Acacia Research Reports Record Quarterly Revenues.Business Editors & Health Writers BIOWIRE2K PASADENA, Calif.--(BW HealthWire)--July 25, 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 June June: see month. 30, 2001. Revenues for the second quarter of 2001 were a record $10,091,000, compared with $22,000 in the same period last year. Revenues were composed of $10 million in licensing payments received by the company's Soundview Technologies subsidiary and $91,000 in grant revenues recognized by the company's 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. Net income, 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 noncash charges Noncash charge A cost, such as depreciation, depletion, and amortization, that does not involve any cash outflow. That is, this is treated as an accounting expense -- not a real expense that demands cash. was $0.2 million, or 1 cent per share, including $2.9 million of losses by the company's consolidated CombiMatrix subsidiary. Including noncash charges of $5.0 million, primarily consisting of $4.1 million of noncash stock compensation charges relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a 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 value of CombiMatrix in connection with its proposed initial public offering, the 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 after deduction of minority interests was $4.8 million, 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. , vs. a net loss of $3.5 million, or 24 cents per share, in the comparable 2000 period. The company's consolidated CombiMatrix subsidiary accounted for $7.2 million of the 2001 second-quarter net loss. Total assets increased to $110.5 million as of June 30, 2001, from $69.9 million as of June 30, 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 $87.4 million as of June 30, 2001, from $54.7 million as of June 30, 2000. Research and development costs, primarily associated with the company's CombiMatrix subsidiary, increased to $4,664,000, including $2,013,000 of noncash stock compensation charges, before deductions of minority interests, from $896,000 in the comparable 2000 period. Marketing, general and administrative expenses increased to $14,679,000 from $2,808,000 in the comparable 2000 period, primarily because of 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 noncash stock compensation charge of $5.2 million before deduction of minority interests, compared with a $24,000 noncash stock compensation charge in the comparable 2000 period. Business highlights of the second quarter include: -- Acacia Research Corp.'s majority-owned subsidiary, CombiMatrix Corp., entered into a 15-year nonexclusive worldwide license, supply, research and development agreement with Roche Diagnostics; -- Acacia Research's ownership of Soundview Technologies increased to 100 percent, following Soundview Technologies' completion of a stock purchase transaction with the former minority shareholders of the company; -- Licensing payments from Funai Electric, Sanyo, Daewoo, Thomson and JVC totaling $10 million were received and recognized as revenue by Soundview Technologies; -- $2 million private equity financing was completed by the company's majority-owned subsidiary, Advanced Material Sciences. The company will hold a conference call for shareholders, analysts and reporters on Wednesday Wednesday: see week. , July July: see month. 25, 2001, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern). The conference call will include a review of financial results for the second quarter of 2001 and a discussion of business developments. Paul R. Ryan, chairman and chief executive officer of Acacia Research, and Robert "Chip" Harris, president, will host the call. All interested parties are welcome to participate. To listen to the presentation by phone, dial 800/388-8975 for domestic callers and 973/694-2225 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 202301 when prompted. To listen to the presentation on the Web, go to www.acaciaresearch.com and click on the icon for the company's "press room" to find the link for "2nd Quarter Financial Results." The conference call will also be archived on the company's Web site. 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" 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 Dec. 31, 2000, 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 filed on Feb. 6, 2001, 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.
Summary Financial Information
(Unaudited)
Consolidated Balance Sheet Information
(In thousands)
June 30, Dec. 31,
2001 2000
Total assets $110,523 $98,516
Total liabilities $ 36,466 $20,848
Minority interests $ 9,182 $17,524
Total stockholders' equity $ 64,875 $60,144
Three months ended
June 30,
2001 2000
Revenues:
License fee income $10,000 $ --
Grant revenue 91 --
Advertising revenue -- 22
Total revenues 10,091 22
Operating expenses 19,981 4,150
Operating loss (9,890) (4,128)
Other income 984 21
Loss from continuing operations before
income taxes and minority interests (8,906) (4,107)
Provision for income taxes (228) (2)
Loss from continuing operations before
minority interests (9,134) (4,109)
Minority interests 4,362 659
Loss from continuing operations (4,772) (3,450)
Discontinued operations:
Loss from discontinued operations -- (2,787)
Net loss $(4,772) $(6,237)
Loss per common share:
Basic and diluted:
Loss from continuing operations $ (0.27) $ (0.24)
Loss from discontinued operations -- (0.19)
Net loss $ (0.27) $ (0.43)
Weighted average number of common and
potential common shares outstanding used
in computation of loss per share:
Basic and diluted 17,725,935 14,515,149
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