Acacia Research Reports First-Quarter Financial Results.Business Editors PASADENA, Calif.--(BUSINESS WIRE)--May 7, 2001 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. (Nasdaq:ACRI) today reported results for the quarter ended March 31, 2001. Revenues for the first quarter of 2001 were $2,622,500 compared to $17,000 in the comparable period last year. The principal components of revenues for the first quarter of 2001 were $2,390,000, of $3,390,000 in payments received, that were recognized as revenues earned in the quarter by the company's Soundview Technologies subsidiary and $182,500 in grant revenues recognized by the company's CombiMatrix subsidiary. The net loss, after deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of minority interests and excluding 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. , was $3.3 million, or 19 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. . The company's consolidated CombiMatrix subsidiary accounted for $3.1 million of the net loss, after deduction, of minority interests and excluding non-cash charges. Including non-cash charges, primarily consisting of $5.2 million of non-cash stock compensation charges relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a step-up in value of CombiMatrix in connection with its proposed initial public offering, the net loss was $9.5 million or 55 cents per share versus a net loss of $2.3 million, or 16 cents per share in the comparable 2000 period. The company's consolidated CombiMatrix subsidiary accounted for $7.5 million of the net loss. Total assets increased to $111.4 million as of March 31, 2001 from $78.9 million as of March 31, 2000. Cash and short-term investments on a consolidated basis increased to $87.4 million as of March 31, 2001 from $62.1 million as of March 31, 2000. Research and development costs, primarily associated with the company's CombiMatrix subsidiary, increased to $5,549,000, including $2,398,000 of non-cash stock compensation charges, before deductions of minority interests, from $734,000 in the comparable 2000 period. Marketing, general and administrative expenses increased to $11,869,000 from $2,099,000 in the comparable 2000 period, primarily due to the expansion of the company's CombiMatrix subsidiary, increased 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. expense associated with the company's Soundview Technologies subsidiary and a non-cash stock compensation charge of $6.0 million before deduction of minority interests compared to a $512,000 charge in the comparable 2000 period. Business highlights of the first quarter include: -- $19.0 million equity financing completed by Acacia Research. -- $9.49 million in licensing payments scheduled for first four months of 2001 by Acacia Research subsidiary. -- Hitachi, Samsung Electronics, Funai Electric, L.G. Electronics, Sanyo and Daewoo to pay royalties to Acacia Research subsidiary. -- Oracle selects Advanced Data Exchange as an Exchange Partner. -- National Association of Wholesaler-Distributor and Advanced Data Exchange form strategic alliance. Key personnel joining Acacia Research Corp. include: -- Clayton J. Haynes was named Senior Vice President of Finance. He was formerly a Manager in the Audit and Advisory Business Services practice with PricewaterhouseCoopers LLP LLP - Lower Layer Protocol . He received his Bachelor of Arts degree in Economics/Business from UCLA UCLA University of California at Los Angeles UCLA University Center for Learning Assistance (Illinois State University) UCLA University of Carrollton, TX and Lower Addison, TX , is a Certified Public Accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. and is a member of the American Institute of CPAs. -- K.R. "Ammi" Amarnath was named Vice President, Business Development, of its subsidiary, Advanced Material Sciences Inc. He was formerly an executive with the Electric Power Research Institute (EPRI EPRI Electric Power Research Institute EPRI European Parliaments Research Initiatives ) where he led the fuel cell program, was responsible for developing new fuel cell distributed resource businesses, and developed strategic partnerships between EPRI and the energy industry worldwide. He has a Master's Degree master's degree n. An academic degree conferred by a college or university upon those who complete at least one year of prescribed study beyond the bachelor's degree. Noun 1. in Chemical Engineering from the University of California, Santa Barbara Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , and an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration degree from the University of Houston. He is a member of the American Institute of Chemical Engineers, the International Fuel Cell Seminar Organizing Committee, and the Industrial Energy Technology Conference Committee. The company will hold a conference call of its Annual Meeting of Shareholders on May 22, 2001, at 9:00 a.m. Pacific time (12:00 p.m. Eastern Time) and will announce the specific details of the conference call the preceding week. All interested parties are welcome to participate. About Acacia Research Corp. Acacia Research develops and operates life science and enabling technology companies. The company's core technology opportunity has been developed through its subsidiary, CombiMatrix Corp. Acacia Research intends to build and acquire companies in the life science and material science fields that will utilize CombiMatrix's biochip biochip Small-scale device, analogous to an integrated circuit, constructed of or used to analyze organic molecules associated with living organisms. One type of theoretical biochip is a small device constructed of large organic molecules, such as proteins, and capable of technology. Acacia Research's Web site is located at www.acaciaresearch.com. This 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 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. " provisions of 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. These statements address future events and conditions concerning the company's business plans. Such statements are subject to a number of factors and uncertainties, such as future economic conditions, changes in consumer demand, and legislative, regulatory and competitive developments. Acacia Research urges investors to review in detail the risks and uncertainties disclosed in the company's filings under the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , including, but not limited to the company's 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. for the year ended December 31, 1999, as amended, the company's quarterly reports on Form 10-Q Form 10-Q See 10-Q. , and the company's Registration Statement on Form S-3/A filed on October 16, 2000, copies of which can be obtained from the company or the Securities and Exchange Commission. The company expressly disclaims any future obligation or undertaking to update or revise any forward-looking statement contained herein.
Acacia Research Corp. (ACRI)
Summary Financial Information
(unaudited)
CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
March 31, Dec. 31,
2001 2000
Total Assets $ 111,362 $ 98,516
Total Liabilities $ 28,790 $ 20,848
Minority Interests $ 12,795 $ 17,524
Total Stockholders' Equity $ 69,777 $ 60,144
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share information)
Three Months Ended
March 31, March 31,
2001 2000
(unaudited)
Revenues:
License fee income $ 2,390 $ --
Grant revenue 183 17
Software revenue 50 --
Total revenues 2,623 17
Operating expenses 18,184 3,250
Operating loss (15,561) (3,233)
Other income 1,191 99
Loss from continuing operations
before income taxes and minority
interests (14,370) (3,134)
Provision for income taxes (300) (5)
Minority interests 5,191 461
Loss from continuing operations (9,479) (2,678)
Loss from discontinued operations -- (884)
Cumulative effect of change in
accounting principle -- (246)
Net loss (9,479) (3,808)
Loss per common share
Basic and diluted
Loss from continuing operations $ (0.55) $ (0.19)
Loss from discontinued operations $ -- $ (0.06)
Cumulative effect of change in
accounting principle $ -- $ (0.02)
Net loss $ (0.55) $ (0.27)
Weighted average number of common
and potential common shares
outstanding used in computation of
loss per share
Basic and diluted 17,208,154 13,852,360
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