shares for the three months ended March 31, 1996, are not affected as this period reflected net income. In periods in which net income is reported, the number of stock options and warrants outstanding are included in the computation. -0-
Acacia Research Corp. (ACRI)
Earnings Recap
Three months ended
3/31/97 3/31/96
Revenue ($20,935) $1,826,117
Net (loss) income (after taxes) ($1,011,412) $879,790
(Loss) Earnings per share
(fully diluted) ($.50) $.33
Weighted average number of common
and common equivalent shares for
computation of (loss) income per
share 2,038,450 2,665,035
-0- NOTE TO EDITORS: Acacia acacia (əkā`shə), any plant of the large leguminous genus Acacia, often thorny shrubs and trees of the family Leguminosae (pulse family). Research Corp. (ACRI) is a diversified capital management company with interests in several enterprises -- Whitewing Labs Inc. (direct marketer of nutritional supplements Nutritional Supplements Definition Nutritional supplements include vitamins, minerals, herbs, meal supplements, sports nutrition products, natural food supplements, and other related products used to boost the nutritional content of the diet. ), MerkWerks Corp. (software development), Soundview Technologies Inc. (V-chip technology), CombiMatrix Corp. (drug discovery technology), Greenwich Information Technologies LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (video-and-audio-on-demand technology) and private investment advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . CONTACT: Kathryn King-Van Wie, 818/449-6431 |
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