Acacia Research Reports Fourth-Quarter and Year-End Financial Results.Business Editors & 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 Writers PASADENA, Calif.--(BUSINESS WIRE)--Feb. 24, 2000 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 ACRI Association for Civil Rights in Israel ACRI African Crisis Response Initiative ACRI Associazione delle Casse di Risparmio Italiane (Italian banking association) ACRI American Civil Rights Institute ACRI American Cocoa Research Institute ) today reported results for the quarter and year ended Dec. 31, 1999. Net loss for the quarter ended Dec. 31, 1999, was $1,794,000, or 15 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. , vs. a net loss of $1,849,000, or 18 cents per share, for the comparable 1998 period. Net loss for the year ended Dec. 31, 1999, was $8,197,000, or 75 cents per share, vs. a net loss of $6,189,000, or 69 cents per share, in 1998. Losses before income taxes and minority interests for the quarter and year ended in 1999 increased primarily due to research and development and start-up Start-up The earliest stage of a new business venture. costs of one of Acacia Research's new subsidiaries, Soundbreak.com, and the expansion of subsidiary CombiMatrix's research and development efforts. Growth of the company's infrastructure, including additions to personnel and office space, also added to the increase. The portion of net losses allocated to minority interests for the quarter and year ended Dec. 31, 1999, increased by $1,989,000 and $2,031,000, respectively, over the comparable periods in 1998. As of Dec. 31, 1999, total assets were $51,791,000, of which $37,631,000 was cash and cash equivalents. On Feb. 7, 2000, Acacia Research issued a warrant call, which expires March 8, 2000, to all holders of outstanding common stock purchase warrants. If all outstanding warrants are exercised, the company will receive proceeds of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $13 million. During the fourth quarter of 1999, the company and its majority-owned subsidiaries majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. began to significantly increase financing, acquisition and operating activities. The company intends to continue to invest in growing its business and developing new Internet See Web 2.0 and Internet2. and technology-related subsidiaries. Highlights of the fourth quarter include: -- Greenwich Information Technologies LLC is the exclusive marketing and licensing agent for several patents relating to video-on-demand and audio-on-demand technology. Acacia Research owns 33.3% of the membership interest of Greenwich Information Technologies. -- Mediaconnex Communications Inc. is a business-to-business e-commerce company focused on the $90 billion advertising market. Acacia Research owns a 31% interest in Mediaconnex. -- Signature-mail.com llc has developed an on-demand software service that allows users to personalize their e-mail and computer documents with handwritten signatures, greetings and drawings (http://www.signature-mail.co m). Acacia Research owns 25% of the membership interest of Signature-mail. -- The EC Company is a leader in business-to-business Internet exchange transactions for mid-market suppliers (http://www.eccompany.com). Acacia Research owns a 7.6% interest in The EC Company. To further enhance the company's and majority-owned subsidiaries' business potential, a number of key personnel have recently been added: -- Greenwich Information Technologies LLC is the exclusive marketing and licensing agent for several patents relating to video-on-demand and audio-on-demand technology. Acacia Research owns 33.3% of the membership interest of Greenwich Information Technologies. -- Mediaconnex Communications Inc. is a business-to-business e-commerce company focused on the $90 billion advertising market. Acacia Research owns a 31% interest in Mediaconnex. -- Signature-mail.com llc has developed an on-demand software service that allows users to personalize their e-mail and computer documents with handwritten signatures, greetings and drawings (http://www.signature-mail.co m). Acacia Research owns 25% of the membership interest of Signature-mail. -- The EC Company is a leader in business-to-business Internet exchange transactions for mid-market suppliers (http://www.eccompany.com). Acacia Research owns a 7.6% interest in The EC Company. Acacia Research is currently engaged in a variety of technology-related businesses through its majority-owned subsidiaries and strategic acquisitions. By providing business and technology infrastructure services and ongoing operational support, Acacia Research can provide an environment that allows early-stage companies to focus on their business strategies. Acacia Research's majority-owned subsidiaries are: -- Greenwich Information Technologies LLC is the exclusive marketing and licensing agent for several patents relating to video-on-demand and audio-on-demand technology. Acacia Research owns 33.3% of the membership interest of Greenwich Information Technologies. -- Mediaconnex Communications Inc. is a business-to-business e-commerce company focused on the $90 billion advertising market. Acacia Research owns a 31% interest in Mediaconnex. -- Signature-mail.com llc has developed an on-demand software service that allows users to personalize their e-mail and computer documents with handwritten signatures, greetings and drawings (http://www.signature-mail.co m). Acacia Research owns 25% of the membership interest of Signature-mail. -- The EC Company is a leader in business-to-business Internet exchange transactions for mid-market suppliers (http://www.eccompany.com). Acacia Research owns a 7.6% interest in The EC Company. Some of Acacia Research's current minority-owned affiliates are: -- Greenwich Information Technologies LLC is the exclusive marketing and licensing agent for several patents relating to video-on-demand and audio-on-demand technology. Acacia Research owns 33.3% of the membership interest of Greenwich Information Technologies. -- Mediaconnex Communications Inc. is a business-to-business e-commerce company focused on the $90 billion advertising market. Acacia Research owns a 31% interest in Mediaconnex. -- Signature-mail.com llc has developed an on-demand software service that allows users to personalize their e-mail and computer documents with handwritten signatures, greetings and drawings (http://www.signature-mail.co m). Acacia Research owns 25% of the membership interest of Signature-mail. -- The EC Company is a leader in business-to-business Internet exchange transactions for mid-market suppliers (http://www.eccompany.com). Acacia Research owns a 7.6% interest in The EC Company. For more information, visit Acacia Research's Web site at http://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 and its subsidiaries' business plans. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties, such as future economic conditions; changes in consumer demand; 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 other circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or affecting anticipated revenues and costs, which may cause actual results to differ materially. Acacia Research urges investors to review in detail the risks and uncertainties disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). 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 quarterly report on Form 10-Q Form 10-Q See 10-Q. for the period ended Sept. 30, 1999, and the company's Registration Statement on Form S-3/A filed on Feb. 7, 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)
12/31/99 12/31/98
Total Assets $ 51,791 $ 19,769
Total Liabilities $ 1,633 $ 1,828
Minority Interests $ 4,896 $ --
Total Stockholders' Equity $ 45,262 $ 17,941
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except share and per share information)
Twelve months ended Three months ended
12/31/99 12/31/98 12/31/99 12/31/98
Revenue (management
fee income) $ 122 $ 382 $ 6 $ 264
Operating Expenses (9,542) (6,224) (3,546) (1,790)
Operating Loss (9,420) (5,842) (3,540) (1,526)
Other Income (expense)
Interest income 389 302 158 106
Interest expense (254) (130) (130) (42)
Equity in Losses of
Affiliates and
Partnerships (1,121) (717) (154) (270)
Total other expense (986) (545) (126) (206)
Loss before income taxes &
minority interests (10,406) (6,387) (3,666) (1,732)
Provision for income taxes (20) -- -- --
Minority Interests 2,229 198 1,872 (117)
Net Loss $ (8,197) $ (6,189) $ (1,794) $ (1,849)
Loss per common
share (diluted) $ (0.75) $ (0.69) $ (0.15) $ (0.18)
Weighted average number
of common shares 10,871,423 8,971,272 12,160,566 10,195,250
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