Business
Acacia Research Reports Fourth Quarter and Full Year 2019 Financial Results
Company Further Rationalizes Expense Structure, Positioning Acacia to Leverage Strategic Partnership with Starboard Value to Pursue Investment Opportunities
About this update from Acacia Research Corporation
[{"type":"text","content":"\nCompany Further Rationalizes Expense Structure, Positioning Acacia to Leverage Strategic Partnership with Starboard Value to Pursue Investment Opportunities \n\n NEW YORK--(BUSINESS WIRE)--\nAcacia Research Corporation (“we”, \"Acacia\" or \"the Company\") (Nasdaq: ACTG) today reported results for the three and 12-month periods ended December 31, 2019.\n\n\nClifford Press, Chief Executive Officer, stated, “We finished 2019 with a substantially expanded capital base, leaner cost structure, and the opportunity to build an exceptional platform for investing in unique transactions. We are gratified that our shareholders strongly endorsed our strategic partnership with Starboard Value, an ideal partner for Acacia as we work to leverage our substantial net tax assets and implement our absolute return investment strategy. We continue to build out our investment team and the opportunity to put this exceptional platform to work is only enhanced by current market conditions.”\n\n\nAl Tobia, President and Chief Investment Officer, added, “Our next area of focus is to leverage the Starboard partnership to pursue investment opportunities with greater scale and flexibility that can systematically grow Acacia’s book value. As we actively explore a wide range of investment opportunities that include new revenue streams, royalty streams, intellectual property and other undervalued assets, we are prudently managing our cash. Acacia maintains a unique position, with strong capitalization and significant expertise to identify, evaluate, and monetize a wide range of asset classes. We expect 2020 will be a year of growth as we take concrete steps to turn this position, and our relationships, into tangible value.”\n\n\nFull-Year 2019 Financial Summary:\n\n\n\nCash and short-term investments totaled $168.3 million as of December 31, 2019, an increase from $165.5 million as of December 31, 2018.\n\n\nGross revenues were $11.2 million.\n\n\nGeneral and administrative expenses declined 12.6% as new management rationalized the company’s cost structure, including reducing rent and duplicative salaries.\n\n\nOperating loss was $23.4 million.\n\n\nGAAP net loss to common shareholders was $17.4 million or $(0.35) per basic share.\n\n\n\nFourth Quarter Financial Summary:\n\n\n\nGross revenues were $688,000.\n\n\nOperating loss was $7.4 million.\n\n\nGAAP net ...