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Acacia Research Reports Third Quarter Financial Results
IRVINE, Calif.--(BUSINESS WIRE)-- Acacia Research Corporation(1) ("Acacia" or "the Company") (Nasdaq: ACTG) today reported results for the three and nine
About this update from Acacia Research Corporation
[{"type":"text","content":" IRVINE, Calif.--(BUSINESS WIRE)--\nAcacia Research Corporation(1) (\"Acacia\" or \"the Company\") (Nasdaq: ACTG) today reported results for the three and nine months ended September 30, 2019.\n\n\nClifford Press, Chief Executive Officer, stated, “The systematic restructuring of Acacia is now complete and we can commence a focused strategy to diversify our business and augment our portfolio of intellectual property assets. The opportunities for a well-capitalized IP manager to partner with leading technology companies in the current market environment are so significant that Al Tobia and I will now focus our full attention on Acacia. Our strategy involves a number of significant investment opportunities, potential acquisitions and strategic partnerships, designed to develop absolute return assets.”\n\n\nAl Tobia, President and Chief Investment Officer, added, “During the third quarter we further rationalized the legacy investment portfolio by selling the interest in Miso Robotics. This contributed to the $4.4 million, quarter over quarter increase in cash and short-term investments. Acacia ended the quarter with cash and short-term investments of $169.3 million, which is up by $34.5 million since the second quarter of 2018 when Clifford and I first joined the Board. We are now in a position to leverage Acacia’s strong capital position, significant net operating loss carryforwards, and the relevant skills in Acacia’s senior management team and Board of Directors. We have identified and are working to finalize several compelling and significant opportunities.”\n\n\n“The existing portfolio of Acacia has a limited number of remaining licenses to be negotiated and we did not generate significant revenues during the quarter. Further we believe the timing and magnitude of the remaining legacy revenues for the full year will be less than the previously anticipated,” Press added. “Accordingly, we are reducing our full-year revenue guidance from approximately $25 million to between $15 and $20 million.”\n\n\nThird Quarter Financial Summary:\n\n\n\nCash and short-term investments totaled $169.3 million as of September 30, 2019, an increase of $3.8 million from $165.5 million as of December 31, 2018.\n\n\nGross revenues were $1.7 million during the quarter.\n\n\nOperating loss was $5.1 million.\n\n\nGAAP net loss was $7.6 million or $0.15 p...