Acacia Research Reports First Quarter Results.Business Editors NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--April 21, 2004 Acacia acacia (əkā`shə), any plant of the large leguminous genus Acacia, often thorny shrubs and trees of the family Leguminosae (pulse family). Research Corporation (Nasdaq:ACTG ACTG Acting ACTG AIDS Clinical Trial Group ACTG Actuating/Actuator )(Nasdaq:CBMX) today reported results for the three months ended March 31, 2004. Acacia Research Corporation comprises two operating groups, the CombiMatrix CombiMatrix Corp. NASDAQ: CBMX is a company that, among other things, makes DNA microarrays using electrochemistry on arrays of microelectrodes. The arrays are built on semiconductor chips. group and the Acacia Technologies
"The CombiMatrix group reported revenues of $17,616,000 in the first quarter, including the recognition of $17,302,000 in deferred contract revenues from the completion of its research and development agreement in its strategic alliance with Roche n. 1. Rock. . The CombiMatrix group's first quarter revenues also included $217,000 in contract revenue related to its development of biowarfare detection technology under a $5.9 million contract that was awarded by the Department of Defense in March 2004 and $97,000 in product sales and other contract service revenues," stated CombiMatrix CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President, Dr. Amit A`mit´ v. t. 1. To lose. A lodestone fired doth presently amit its proper virtue. - Sir T. Browne. Kumar Kumar (from Sanskrit meaning prince or an (unmarried) youth) is an Indian title, given name or family name. As a title it can mean son of a Rājā, prince, or heir apparent and enters in princely compound titles. . "During the first quarter of 2004, the CombiMatrix group announced a number of significant accomplishments. We launched our CustomArray(TM) product for DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. Expression Analysis in March and initiated a collaboration Working together on a project. See collaborative software. with Cyrano Sciences for the development of nanotechnology nanotechnology: see micromechanics. nanotechnology Manipulation of atoms, molecules, and materials to form structures on the scale of nanometres (billionths of a metre). based chemical sensors
Washington University in St. Louis is a private, coeducational, research university located in St. Louis, Missouri. for nanoscale At nanometer size. Any device only a few nanometers in size is nanoscale. See nanotechnology and nanometer. synthesis of chemical libraries, which is being funded by the National Science Foundation. The CombiMatrix group also developed the first commercially available microarray See micro array. microarray - A technique for performing many DNA experiments in parallel. Nothing to do with computers. for 'bird flu' influenza A influenza A n. Influenza caused by infection with a strain of influenza virus type A. influenza A Infectious disease An avian virus, especially of ducks–which in China live near the pig reservoir and 'vector'; virus and initiated research collaborations with St. Jude Children's Research Hospital St. Jude Children's Research Hospital, founded in 1962, is a leading pediatric treatment and research facility focused on children's catastrophic diseases. It is located in Memphis, Tennessee. In 1996, Peter Doherty, Ph.D., of St. and Oklahoma State University Oklahoma State University, at Stillwater; land-grant and state supported; coeducational; chartered 1890, opened 1891 as Oklahoma Agricultural and Mechanical College, renamed 1957. on 'bird flu' influenza A virus. Finally, we also initiated a collaboration with Case Western Reserve University on developing a novel diagnostic for Alzheimer's disease Alzheimer's disease (ăls`hī'mərz, ôls–), degenerative disease of nerve cells in the cerebral cortex that leads to atrophy of the brain and senile dementia. using our CustomArray(TM) platform and expanded our RNAi RNAi Ribonucleic Acid Interference collaboration for HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. with the Retrovirology Laboratory irsiCAIXA to include hepatitis C Hepatitis C Definition Hepatitis C is a form of liver inflammation that causes primarily a long-lasting (chronic) disease. Acute (newly developed) hepatitis C is rarely observed as the early disease is generally quite mild. ," concluded Dr. Kumar. "The Acacia Technologies group reported revenues of $599,000 in the first quarter of 2004 as we continued to roll out our Digital Media Transmission technology licensing program. To date we have entered into 120 DMT See DSL. technology licensing agreements, including agreements with CinemaNow, Disney Dis·ney , Walter Elias Known as "Walt." 1901-1966. American animator, showman, and film producer. Noted for his creation of the cartoon characters Mickey Mouse and Donald Duck, he produced the first animated film with sound, , General Dynamics General Dynamics Corporation (NYSE: GD) is a defense conglomerate formed by mergers and divestitures, and as of 2006 it is the sixth largest defense contractor in the world[1]. The company has changed markedly in the post-Cold War era of defense consolidation. Interactive, Grupo Pegaso Pegaso (IPA: [pe'ɰaso]; Spanish for "Pegasus") was a Spanish brand of trucks, buses, tractors and armoured vehicles, and, for a while, of impressive sport cars. , LodgeNet LodgeNet Entertainment Corporation (NASDAQ: LNET) is an American company that provides interactive television and broadband services to hotels in the United States and Canada. The company is headquartered in Sioux Falls, South Dakota. , NXTV, Oral Roberts Noun 1. Oral Roberts - United States evangelist (born 1918) Roberts University, T. Rowe Price T. Rowe Price (NASDAQ: TROW) is an independent global investment management firm and mutual fund manager based in Baltimore, Maryland. It was founded in 1937 by Thomas Rowe Price, Jr.. T. , 24/7 University and Virgin Radio," commented Chairman and CEO, Paul Ryan Paul Ryan may refer to:
Acacia Research Corporation Consolidated Financial Results Consolidated revenues for the first quarter of 2004 were $18,215,000 versus $222,000 in the comparable 2003 period. First quarter 2004 revenues were comprised of $17,302,000 in Roche Diagnostics Roche Diagnostics Division is a subsidiary of Hoffmann-La Roche which manufactures equipment and reagents for research and medical diagnostic applications. Internally, it is organized into six major business areas: Roche Applied Science, Roche Centralized Diagnostics, Roche , GmbH GmbH Gesellschaft mit Beschränkter Haftung (German: limited liability company; business entity) ("Roche") related deferred contract revenues, $217,000 in contract revenue related to the development of biowarfare detection technology under a $5.9 million Department of Defense contract awarded in March 2004 and $97,000 in product sales and other contract service revenues, all of which were recognized by the CombiMatrix group and Digital Media Transmission ("DMT") license fee revenues totaling $599,000 recognized by the Acacia Technologies group. In March 2004, the CombiMatrix group completed all phases of its research and development agreement with Roche. As a result of completing all of its obligations under this agreement and in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the CombiMatrix group's revenue recognition policies for multiple-element arrangements, the CombiMatrix group recognized all previously deferred Roche related contract revenues totaling $17,302,000 during the first quarter of 2004. First quarter 2004 consolidated net income was $10,903,000 versus a consolidated net loss of $6,667,000 in the comparable 2003 period. Included in the first quarter 2004 consolidated net income are non-cash charges 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. totaling $2,371,000, comprised of non-cash stock compensation amortization charges of $403,000, non-cash patent amortization charges of $399,000, depreciation charges of $312,000 and $1,257,000 in current period non-cash charges related to AR-CombiMatrix common stock issuable in connection with certain anti-dilution provisions Anti-Dilution Provision A provision in an option or a convertible security. It protects an investor from dilution resulting from later issues of stock at a lower price than the investor originally paid. of the September September: see month. 2002 settlement agreement with Nanogen  This article about a company does not make it clear whether the subject meets the Wikipedia criteria for . , Inc. Non-cash stock compensation
amortization charges, non-cash patent amortization charges and
depreciation charges totaled $140,000, $400,000 and $367,000,
respectively, in the comparable 2003 period. The Company estimates that
there will be sufficient losses from operations in the current year to
offset any taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. related to the Roche deferred revenues
recognized resulting in no significant tax liability or expense in the
current period.
Consolidated research and development expenses, comprised solely of costs incurred by the CombiMatrix group, decreased to $1,588,000 in the first quarter of 2004 from $2,335,000 in the comparable 2003 period, primarily due to the CombiMatrix group's completion of several Roche related research and development projects during the third and fourth quarters of 2003, and final completion of the research and development agreement with Roche in the first quarter of 2004. Financial Condition Total consolidated assets were $90,173,000 as of March 31, 2004 compared to $90,040,000 as of December December: see month. 31, 2003. Cash and cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments on a consolidated basis totaled $50,944,000 as of March 31, 2004 compared to $50,500,000 as of December 31, 2003. Subsequent to March 31, 2004, Acacia Research Corporation raised net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $13,600,000 through the sale of Acacia Research - CombiMatrix common stock in a registered direct offering. The proceeds from this offering were allocated to the CombiMatrix group. CombiMatrix Group (A Division of Acacia Research Corporation) Financial Results Revenues for the first quarter of 2004 were $17,616,000 versus $216,000 in the comparable 2003 period. First quarter 2004 revenues were comprised of $17,302,000 in Roche related deferred contract revenues, $217,000 in contract revenue related to the development of biowarfare detection technology under a $5.9 million Department of Defense contract awarded to the CombiMatrix group in March 2004 and $97,000 in product sales and other contract service revenues. In March 2004, the CombiMatrix group completed all phases of its research and development agreement with Roche. As a result of completing all of its obligations under this agreement and in accordance with the CombiMatrix group's revenue recognition policies for multiple-element arrangements, the CombiMatrix group recognized all previously deferred Roche related contract revenues totaling $17,302,000 during the first quarter of 2004. First quarter 2004 division net income was $11,892,000 versus a division net loss of $5,173,000 in the comparable 2003 period. Included in the first quarter 2004 division net income are non-cash charges totaling $2,236,000, comprised of non-cash stock compensation amortization charges of $403,000, non-cash patent amortization charges of $274,000, depreciation charges of $302,000 and $1,257,000 in current period non-cash charges related to AR-CombiMatrix common stock issuable in connection with certain anti-dilution provisions of the September 2002 settlement agreement with Nanogen, Inc. Non-cash stock compensation amortization charges, non-cash amortization of patents and depreciation charges totaled $140,000, $274,000 and $332,000, respectively, in the comparable 2003 period. The CombiMatrix group estimates that there will be sufficient losses from operations in the current year to offset any taxable income related to the Roche deferred revenues recognized resulting in no significant tax liability or expense in the current period. Research and development costs incurred by the CombiMatrix group decreased to $1,588,000 in the first quarter of 2004 from $2,335,000 in the comparable 2003 period, primarily due to the CombiMatrix group's completion of several Roche related research and development projects during the third and fourth quarters of 2003, and final completion of the research and development agreement with Roche in the first quarter of 2004. Financial Condition Total assets for the CombiMatrix group were $50,908,000 as of March 31, 2004 compared to $50,161,000 as of December 31, 2003. Cash and cash equivalents and short-term investments totaled $18,415,000 as of March 31, 2004 compared to $17,299,000 as of December 31, 2003. Subsequent to March 31, 2004, Acacia Research Corporation raised net proceeds of approximately $13,600,000 through the sale of Acacia Research - CombiMatrix common stock in a registered direct offering. The proceeds from this offering were allocated to the CombiMatrix group. Acacia Technologies Group (A Division of Acacia Research Corporation) Financial Results DMT license fee revenues for the first quarter of 2004 were $599,000 versus $6,000 in the comparable 2003 period. Since November November: see month. 2002, the Acacia Technologies group has entered into 120 license agreements for its DMT technology. All of the Acacia Technologies group's material DMT license agreements provide for recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. license fee payments to be made by the respective licensees over the term of the licenses. The first quarter 2004 division net loss was $989,000 versus $1,494,000 in the comparable 2003 period. Included in the first quarter 2004 division net loss are non-cash patent amortization and depreciation charges totaling $136,000 versus $161,000 in the comparable 2003 period. Marketing, general and administrative expenses in the first quarter of 2004 decreased to $1,006,000 from $1,323,000 in the comparable 2003 period, due primarily to a decrease in corporate legal expenses and a general reduction in personnel related overhead expenses. Patent related legal expenses in the first quarter of 2004 increased to $602,000 from $262,000 in the comparable 2003 period and include increased costs related to Acacia Technologies group's ongoing DMT patent commercialization and enforcement efforts, including increased legal and engineering costs related to new patent claims and the identification of additional potential licensees of our DMT technology. Financial Condition Total assets for the Acacia Technologies group were $39,477,000 as of March 31, 2004 compared to $39,978,000 as of December 31, 2003. Cash and cash equivalents and short-term investments totaled $32,529,000 as of March 31, 2004 compared to $33,201,000 as of December 31, 2003. Business Highlights Business highlights of the first quarter include:
CombiMatrix group:
-- In January 2004, the CombiMatrix group made the first
commercially available microarray designed for the H5N1
influenza A virus ("bird flu"). The World Health Organization
appealed on January 27, 2004 for technical assistance and
expert advice to help stop the threat to humans and
agriculture posed by bird flu virus. The CombiMatrix group
utilized its proprietary probe-design software and ability to
rapidly synthesize novel DNA microarrays to respond within two
days.
-- In March 2004, the CombiMatrix group announced the launch of
its CustomArray(TM) DNA Microarray platform, offering
researchers the ability to order fully customizable arrays on
demand.
-- In March 2004, the CombiMatrix group executed a two-year, $5.9
million contract with the Department of Defense to further the
development of the CombiMatrix group's microarray technology
for the detection of biological threat agents.
-- On March 12, 2004, Acacia Research Corporation's Acacia
Research - CombiMatrix common stock began trading on the
NASDAQ National Market system. The stock had previously traded
on the NASDAQ Small Cap Market.
-- During the first quarter of 2004, the CombiMatrix group
entered into the following collaborations:
Nanotechnology
-- a collaboration, funded by the National Science
Foundation, with Washington University in St. Louis to
develop a system for the synthesis of libraries of
diverse, non-nucleic acid molecules. These libraries will
be synthesized using CombiMatrix's semiconductor based
microarrays and electrochemical synthetic methods.
CombiMatrix NanoArrays(TM) will be used for the diverse
chemical synthesis.
-- a collaboration with Cyrano Sciences on the development of
chemical sensors which merge CombiMatrix's microarray
technology with Cyrano's electronic nose technology.
Express Track(SM)
-- an expanded collaboration with Professor Bonaventura
Clotet, M.D., Ph.D., of the Retrovirology Laboratory
irsiCAIXA, to conduct the initial efficacy screening of
pooled siRNA compounds against the hepatitis C virus.
Diagnostics
-- a collaboration with Dr. Ulrich Melcher, Department of
Biochemistry and Molecular Biology and Dr. Alexander C.
Lai, Department of Microbiology and Molecular Genetics,
from Oklahoma State University, to utilize CombiMatrix's
'Bird Flu' CustomArray(TM) devices to characterize Bird
flu viruses at the genomic level.
-- a collaboration with St. Jude Children's Research Hospital
to study the genetic variation in the H9 variant of Bird
Flu.
-- a collaboration with Case Western Reserve University for
work in developing a novel diagnostic for Alzheimer's
disease using the CustomArray(TM) platform.
Acacia Technologies group:
-- To date the Acacia Technologies group has entered into 120 DMT
technology licensing agreements, including agreements with
CinemaNow, Inc., Disney Enterprises, Inc., General Dynamics
Interactive Corporation, Grupo Pegaso, LodgeNet Entertainment
Corporation, NXTV, Inc., Oral Roberts University, T. Rowe
Price, 24/7 University, Inc. and Virgin Radio.
-- In January 2004, the Acacia Technologies group was issued an
additional European patent covering 14 countries for its DMT
technology. The new patent provides additional coverage in
Great Britain, Germany, France, Italy, Spain, Switzerland,
Sweden, Denmark, Belgium, Netherlands, Monaco, Luxembourg and
Greece.
A conference call is scheduled for today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern). Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. R. Ryan Ryan may refer to: Places
American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. "Chip" Harris Harris, Scotland: see Lewis and Harris. , President, and Amit Kumar, Ph.D., CEO of CombiMatrix Corporation will host the call. The CombiMatrix Group presentation and Q&A will precede the Acacia Technologies Group presentation and Q&A session. To listen to the presentation by phone, dial (800) 915-4836 for domestic callers and (973) 317-5319 for international callers. A replay of the audio presentation will be available for 30 days at (800) 428-6051 for domestic callers and (973) 709-2089 for international callers, both of whom will need to enter the code 350337 when prompted. The call is being webcast by CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network and can be accessed at Acacia Research Corporation's website at www.acaciaresearch.com. About Acacia Research Corporation Acacia Research Corporation comprises two operating groups, Acacia Technologies group and CombiMatrix group. The Acacia Technologies Group develops, acquires, and licenses patented technologies. Acacia's DMT technology, which is supported by 5 U.S. and 31 foreign patents, relates to audio and audio/video transmission and receiving systems commonly known as audio-on-demand, video-on-demand The ability to deliver a movie, sports event or other video program to a TV set whenever the customer requests it. Video-on-demand (VOD) typically refers to free and paid programs from the cable TV companies or the telephone companies that offer video over DSL lines. , and audio/video streaming, and is used for distributing digital content via several means including Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , cable, satellite and wireless systems. The CombiMatrix group is developing a platform technology to rapidly produce customizable active biochips, which are semiconductor-based tools for use in identifying and determining the roles of genes, gene mutations Noun 1. gene mutation - (genetics) a mutation due to an intramolecular reorganization of a gene point mutation genetic science, genetics - the branch of biology that studies heredity and variation in organisms and proteins. CombiMatrix's technology has a wide range of applications including DNA synthesis/diagnostics, drug discovery, and immunochemical im·mu·no·chem·is·try n. The chemistry of immunologic phenomena, as of antigen-antibody reactions. im detection. CombiMatrix's Express Track(SM) drug discovery program is a systems biology Systems biology, a field of study in the biosciences, focuses on the systematic study of complex interactions in biological systems. Particularly from 2000 onwards, the term is used widely in the biosciences, and in a variety of contexts. approach, using its technology, to target common viral diseases viral diseases Diseases caused by viruses. Long-term immunity usually follows viral childhood diseases (see chickenpox). The common cold recurs into adulthood because many different viruses cause its symptoms, and immunity against one does not protect against others. with siRNA compounds. Acacia Research-Acacia Technologies (Nasdaq:ACTG) and Acacia Research-CombiMatrix (Nasdaq:CBMX) are both classes of common stock issued by Acacia Research Corporation and are intended to reflect the performance of the respective operating groups and are not issued by the operating groups. Information about the Acacia Technologies group and the CombiMatrix group is available at www.acaciaresearch.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , recent and forthcoming Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. , recent Current Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
ACACIA RESEARCH CORPORATION
SUMMARY FINANCIAL INFORMATION
(In thousands, except share and per share information)
(Unaudited)
CONSOLIDATED BALANCE SHEET INFORMATION
March 31, December 31,
2004 2003
-------- --------
Total Assets $ 90,173 $ 90,040
======== ========
Total Liabilities $ 12,811 $ 28,513
======== ========
Minority Interests $ 1,127 $ 1,127
======== ========
Total Stockholders' Equity $ 76,235 $ 60,400
======== ========
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended
-----------------------------
March 31, 2004 March 31, 2003
------------- ---------------
Revenues:
Research and development contract $17,302 $-
License fees 599 6
Government contract 217 -
Service contracts 81 7
Products 16 209
------------- ---------------
Total revenues 18,215 222
------------- ---------------
Operating expenses:
Cost of sales 4 77
Research and development expenses 1,588 2,335
Non-cash stock compensation amortization
-- research and development 69 2
Marketing, general and administrative
expenses 3,886 4,255
Non-cash stock compensation amortization
-- marketing, general and administrative 334 138
Amortization of patents 399 400
Legal settlement charges 1,257 -
------------- ---------------
Total operating expenses 7,537 7,207
------------- ---------------
Operating income (loss) 10,678 (6,985)
------------- ---------------
Other income (expenses) 158 252
------------- ---------------
Income (loss) from operations before
income taxes and minority interests 10,836 (6,733)
Benefit for income taxes 67 60
------------- ---------------
Income (loss) from operations before
minority interests 10,903 (6,673)
Minority interests - 6
------------- ---------------
Net income (loss) $10,903 $(6,667)
============= ===============
Earnings (loss) per common share:
Attributable to the Acacia Technologies
group:
Net income (loss) $(989) $(1,494)
Basic and diluted loss per share (0.05) (0.08)
Attributable to the CombiMatrix group:
Basic
Net income (loss) $11,892 $(5,173)
Basic net income (loss) per share 0.44 (0.23)
Diluted
Net income (loss) $11,892 $(5,173)
Diluted net income (loss) per share 0.41 (0.23)
Weighted average shares:
Acacia Research -- Acacia Technologies
stock:
Basic and diluted 19,752,335 19,640,808
============= ===============
Acacia Research -- CombiMatrix stock:
Basic 27,274,627 22,983,278
============= ===============
Diluted 29,233,817 22,983,278
============= ===============
COMBIMATRIX GROUP
(A Division of Acacia Research Corporation)
SUMMARY FINANCIAL INFORMATION
(In thousands)
(Unaudited)
GROUP BALANCE SHEET INFORMATION
March 31, December 31,
2004 2003
-------- --------
Total Assets $ 50,908 $ 50,161
======== ========
Total Liabilities $ 8,278 $ 24,424
======== ========
Minority Interests $ - $ -
======== ========
Total Stockholders' Equity $ 42,630 $ 25,737
======== ========
GROUP STATEMENTS OF OPERATIONS
For the Three Months Ended
-----------------------------
March 31, 2004 March 31, 2003
-------------- --------------
Revenues:
Research and development contract $17,302 $-
Government contract 217 -
Service contracts 81 7
Products 16 209
-------------- --------------
Total revenues 17,616 216
-------------- --------------
Operating expenses:
Cost of sales 4 77
Research and development expenses 1,588 2,335
Non-cash compensation amortization
-- research and development 69 2
Marketing, general and administrative
expenses 2,278 2,670
Non-cash compensation amortization --
marketing, general and administrative 334 138
Amortization of patents 274 274
Legal settlement charges 1,257 -
-------------- --------------
Total operating expenses 5,804 5,496
-------------- --------------
Operating income (loss) 11,812 (5,280)
-------------- --------------
Other income 46 67
-------------- --------------
Income (loss) from operations before
income taxes and minority interests 11,858 (5,213)
Benefit for income taxes 34 34
-------------- --------------
Income (loss) from operations before
minority interests 11,892 (5,179)
Minority interests - 6
-------------- --------------
Division net income (loss) $11,892 $(5,173)
============== ==============
ACACIA TECHNOLOGIES GROUP
(A Division of Acacia Research Corporation)
SUMMARY FINANCIAL INFORMATION
(In thousands)
(Unaudited)
GROUP BALANCE SHEET INFORMATION
March 31, December 31,
2004 2003
-------- --------
Total Assets $ 39,477 $ 39,978
======== ========
Total Liabilities $ 4,745 $ 4,188
======== ========
Minority Interests $ 1,127 $ 1,127
======== ========
Total Stockholders' Equity $ 33,605 $ 34,663
======== ========
GROUP STATEMENTS OF OPERATIONS
For the Three Months Ended
------------------------------
March 31, 2004 March 31, 2003
-------------- --------------
Revenues:
License fees $599 $6
-------------- --------------
Total revenues 599 6
-------------- --------------
Operating expenses:
Marketing, general and administrative
expenses 1,006 1,323
Legal expenses -- patents 602 262
Amortization of patents 125 126
-------------- --------------
Total operating expenses 1,733 1,711
-------------- --------------
Operating income (loss) (1,134) (1,705)
-------------- --------------
Other income (expenses) 112 185
-------------- --------------
Income (loss) from operations before
income taxes (1,022) (1,520)
Benefit for income taxes 33 26
-------------- --------------
Division net income (loss) $(989) $(1,494)
============== ==============
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