Acacia Research Reports Fourth Quarter and Year End Financial 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)--Feb. 25, 2003 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 fourth quarter and year end financial results. Acacia Research Corporation comprises two operating groups, the Acacia Technologies
Acacia Research Corporation Financial Results Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues for the fourth quarter of 2002 were $16,000 versus $1,091,000 in the comparable 2001 period. Fourth quarter 2002 revenues were comprised of contract revenues recognized by our wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , CombiMatrix Corporation and product sales to a Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and government institution recognized by CombiMatrix Corporation's Japanese subsidiary. In addition, during the fourth quarter of 2002, CombiMatrix Corporation received cash payments totaling $8,553,000 pursuant to its agreements with 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 n. 1. Rock. "), which have been recorded as deferred revenues. Consolidated revenues for the year ended December December: see month. 31, 2002 were $882,000 versus $24,636,000 for the year ended December 31, 2001. Revenues were comprised of $43,000 in television V-chip An electronic circuit in a TV that parents can use to block TV programs they consider objectionable for their children. The FCC mandated that post January 1, 2000, all TVs 13" and larger contain the V-Chip. technology licensing revenues recognized by our Acacia Technologies group, $533,000 in government grant revenues recognized by CombiMatrix Corporation and $306,000 in product sales to two Japanese government institutions recognized by CombiMatrix Corporation's Japanese subsidiary. In addition, during 2002, CombiMatrix Corporation received cash payments totaling $11,435,000 pursuant to its agreements with Roche, which have been recorded as deferred revenues. The fourth quarter 2002 consolidated net loss was $22,223,000, which includes a 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. for acquired in-process research and development of $17,237,000 related to Acacia Research Corporation's acquisition of the outstanding interests in CombiMatrix Corporation not already owned by Acacia Research Corporation in December 2002, versus a consolidated net loss from operations of $5,194,000 in the comparable 2001 period. The 2002 consolidated net loss was $58,973,000, which includes a non-cash charge for acquired in-process research and development of $17,237,000 discussed above, and a non-cash charge of $8,334,000 after minority interests ($17,471,000 before minority interests) related to the settlement of 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. with Nanogen  This article about a company does not make it clear whether the subject meets the Wikipedia criteria for . Inc. in September September: see month. 2002, versus
a consolidated net loss of $22,272,000 in the comparable 2001 period.
Excluding non-cash stock compensation, in-process research and
development and litigation settlement charges, the 2002 consolidated net
loss was $29,607,000 versus $9,900,000 in the comparable 2001 period.
Non-cash stock compensation charges after minority interests were
$3,795,000 and $12,372,000 for 2002 and 2001, respectively, and relate
primarily to a step-up step-upA scheduled increase in the exercise or conversion price at which a warrant, an option, or a convertible security may be used to acquire shares of common stock. in value of our CombiMatrix subsidiary in connection with its proposed initial public offering in 2000. Financial Condition Total consolidated assets were $97,071,000 as of December 31, 2002 compared to $110,859,000 as of December 31, 2001. Cash 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 were $54,688,000 as of December 31, 2002 compared to $84,561,000 as of December 31, 2001. Acacia Technologies Group (A division of Acacia Research Corporation) Financial Results There were no revenues recognized in the fourth quarter of 2002 versus $1,000,000 in license fee revenues recognized in the comparable 2001 period. Revenues for the year ended December 31, 2002 were $43,000 versus $24,180,000 for the year ended December 31, 2001. Revenues were comprised of $43,000 in television V-chip technology licensing revenues. The fourth quarter 2002 division net loss was $831,000 versus $464,000 in the comparable 2001 period. The 2002 division net loss was $12,755,000, which includes a non-cash investment impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $2,748,000 versus division net income of $5,757,000 in the comparable 2001 period. Marketing, general and administrative expenses in the fourth quarter of 2002 and for the year ended December 31, 2002 decreased as compared to the same periods in 2001, primarily due to a reduction of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $450,000 and $11,000,000, respectively, in contingent Fortuitous; dependent upon the possible occurrence of a future event, the existence of which is not assured. The word contingent denotes that there is no present interest or right but only a conditional one which will become effective upon the happening of the legal fees incurred in connection with V-chip license fee revenues recognized in 2001. Marketing, general and administrative expenses in 2002 include increased legal and consulting costs related to ongoing Digital Media Transmission patent marketing and commercialization efforts, including patent claims construction, patent prosecution Patent prosecution describes the interaction between an applicant, or their representative, and a patent office with regard to a patent, or an application for a patent. Broadly, patent prosecution can be split into pre-grant prosecution, which involves negotiation with a patent and related research and engineering costs. Financial Condition Total assets for the Acacia Technologies group were $47,212,000 as of December 31, 2002 compared to $62,926,000 as of December 31, 2001. Cash and short-term investments were $39,792,000 as of December 31, 2002 compared to $51,231,000 as of December 31, 2001. CombiMatrix Group (A division of Acacia Research Corporation) Financial Results Revenues for the fourth quarter of 2002 were $16,000 versus $91,000 in the comparable 2001 period. Fourth quarter 2002 revenues were comprised of contract revenues and product sales to a Japanese government institution. In addition, during the fourth quarter of 2002, the CombiMatrix group received cash payments totaling $8,553,000 pursuant to its agreements with Roche, which have been recorded as deferred revenues. Revenues for the year ended December 31, 2002 were $839,000 versus $456,000 for the year ended December 31, 2001. Revenues were comprised of $533,000 in U.S. Department of Defense and National Institutes of Health grant revenues and $306,000 in product sales to two Japanese government institutions. In addition, during 2002, the CombiMatrix group received cash payments totaling $11,435,000 pursuant to its agreements with Roche, which have been recorded as deferred revenues. The fourth quarter 2002 division net loss was $21,392,000 which includes a non-cash charge for acquired in-process research and development of $17,237,000 related to Acacia Research Corporation's acquisition of the outstanding interests in CombiMatrix Corporation not already owned by Acacia Research Corporation in December 2002, versus a division net loss of $4,731,000 in the comparable 2001 period. The 2002 division net loss was $46,219,000 which includes a non-cash charge for acquired in-process research and development of $17,237,000, discussed above, and a non-cash charge of $8,334,000 after minority interests ($17,471,000 before minority interests) related to the settlement of litigation with Nanogen, Inc. versus a division net loss of $28,029,000 in the comparable 2001 period. Excluding non-cash stock compensation, in-process research and development and litigation settlement charges, the 2002 division net loss was $16,872,000 versus $16,514,000 in the comparable 2001 period. Non-cash stock compensation charges after minority interests were $3,776,000 and $11,515,000 for 2002 and 2001, respectively, and relate primarily to a step-up in value of CombiMatrix Corporation in connection with its proposed initial public offering in 2000. Research and development costs increased in the fourth quarter of 2002 and for the year ended December 31, 2002 versus the comparable 2001 periods primarily due to an increase in research and development activities related to the CombiMatrix group's continuing performance under the product commercialization phase of its license, research and development agreements with Roche, including increases in labor, supplies and materials, development of prototype Prototype A first or original model of hardware or software. Prototyping involves the production of functionally useful and trustworthy systems through experimentation with evolving systems. microarrays and instruments, and the use of outside consultants for certain engineering efforts. Marketing, general and administrative expenses decreased in the fourth quarter of 2002 and for the year ended December 31, 2002 versus the comparable 2001 periods, primarily due to decreases in sales and administrative staff, decreases in sales and marketing activities and decreases in legal fees as a result of settling the Nanogen litigation during the third quarter of 2002. Marketing, general and administrative expenses in 2001 also include a $1,450,000 write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of deferred initial public offering costs. Financial Condition Total assets for the CombiMatrix group were $49,973,000 as of December 31, 2002 compared to $47,963,000 as of December 31, 2001. Cash and short-term investments were $14,896,000 as of December 31, 2002 compared to $33,330,000 as of December 31, 2001. Business Highlights Business highlights of the fourth quarter include: -- On December 11, 2002, Acacia Research Corporation's stockholders voted in favor of a recapitalization proposal to create two new classes of common stock and to divide its existing common stock into shares of the new classes of common stock. The recapitalization became effective on December 13, 2002 when Acacia Research Corporation issued the two new classes of common stock, referred to as, new "Acacia Research -- CombiMatrix" stock, which is intended to reflect the performance of its subsidiary, CombiMatrix Corporation, and new "Acacia Research -- Acacia Technologies" stock, which is intended to reflect the performance of Acacia Research Corporation's media technology businesses. The "Acacia Research -- CombiMatrix" stock and the "Acacia Research -- Acacia Technologies" stock are both classes of common stock of Acacia Research Corporation and are not stock issued by the respective groups. As a result of the recapitalization, Acacia Research Corporation stockholders received 0.5582 of a share of Acacia Research -- CombiMatrix stock, and one share of Acacia Research -- Acacia Technologies stock, for each share of Acacia Research Corporation common stock that they owned. -- Acacia Research stockholders and CombiMatrix Corporation stockholders also voted in favor of a merger proposal pursuant to which Acacia Research Corporation acquired all the shares of CombiMatrix Corporation that it did not already own. The acquisition was accomplished through a merger in which stockholders of CombiMatrix Corporation other than Acacia Research Corporation received one share of the new Acacia Research -- CombiMatrix stock in exchange for each share of CombiMatrix Corporation common stock that they owned. The merger became effective on December 13, 2002. Stockholders also approved related proposals to adopt two new stock incentive plans. -- On December 16, 2002 Acacia Research Corporation's two new classes of common stock, Acacia Research -- CombiMatrix stock (Nasdaq:CBMX) and Acacia Research - Acacia Technologies stock (Nasdaq:ACTG), commenced trading on the Nasdaq stock market. The two new classes of stock replace Acacia Research Corporation's common stock that formerly traded on the Nasdaq stock market under the symbol ACRI. -- On September 30, 2002, CombiMatrix Corporation expanded its strategic alliance with Roche Diagnostics, GmbH. The new agreement expands the alliance and grants Roche additional rights to co-manufacture CombiMatrix's custom and catalog DNA microarray chips in addition to its rights to distribute and sell CombiMatrix's products through their worldwide sales force. CombiMatrix will receive additional payments under the new agreement from Roche for expanding co-manufacturing rights and for the transfer of manufacturing know-how. CombiMatrix expects to receive research and development payments upon completion of certain projects as well as product royalties under its existing revenue sharing alliance with Roche. A conference call is scheduled for today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern). The conference call will include a review of financial results for the fourth quarter and for the year and a discussion of business developments. Shareholders, analysts and reporters are welcome to participate. 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 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. , Ph.D., CEO of CombiMatrix Corporation will host the call. 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 285553 when prompted. The call is being webcast by CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network and can be accessed at Acacia'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 licenses its DMT See DSL. and V-Chip technologies to media and electronics companies. The DMT technology covers the transmission and receipt of digital audio and digital video content, commonly known as audio on-demand On-Demand refers to a service or feature which addresses the user's need for instant gratification and immediacy of use. In most cases the value proposition for an on-demand service is wrapped up in the fact that the user or consumer of the service avoids a significant up-front , video on-demand, and audio/video streaming, and is supported by 5 U.S. and 17 international patents. 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. The CombiMatrix group's technology has a wide range of applications, from 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. and RNA RNA: see nucleic acid. RNA in full ribonucleic acid One of the two main types of nucleic acid (the other being DNA), which functions in cellular protein synthesis in all living cells and replaces DNA as the carrier of genetic synthesis/diagnostics to immunochemical im·mu·no·chem·is·try n. The chemistry of immunologic phenomena, as of antigen-antibody reactions. im detection. Information about Acacia Research Corporation and the Acacia Technologies group is available at www.acaciaresearch.com. Information about the CombiMatrix group is available at www.combimatrix.com. 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. 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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
(unaudited)
CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
December 31, December 31,
2002 2001
Total Assets $97,071 $110,859
Total Liabilities $19,041 $ 19,824
Minority Interests $ 2,171 $ 32,303
Total Stockholders' Equity $75,859 $ 58,732
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share information)
For the Three Months For the Twelve Months
Ended Ended
December December December December
31, 31, 31, 31,
2002 2001 2002 2001
Revenues:
License fee
income $-- $1,000 $43 $24,180
Product revenue 9 -- 306 --
Grant revenue 7 91 533 456
Total revenues 16 1,091 882 24,636
Operating
expenses:
Cost of sales 4 263 --
Research and
development
expenses 4,044 1,702 18,187 11,656
In-process
research and
development 17,237 -- 17,237 --
Non-cash stock
compensation
expense --
research and
development 1 1,060 1,868 7,183
Marketing,
general and
administrative
expenses 4,379 8,371 18,632 32,664
Non-cash stock
compensation
expense --
marketing,
general and
administrative 843 (1,048) 4,559 13,636
Amortization of
patents and
goodwill 312 770 1,990 2,695
Legal
settlement
charges -- -- 18,471 --
Total operating
expenses 26,820 10,855 81,207 67,834
Operating loss (26,804) (9,764) (80,325) (43,198)
Other income
(expense) 968 1,195 (3,111) 4,166
Loss from
continuing
operations
before income
taxes and
minority
interests (25,836) (8,569) (83,436) (39,032)
Benefit
(provision) for
income taxes 426 239 857 (780)
Loss from
continuing
operations
before minority
interests (25,410) (8,330) (82,579) (39,812)
Minority
interests 3,187 3,136 23,806 17,540
Loss from
continuing
operations (22,223) (5,194) (58,773) (22,272)
Discontinued
operations:
Estimated loss
on disposal of
Soundbreak.com -- -- (200) --
Net loss $(22,223) $(5,194) $(58,973) $(22,272)
For the Three Months For the Twelve Months
Ended Ended
December December December December
31, 31, 31, 31,
2002 2001 2002 2001
Loss per share:
Attributable to the
Acacia Technologies
group:
Loss from
continuing
operations $(831) $(12,555)
Basic and
diluted per
share (0.04) (0.64)
Loss from
discontinued
operations -- (200)
Basic and
diluted per
share -- (0.01)
Net loss (831) (12,755)
Basic and
diluted per
share (0.04) (0.65)
Attributable to
the CombiMatrix
group:
Loss from
continuing
operations $(21,392) $(46,219)
Basic and
diluted per
share (0.93) (2.01)
Net loss (21,392) (46,219)
Basic and
diluted per
share (0.93) (2.01)
Acacia Research
Corporation:
Loss from
continuing
operations $(5,194) $(22,272)
Basic and
diluted per
share (0.27) (1.16)
Net loss (5,194) (22,272)
Basic and
diluted per
share (0.27) (1.16)
Weighted average shares --
basic and diluted:
Acacia Research --
Acacia
Technologies
stock 19,640,808 -- 19,640,808 --
Acacia Research
-- CombiMatrix
stock 22,951,324 -- 22,950,746 --
Acacia Research
Corporation -- 19,558,572 -- 19,259,256
Note: 2002 share and per share information gives effect to the
recapitalization transaction described elsewhere herein as of January
1, 2002. Historical share and per-share information for the new
classes of securities is not presented as these classes of securities
werenot part of Acacia Research Corporation's capital structure during
2001 and prior periods.
ACACIA TECHNOLOGIES GROUP
(A division of Acacia Research Corporation)
SUMMARY OF FINANCIAL INFORMATION
(unaudited)
GROUP BALANCE SHEET INFORMATION
(in thousands)
December 31, December 31,
2002 2001
Total Assets $47,212 $62,926
Total Liabilities $ 5,183 $ 5,723
Minority Interests $ 1,487 $ 2,194
Total Stockholders' Equity $40,542 $55,009
STATEMENTS OF OPERATIONS
(in thousands)
For the Three For the Twelve
Months Ended Months Ended
December December December December
31, 31, 31, 31,
2002 2001 2002 2001
Revenues:
License fee income $-- $1,000 $43 $24,180
Total revenues -- 1,000 43 24,180
Operating expenses:
Research and development expenses -- -- -- --
Marketing, general and
administrative expenses 1,595 1,162 6,884 4,853
Non-cash stock compensation --
MG&A -- 12 19 856
Legal expenses -- patents 274 864 1,415 11,121
Amortization of patents and
goodwill 195 468 1,590 1,492
Total operating expenses 2,064 2,506 9,908 18,322
Operating (loss) income (2,064) (1,506) (9,865) 5,858
Other income (expense) 922 834 (3,504) 2,111
(Loss) income from continuing
operations before
income taxes and minority
interests (1,142) (672) (13,369) 7,969
Benefit (provision) for income
taxes 392 199 710 (935)
(Loss) income from continuing
operations before
minority interests (750) (473) (12,659) 7,034
Minority interests (81) 9 104 (1,277)
(Loss) income from continuing
operations (831) (464) (12,555) 5,757
Discontinued operations
Estimated loss on disposal of
Soundbreak.com -- -- (200) --
Division net (loss) income $(831) $(464) $(12,755) $5,757
COMBIMAXTRIX GROUP
(A division of Acacia Research Corporation)
SUMMARY FINANCIAL INFORMATION
(unaudited)
GROUP BALANCE SHEET INFORMATION
(in thousands)
December 31, December 31,
2002 2001
Total Assets $49,973 $47,963
Total Liabilities $13,972 $14,131
Minority Interests $ 684 $30,109
Total Stockholders' Equity $35,317 $ 3,723
STATEMENTS OF OPERATIONS
(In thousands)
For the Three For the Twelve
Months Ended Months Ended
December December December December
31, 31, 31, 31,
2002 2001 2002 2001
Revenues:
Product revenue $9 $-- $306 $--
Grant and contract revenues 7 91 533 456
Total revenues 16 91 839 456
Operating expenses:
Cost of sales 4 -- 263 --
Research and development
expenses 4,044 1,702 18,187 11,656
In-process research and
development 17,237 -- 17,237 --
Non-cash compensation expenses
-- R&D 1 1,060 1,868 7,183
Marketing, general and
administrative expenses 2,510 6,345 10,335 16,690
Non-cash compensation expenses
-- MG&A 843 (1,060) 4,539 12,780
Amortization of patents and
goodwill 117 302 399 1,203
Legal settlement charges -- -- 18,471 --
Total operating expenses 24,756 8,349 71,299 49,512
Operating loss (24,740) (8,258) (70,460) (49,056)
Other income (expense) 46 361 392 2,055
Loss from operations before
income taxes and minority
interests (24,694) (7,897) (70,068) (47,001)
Benefit for income taxes 34 40 147 155
Loss from operations before
minority interests (24,660) (7,857) (69,921) (46,846)
Minority interests 3,268 3,126 23,702 18,817
Division net loss $(21,392) $(4,731) $(46,219) $(28,029)
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion