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TheStreet Open House

Acacia Research Reports Third Quarter Financial Results

Acacia Research Corporation (1) (Nasdaq: ACTG) today reported results for the three months ended September 30, 2012.

  • Revenues in the third quarter of 2012 were $34,939,000, as compared to revenues and other operating income of $63,036,000 in the comparable prior year quarter.
  • Revenues for the nine months ended September 30, 2012 were $184,463,000, as compared to revenues and other operating income of $163,912,000 in the comparable prior year period.
  • GAAP net loss in the third quarter of 2012 was $6,402,000, or $0.13 per diluted share, as compared to GAAP net income of $10,803,000, or $0.25 per diluted share for the comparable prior year quarter.
  • Non-GAAP net income in the third quarter of 2012 was $8,450,000, or $0.17 per diluted share, as compared to $18,024,000, or $0.42 per diluted share for the comparable prior year quarter. See below for information regarding non-GAAP measures.
  • Trailing twelve-month revenues and other operating income as of the end of the third quarter of 2012 increased 16% to $205,258,000, as compared to $177,014,000 as of the end of the prior year quarter.

Consolidated Financial Results

Overview

Financial highlights and operating activities during the periods presented included the following:

    Three Months Ended   Nine Months Ended
September 30, September 30,
  2012         2011   2012       2011
 
Revenues and other operating income (in thousands) $ 34,939 $ 63,036 $ 184,463 $ 163,912
Net income (loss) (in thousands) $ (6,402 ) $ 10,803 $ 49,847 $ 25,295
Non-GAAP net income (in thousands) $ 8,450 $ 18,024 $ 97,158 $ 45,234
Diluted earnings (loss) per share $ (0.13 ) $ 0.25 $ 1.04 $ 0.62
Pro forma non-GAAP net earnings per common share - diluted $ 0.17 $ 0.42 $ 2.03 $ 1.11
New revenue agreements 33 24 111 88
Licensing programs generating revenues 31 22 58 49
Licensing programs with initial revenues 9 4 22 17
New patent portfolios 13 8 45 25
 

As of September 30, 2012, trailing twelve-month revenues and other operating income were as follows (in thousands):

As of Date:    

Trailing Twelve-Month Revenues*

    % Change  
 
September 30, 2012 $ 205,258 -12 %
June 30, 2012 233,355 5 %
March 31, 2012 222,617 21 %
December 31, 2011 184,707 4 %
September 30, 2011 177,014 -

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