Acacia Research Reports First Quarter Financial Results and Completion of Alpha Version of MerkWerks' CD WonderWriter.PASADENA, Calif.--(BUSINESS WIRE)--May 15, 1997--Acacia Research Corporation (ACRI) today reported a net loss of $1,011,412, or 38 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. , for the three months ended March 31, 1997, compared to net income of $879,790, or 33 cents per share, for the comparable 1996 period. The loss incurred during the quarter ended March 31, 1997, included a one-time non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a legal settlement, which amounted to 17 cents per share. The settlement terminated a lawsuit brought by a former director of the Company and her husband, alleging that the Company improperly refused their attempts to exercise an option to purchase 100,000 shares at an exercise price of $2.00 per share. Under the terms of this settlement, the Company has agreed to pay $25,000 in cash and to award an option to purchase 120,600 shares at an exercise price of $4.25 per share. These options will vest over a period of 18 months, and are exercisable only to the extent the former director and her husband realize total profits of up to $475,000. If, following the exercise of termination of the options, the former director and her husband have not realized profits of $475,000, the Company would be obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to make a cash payment equal to the shoftfall. Management of the Company believes that settling this lawsuit prevented unnecessary litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. costs as well as unnecessary diversion of Company resources. Acacia Research also announced that its majority-controlled subsidiary, MerkWerks Corporation, has completed the alpha version of its WonderWriter software product. The product can be used with CD-Recordable drives and is designed to enable consumers to create and copy their own CD-ROMs easily and reliably. -0-
Acacia Research Corporation (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) (38 cents) 33 cents
Weighted Average Number
of Shares Outstanding 2,677,875 2,665,035
Acacia Research Corporation (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 Corporation (software development), Soundview Technologies Incorporated (V-chip technology), CombiMatrix Corporation (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: Acacia Research Corporation Kathryn King-Van Wie, 818/449-6431 |
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