Business
Acacia Research Reports First Quarter 2020 Financial Results
Company Advances Absolute Return Strategy and Enhances IP Portfolio with Acquisition of Excalibur IP and Wireless Networking Patents from L3Harris NEW
About this update from Acacia Research Corporation
[{"type":"text","content":"\nCompany Advances Absolute Return Strategy and Enhances IP Portfolio with Acquisition of Excalibur IP and Wireless Networking Patents from L3Harris\n\n NEW YORK--(BUSINESS WIRE)--\nAcacia Research Corporation (“we”, \"Acacia\" or \"the Company\") (Nasdaq: ACTG) today reported results for the three-month period ended March 31, 2020.\n\n\nClifford Press, Chief Executive Officer, stated, “Acacia has made significant progress in 2020 furthering our absolute return strategy. Subsequent to the end of the quarter, we acquired two attractive patent portfolios, bringing us to four acquisitions for the year. Adding these assets to our existing portfolio creates an attractive blend of licensing and litigation opportunities to pursue. We expect these additions to begin generating licensing revenues in the second quarter with significant contribution beginning in 2021.”\n\n\nAl Tobia, President and Chief Investment Officer, added, “Recent market volatility has opened many corporate development opportunities and we are busy identifying, and evaluating these opportunities. Our focus remains on growing book value and leveraging our substantial net tax assets and capital partnership with Starboard Value.”\n\n\nFirst Quarter 2020 Financial Summary:\n\n\n\nCash and trading securities totaled $158.1 million as of March 31, 2020, a decrease from $168.3 million as of December 31, 2019.\n\n\nGross revenues were $3.8 million.\n\n\nOperating loss was $3.6 million.\n\n\nGAAP net loss to common shareholders was $12.2 million or $0.24 per basic and diluted share.\n\n\n\nIP Portfolio Acquisitions \n\n\nSubsequent to the end of the first quarter, a subsidiary of Acacia acquired Excalibur IP, a portfolio of more than 2,500 patents that were spun out of Yahoo! prior to its sale to Verizon. The patents cover technologies including internet search, cloud computing, e-commerce, location-based services, mobile apps, media management and social networking. These patents have applicability to a variety of industries, including: enterprise software, web search and analytics, online shopping and advertising, and audio/video streaming among others.\n\n\nIn addition, the subsidiary also acquired a significant portfolio of nearly 150 patents from L3Harris. These patents cover commercial applications of Wi-Fi and Internet-of-Things technologies. These patents have applic...