Acacia Research Reports Record Fourth Quarter and Fiscal Year 2001 Financial Results.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers 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)--March 5, 2002 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:ACRI) today reported record fourth quarter and fiscal year revenues. "Acacia Research received $6,019,000 in payments during the fourth quarter of 2001. For the year, we received $32,014,000 consisting of $25,630,000 in payments from the licensing of our 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 and $6,384,000 in payments received by our 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. subsidiary," stated 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
"Our reporting results were significantly impacted by non-cash stock compensation charges resulting from the step-up step-up A 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 valuation of our CombiMatrix subsidiary in connection with its proposed initial public offering in 2000, which accounted for approximately 56% of our fiscal year 2001 reported net loss," concluded Mr. Ryan. Financial Results Revenues for the fourth quarter of 2001 were $1,091,000 compared to no revenues in the comparable 2000 period. Fourth quarter revenues were comprised of $1,000,000 in television V-chip technology licensing revenues and $91,000 in U.S. Department of Defense grant revenues recognized by the company's CombiMatrix subsidiary. In addition, during the fourth quarter of 2001 our CombiMatrix subsidiary received cash payments totaling $4,928,000, which have been recorded as deferred revenues at December December: see month. 31, 2001 pursuant to the terms of the related 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 and NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. . Revenues for the year ended December 31, 2001 were a record $24,636,000 compared to $57,000 in revenues for the year ended December 31, 2000. Revenues were comprised of $24,180,000 in television V-chip technology licensing revenues and $456,000 in U.S. Department of Defense grant revenues recognized by the company's CombiMatrix subsidiary. In addition, during 2001 Acacia Research and our CombiMatrix subsidiary received cash payments totaling approximately $7,460,000, which have been recorded as deferred revenues at December 31, 2001 pursuant to the terms of the related agreements with Philips Electronics, Roche Diagnostics and NASA. The fourth quarter 2001 net loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $5,194,000 or 27 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. versus a net loss from continuing operations of $14,191,000, or 80 cents per share in the comparable 2000 period. Excluding non-cash compensation charges, the fiscal year 2001 net loss was $9,900,000 or 51 cents per share compared to $22,699,000 or $1.39 per share in the comparable 2000 period. The fiscal year net loss from continuing operations, including non-cash compensation charges after minority interests of $12,372,000 in 2001 and $6,460,000 in 2000, primarily relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a step-up in value of its CombiMatrix subsidiary in connection with its proposed initial public offering in 2000, was $22,272,000 or $1.16 per share in 2001 versus a net loss of $29,159,000 or $1.78 per share in 2000. (Note: All share and per-share information has been adjusted retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin to reflect the 10% stock dividend declared by Acacia Research Corporation on October 22, 2001 and distributed on December 5, 2001.) Financial Condition Total assets increased to $110.9 million as of December 31, 2001 from $98.5 million as of December 31, 2000. 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 increased to $84.6 million as of December 31, 2001 from $76.8 million as of December 31, 2000. Business highlights of the fourth quarter include: -- In November 2001, Acacia Research Corporation increased its ownership of Acacia Media Technologies Corporation, formerly Greenwich Information Technologies, LLC, from 33 percent to 100 percent. Acacia Media Technologies Corporation owns a worldwide portfolio of pioneering patents relating to audio and video transmission and receiving systems, commonly known as audio-on-demand and video-on-demand, used for distributing content via computer networks, cable television systems and direct broadcasting satellite systems. -- On October 22, 2001, our Board of Directors declared a ten percent (10%) stock dividend. The stock dividend, totaling 1,777,710 shares of our common stock, was distributed on December 5, 2001 to stockholders of record as of November 21, 2001. -- In October 2001, CombiMatrix Corporation formed a joint venture with Marubeni Japan, one of Japan's leading trading companies. The joint venture, based in Tokyo, will focus on development and licensing opportunities for CombiMatrix's biochip technology with pharmaceutical and biotechnology companies in the Japanese market. Marubeni has made an investment to acquire a minority interest in the joint venture. A conference call is scheduled for 6:00 a.m. Pacific Time (9:00 a.m. Eastern) on Wednesday, March 6, 2002. The conference call will include a review of financial results for the fourth quarter and fiscal year 2001 and a discussion of business developments. Shareholders, analysts and reporters are welcome to participate. Paul R. Ryan, Chairman and CEO of Acacia Research, Robert "Chip" Harris, President of Acacia Research, and Dr. Amit Kumar, CEO of CombiMatrix Corporation, will host the call. To listen to the presentation by phone, dial 800-360-9865 for domestic callers and 973-694-6836 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 233570 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 Web site at www.acaciaresearch.com. Individual investors can listen to the call through CCBN's individual investor center at www.companyboardroom.com. About Acacia Research Corporation Acacia Research develops, licenses and provides products for the life science and media technology sectors. Acacia licenses its V-chip technology to television manufacturers and owns pioneering technology for digital streaming and video-on-demand. Acacia's CombiMatrix subsidiary is developing a 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 for the life science market. Acacia Research's Web site is located 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 (ACRI)
SUMMARY FINANCIAL INFORMATION
(unaudited)
CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
December 31, December 31,
2001 2000
Total Assets $ 110,859 $ 98,516
Total Liabilities (see Note 1) $ 19,824 $ 20,848
Minority Interests (see Note 1) $ 32,303 $ 17,524
Total Stockholders' Equity $ 58,732 $ 60,144
Note 1: Effective January 1, 2001, Acacia Research changed its
accounting policy for non-cash accrued stock compensation related to
its subsidiaries in consolidation. As a result, effective January 1,
2001, amortized non-cash stock compensation charges related to
subsidiary stock options are included in minority interests on our
consolidated balance sheet. Prior to the change in accounting policy,
amortized non-cash stock compensation charges related to subsidiary
stock options were reflected as "Accrued Stock Compensation," in
consolidated liabilities. There is no impact on previous consolidated
statements of operations as a result of this change in accounting
policy.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per-share information)
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2001 2000 2001 2000
Revenues:
License fee income $ 1,000 $ - $ 24,180 $ -
Grant revenue 91 - 456 17
Other income - - - 40
Total revenues 1,091 - 24,636 57
Operating expenses 10,855 17,939 67,834 37,220
Operating loss (9,764) (17,939) (43,198) (37,163)
Other income (expense) 1,195 (1,812) 4,166 (1,235)
Loss from continuing
operations before
income taxes and
minority interests (8,569) (19,751) (39,032) (38,398)
Benefit (provision) for
income taxes 239 42 (780) 73
Loss from continuing
operations before
minority interests (8,330) (19,709) (39,812) (38,325)
Minority interests 3,136 5,518 17,540 9,166
Loss from continuing
operations (5,194) (14,191) (22,272) (29,159)
Discontinued operations
Loss from discontinued
operations - (3,826) - (9,554)
Loss before cumulative
effect of change in
accounting principle (5,194) (18,017) (22,272) (38,713)
Cumulative effect of
change in accounting
principle due to
beneficial conversion
feature - - - (246)
Net loss $ (5,194) $ (18,017) $ (22,272) $ (38,959)
Loss per common
share:
Basic and diluted
Loss from
continuing
operations $ (0.27) $ (0.80) $ (1.16) $ (1.78)
Loss from
discontinued
operations - (0.21) - (0.58)
Cumulative effect
of change - - - (0.02)
Net loss $ (0.27) $ (1.01) $ (1.16) $ (2.38)
Weighted average
number of common
and potential
common shares
outstanding used
in computation of
loss per share:
Basic and diluted 19,558,572 17,840,672 19,259,256 16,346,099
(Note: All share and per-share information has been adjusted
retroactively to reflect the 10% stock dividend declared by Acacia
Research Corporation on October 22, 2001 and distributed on December
5, 2001.)
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