Acacia Research Reports Fourth-Quarter and Year End Financial Results.Business Editors PASADENA, Calif.--(BUSINESS WIRE)--Feb. 21, 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 and year ended December December: see month. 31, 2000. Net loss for the quarter ended December 31, 2000 was $18.0 million, or $1.12 per share versus a net loss of $1.8 million, or $0.15 per share, for the comparable 1999 period. Net loss for the year ended December 31, 2000 was $39 million, or $2.67 per share, versus a net loss of $8.2 million, or $0.75 per share, in 1999. Losses for the quarter and year ended in 2000 increased primarily due to the growth and expansion of Acacia Research's subsidiary, 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. Corp., and the operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and losses related to the discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of Soundbreak.com. As of December 31, 2000, total assets were $98.3 million, of which $76.6 million was 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. "Acacia Research finished the year in the strongest financial position in its history. Raising an additional $19 million in January 2001 brings current cash and short-term investments to $92 million," commented Paul Ryan Paul Ryan may refer to:
"Our licensing subsidiary, Soundview Technologies, has begun to receive royalties from television manufacturers for its v-chip technology and we have continued to either monetize Monetize 1. To convert into money. 2. To convert from securities into currency that can be used to purchase goods and services. Notes: For example, you'll often hear Internet marketers talk about "monetizing website visitors. or liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the noncore assets as evidenced by the closure of Soundbreak.com," Ryan further commented. "We are totally focused on continuing to build Acacia Research as a life science and material science company," stated Ryan. "Our subsidiary, CombiMatrix Corporation, has filed for its proposed initial public offering and our new subsidiary, Advanced Material Sciences Inc., has received initial funding from Acacia Research and CombiMatrix. "We have also entered into an agreement with CombiMatrix to build another subsidiary that will have certain exclusive rights to use their technology in the field of toxicology toxicology, study of poisons, or toxins, from the standpoint of detection, isolation, identification, and determination of their effects on the human body. Toxicology may be considered the branch of pharmacology devoted to the study of the poisonous effects of drugs. ." Highlights of the fourth quarter include: -- CombiMatrix Corp., a majority-owned subsidiary, filed a registration statement with the Securities and Exchange Commission (SEC) relating to the proposed initial public offering of its common stock. Salomon Smith Barney was selected as lead manager with J.P. Morgan Chase & Co. as co-manager. -- Advanced Material Sciences Inc., a majority-owned subsidiary, was formed. The company holds a 20-year exclusive license to CombiMatrix's biological processor technology within certain fields of material science including fuel cell catalysts, battery materials, sensor arrays and electronic and electrochemical materials. Acacia Research has a 66.7% equity interest and CombiMatrix has a 33.3% equity interest. -- Acacia Research and CombiMatrix entered into a licensing and supply agreement pertaining to the use of CombiMatrix's technology within the field of toxicology. Acacia Research expects to acquire an affiliate company in this field in order to maintain its rights under the agreement. -- Acacia Research's majority-owned subsidiary, Soundview Technologies, announced that it would receive payment and grant a nonexclusive license to its U.S. Patent 4,554,584 to Philips Electronics. Soundview has subsequently granted nonexclusive licenses to Hitachi, Pioneer Electronics and Samsung Electronics in the first quarter of 2001. Soundview's patent relates to television video and audio blanking technology, commonly known as v-chip technology. About Acacia Research Acacia Research develops and operates life science and enabling technology companies. The company's core technology opportunity has been developed through its subsidiary, CombiMatrix. 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 CORPORATION (ACRI)
SUMMARY FINANCIAL INFORMATION
(unaudited)
CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
12/31/00 12/31/99
Total Assets $98,333 $51,791
Total Liabilities $22,979 $ 1,633
Minority Interests $17,524 $ 4,896
Total Stockholders' Equity $57,830 $45,262
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except share and per share information)
Twelve months ended Three months ended
12/31/00 12/31/99 12/31/00 12/31/99
Revenue $ 57 $ 122 $ -- $ 6
Operating
Expenses (36,905) (7,846) (17,623) (1,849)
Operating
Loss (36,848) (7,724) (17,623) (1,843)
Other
Expense (1,550) (898) (2,127) (39)
Loss before
income taxes
& minority
interests (38,398) (8,622) (19,750) (1,882)
Benefit
(provision)
for income
taxes 73 (20) 42 --
Minority
Interests 9,166 1,221 5,519 864
Loss before
discontinued
operations and
cumulative
effect in
change in
accounting
principle (29,159) (7,421) (14,189) (1,018)
Loss from
discontinued
operations (9,554) (776) (3,826) (776)
Cumulative
effect of
change in
accounting
principle (246) -- -- --
Net Loss $ (38,959) $ (8,197) $ (18,015) $ (1,794)
Loss per
common share
(basic &
diluted) $ (2.67) $ (0.75) $ (1.12) $ (0.15)
Weighted
average
number of
common
shares 14,568,389 10,871,423 16,062,962 12,159,849
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