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TheStreet Open House

Acacia Research Reports Third Quarter Financial Results And Announces Payment Of Quarterly Dividend

Acacia Research Corporation (1) (Nasdaq: ACTG) today reported results for the three months ended September 30, 2013. (3)

  • Revenues in the third quarter of 2013 were $15,520,000, as compared to $34,939,000 in the comparable prior year quarter.
  • Revenues for the nine months ended September 30, 2013 were $115,491,000, as compared to $184,463,000 in the comparable prior year period.
  • GAAP net loss in the third quarter of 2013 was $15,711,000, or $0.33 per diluted share, as compared to a GAAP net loss of $6,619,000, or $0.14 per diluted share for the comparable prior year quarter.
  • Non-GAAP net income in the third quarter of 2013 was $5,085,000, or $0.11 per diluted share, as compared to Non-GAAP net income of $6,782,000, or $0.14 per diluted share for the comparable prior year quarter. See below for information regarding non-GAAP measures.
  • Trailing twelve-month revenues as of the end of the third quarter of 2013 were $181,755,000, as compared to $205,258,000 as of the end of the prior year quarter.
  • Cash and cash equivalents and investments totaled $285,301,000 as of September 30, 2013 compared to $311,279,000 as of December 31, 2012.

Approval of Quarterly Dividend. Acacia Research Corporation also announced today that its Board of Directors has approved its third quarterly cash dividend, payable in the amount of $0.125 per share, which will be paid on November 29, 2013, to shareholders of record at the close of business on November 1, 2013. Future cash dividends are expected to be paid on a quarterly basis and will be at the discretion of the Board of Directors.

Consolidated Financial Results - Overview

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

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

2013     2012 2013     2012
 
Revenues (in thousands) $ 15,520 $ 34,939 $ 115,491 $ 184,463
Net income (loss) (in thousands) $ (15,711 ) $ (6,619 ) $ (23,101 ) $ 49,630
Non-GAAP net income (in thousands) $ 5,085 $ 6,782 $ 34,276 $ 95,490

Diluted earnings (loss) per share (3)

$ (0.33 ) $ (0.14 ) $

(0.49

) $

1.00

Pro forma non-GAAP net earnings per common share - diluted (3)

$ 0.11 $ 0.14 $ 0.71 $ 2.00

New agreements executed

24 33 96 111
Licensing and enforcement programs generating revenues 24 31 47 57
Licensing and enforcement programs with initial revenues 5 9 19 22
New patent portfolios 6 13 22 45
 

As of September 30, 2013, trailing twelve-month revenues were as follows (in thousands):

As of Date:    

Trailing Twelve- Month Revenues

    % Change
September 30, 2013 $ 181,755 (10 )%

June 30, 2013

$

201,174

(12 )%
March 31, 2013 $ 228,548 (9 )%
December 31, 2012 $ 250,727 22 %
September 30, 2012 $ 205,258 %
 

As of September 30, 2013, on a consolidated basis, we have generated revenues from 162 technology licensing and enforcement programs, as compared to 134 programs as of the end of the prior year quarter.

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