Acacia Research Reports Record Quarterly Revenues.Business Editors/Health & Medical Writers BIOWIRE2K PASADENA, Calif.--(BW HealthWire)--Oct. 24, 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 Corporation (Nasdaq:ACRI) today reported results for the quarter ended Sept. 30, 2001. Revenues for the third quarter of 2001 were a record $10,831,000 compared to $18,000 in the same period last year. Revenues were comprised of $10,740,000 in licensing payments recognized 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 from its contract with the U.S. Department of Defense. In addition, the company's Soundview Technologies and CombiMatrix subsidiaries received cash payments totaling $1,500,000, which have been recorded as deferred revenue at Sept. 30, 2001 pursuant to the terms of the related manufacturer licensing and 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 agreements. Net income, excluding non-cash charges 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. was $1,088,000 or 6 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. . Including non-cash charges of $3,915,000, primarily consisting of $3,000,000 of non-cash 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 was $2,827,000 or 16 cents per share versus a net loss of $8,840,000, or 56 cents per share in the comparable 2000 period. Total assets increased to a record $114.6 million as of Sept. 30, 2001 from $98.5 million as of Dec. 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 a record $89.8 million as of Sept. 30, 2001 from $76.5 million as of Dec. 31, 2000. Research and development costs, primarily associated with the company's CombiMatrix subsidiary, decreased to $5,865,000, including $1,712,000 of non-cash stock compensation charges, before deductions of minority interests, from $5,947,000 in the comparable 2000 period. Marketing, general and administrative expenses increased to $12,008,000 from $5,226,000 in the comparable 2000 period, primarily due to 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 non-cash stock compensation charge of $3,486,000 before 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, compared to a non-cash stock compensation charge of $2,320,000 in the comparable 2000 period. Business highlights of the third quarter include: -- Amit Kumar, Ph.D., was named CEO of Acacia Research Corporation's majority-owned subsidiary, CombiMatrix Corporation, and K.R. "Ammi" Amarnath was named CEO of Acacia Research Corporation's majority-owned subsidiary, Advanced Material Sciences. -- Acacia Research Corporation's wholly-owned subsidiary, Soundview Technologies, granted non-exclusive licenses of its U.S. Patent No. 4,554,584 to Matsushita Electric Industrial Co., Ltd., the manufacturer of televisions marketed under the Panasonic brand name and Orion Electric Company, a manufacturer of televisions sold under the Orion and Sansui brands. -- Acacia Research Corporation's majority-owned subsidiary, CombiMatrix Corporation, entered into a license and supply agreement with the National Aeronautics and Space Administration (NASA). The agreement provides for the license, purchase and use by the NASA Ames Research Center of CombiMatrix's active biochips (microarrays) and related technology to conduct biological research in terrestrial laboratories and in space. The company will hold a conference call for shareholders, analysts, and reporters on Wednesday Wednesday: see week. , Oct. 24, 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 third quarter of 2001 and a discussion of business developments. 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, President, will host the call. All interested parties are welcome to participate. To listen to the presentation by phone, please dial 800/997-8642 for domestic callers and 973/694-2225 for international callers. A replay of the audio presentation will be available at 800/428-6051 for domestic callers and 973/709-2089 for international callers, both of whom will need to enter the code 212675 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. The conference call will also be archived on the company's website. ABOUT ACACIA RESEARCH CORPORATION Acacia Research develops and operates life science and enabling technology companies. The company's core technology opportunity has been developed through its subsidiary, CombiMatrix Corporation. 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 website is located at www.acaciaresearch.com. 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. in this release are made pursuant to 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, and are not a guarantee of future performance. Actual results could differ materially as a result of a variety of factors, including factors expressed from time to time in the Company's periodic filings with the Securities and Exchange Commission. This release should be read in conjunction with those filings.
ACACIA RESEARCH CORPORATION (ACRI)
SUMMARY FINANCIAL INFORMATION
(unaudited)
CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
September 30, December 31,
2001 2000
---- ----
Total Assets $114,595 $ 98,516
======== ========
Total Liabilities $ 47,948 $ 20,848
======== ========
Minority Interests $ 3,181 $ 17,524
======== ========
Total Stockholders' Equity $ 63,465 $ 60,144
======== ========
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands)
Three Months Ended
Sept. 30, Sept. 30,
2001 2000
------------ ------------
Revenues:
License fee income $10,740 $--
Grant revenue 91 --
Advertising revenue -- 18
------------ ------------
Total revenues 10,831 18
------------ ------------
Operating expenses 18,527 11,881
------------ ------------
Operating loss (7,696) (11,863)
------------ ------------
Other income 796 457
------------ ------------
Loss from continuing operations
before income taxes
and minority interests (6,900) (11,406)
(Provision) benefit for income taxes (778) 38
------------ ------------
Loss from continuing operations
before minority interests (7,678) (11,368)
Minority interests 4,851 2,528
------------ ------------
Loss from continuing operations (2,827) (8,840)
Discontinued operations
Loss from discontinued operations -- (2,057)
------------ ------------
Net loss $(2,827) $(10,897)
============ ============
Loss per common share:
Basic and diluted
Loss from continuing operations $(0.16) $(0.56)
Loss from discontinued operations -- (0.13)
------------ ------------
Net loss $(0.16) $(0.69)
============ ============
Weighted average number of common
and potential common shares
outstanding used in computation
of loss per share
Basic and diluted 17,748,097 15,724,930
============ ============
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion