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Keev · 10-22-2003, 03:33 PM

Acacia Research Corporation ACTGCBMX today reported results for the three months ended September 30, 2003. Acacia Research Corporation comprises two operating groups, the Acacia Technologies group and the CombiMatrix group.

"The Acacia Technologies group entered into 16 new licensing agreements for its Digital Media Transmission technology and recognized $186,000 of licensing revenues during the quarter, which did not include third quarter license fees due from a number of licensees, which will be recognized as revenues when received in the fourth quarter. We entered into 12 additional licensing agreements in the three weeks since the end of the third quarter and estimate annualized revenues to be between approximately $1.1 million and $1.5 million from licensing agreements executed to date, based on information provided by our licensees," commented Chairman and CEO, Paul Ryan.

"The CombiMatrix group progressed in its strategic alliances with Roche and Toppan in the development of its microarray products and expanded its drug discovery, diagnostics and nanomaterials initiatives with new alliances and collaborations. During the third quarter the CombiMatrix group recognized revenues of $181,000 and also received $3,141,000 in payments from Roche, which were recorded as deferred revenues, bringing total cash payments received from Roche since the inception of our strategic alliance to $26,444,000," stated CombiMatrix CEO and President, Dr. Amit Kumar.

Acacia Research Corporation Consolidated

Financial Results

Consolidated revenues for the third quarter of 2003 were $367,000 versus $179,000 in the comparable 2002 period. Third quarter 2003 revenues were primarily comprised of Digital Media Transmission ("DMT") license fees recognized by the Acacia Technologies group and revenue recognized by the CombiMatrix group related to the sale of a DNA microarray synthesizer to the Nihon Gene Research Laboratory ("NGRL") and service and maintenance contract revenue recognized related to a DNA microarray synthesizer system sold to Keio University School of Medicine.

The third quarter 2003 consolidated net loss was $5,832,000 versus $20,622,000 in the comparable 2002 period. The third quarter 2003 consolidated loss from operations before minority interests was $5,832,000 versus $34,502,000 in the comparable 2002 period. The third quarter 2002 consolidated net loss included legal settlement charges totaling $18,471,000, primarily comprised of a non-cash charge for the fair value of CombiMatrix Corporation common shares issued pursuant to the terms of the related settlement agreement. The third quarter 2002 consolidated net loss also included a non-cash impairment charge totaling $2,748,000 related to a decline in fair value of a cost-method investment.

Included in the third quarter 2003 consolidated net loss are non-cash charges totaling $1,417,000, comprised of non-cash stock compensation amortization charges of $664,000, non-cash patent amortization charges of $399,000 and depreciation charges totaling $354,000. Non-cash stock compensation amortization charges, non-cash patent amortization charges and depreciation charges totaled $2,016,000, $550,000 and $429,000, respectively, in the comparable 2002 period.

Consolidated research and development expenses, comprised of costs incurred by the CombiMatrix group, decreased to $1,726,000 from $6,449,000 in the comparable 2002 period, primarily due to the CombiMatrix group's completion of several research and development projects in the third and fourth quarters of 2002 pursuant to its agreements with Roche Diagnostics, GmbH ("Roche"), resulting in a reduction of related research and development expenses during 2003, as compared to 2002.

Consolidated marketing, general and administrative expenses decreased to $3,675,000 from $4,727,000 in the comparable 2002 period, primarily due to a reduction in professional fees related to Acacia Research Corporation's recapitalization and merger transactions completed in December 2002, a reduction in corporate legal expenses, and a reduction in overhead due to reduced general and administrative personnel compared to the prior year quarter. The decrease was partially offset by an increase in costs related to Acacia Technologies group's ongoing DMT patent commercialization and enforcement efforts, including increased legal and engineering costs related to new patent claims and the identification of additional potential licensees of our DMT technology.

Minority interests in the net losses of subsidiaries decreased to zero from $14,080,000 in the comparable 2002 period, due to Acacia Research Corporation's acquisition of the remaining ownership interests in CombiMatrix Corporation in December 2002 and in Advanced Material Sciences and CombiMatrix KK in July 2003.

10-22-2003, 03:33 PM
Keev Confirmed User Join Date: May 2001 Posts: 5,335	Acacia Research Corporation ACTGCBMX today reported results for the three months ended September 30, 2003. Acacia Research Corporation comprises two operating groups, the Acacia Technologies group and the CombiMatrix group. "The Acacia Technologies group entered into 16 new licensing agreements for its Digital Media Transmission technology and recognized $186,000 of licensing revenues during the quarter, which did not include third quarter license fees due from a number of licensees, which will be recognized as revenues when received in the fourth quarter. We entered into 12 additional licensing agreements in the three weeks since the end of the third quarter and estimate annualized revenues to be between approximately $1.1 million and $1.5 million from licensing agreements executed to date, based on information provided by our licensees," commented Chairman and CEO, Paul Ryan. "The CombiMatrix group progressed in its strategic alliances with Roche and Toppan in the development of its microarray products and expanded its drug discovery, diagnostics and nanomaterials initiatives with new alliances and collaborations. During the third quarter the CombiMatrix group recognized revenues of $181,000 and also received $3,141,000 in payments from Roche, which were recorded as deferred revenues, bringing total cash payments received from Roche since the inception of our strategic alliance to $26,444,000," stated CombiMatrix CEO and President, Dr. Amit Kumar. Acacia Research Corporation Consolidated Financial Results Consolidated revenues for the third quarter of 2003 were $367,000 versus $179,000 in the comparable 2002 period. Third quarter 2003 revenues were primarily comprised of Digital Media Transmission ("DMT") license fees recognized by the Acacia Technologies group and revenue recognized by the CombiMatrix group related to the sale of a DNA microarray synthesizer to the Nihon Gene Research Laboratory ("NGRL") and service and maintenance contract revenue recognized related to a DNA microarray synthesizer system sold to Keio University School of Medicine. The third quarter 2003 consolidated net loss was $5,832,000 versus $20,622,000 in the comparable 2002 period. The third quarter 2003 consolidated loss from operations before minority interests was $5,832,000 versus $34,502,000 in the comparable 2002 period. The third quarter 2002 consolidated net loss included legal settlement charges totaling $18,471,000, primarily comprised of a non-cash charge for the fair value of CombiMatrix Corporation common shares issued pursuant to the terms of the related settlement agreement. The third quarter 2002 consolidated net loss also included a non-cash impairment charge totaling $2,748,000 related to a decline in fair value of a cost-method investment. Included in the third quarter 2003 consolidated net loss are non-cash charges totaling $1,417,000, comprised of non-cash stock compensation amortization charges of $664,000, non-cash patent amortization charges of $399,000 and depreciation charges totaling $354,000. Non-cash stock compensation amortization charges, non-cash patent amortization charges and depreciation charges totaled $2,016,000, $550,000 and $429,000, respectively, in the comparable 2002 period. Consolidated research and development expenses, comprised of costs incurred by the CombiMatrix group, decreased to $1,726,000 from $6,449,000 in the comparable 2002 period, primarily due to the CombiMatrix group's completion of several research and development projects in the third and fourth quarters of 2002 pursuant to its agreements with Roche Diagnostics, GmbH ("Roche"), resulting in a reduction of related research and development expenses during 2003, as compared to 2002. Consolidated marketing, general and administrative expenses decreased to $3,675,000 from $4,727,000 in the comparable 2002 period, primarily due to a reduction in professional fees related to Acacia Research Corporation's recapitalization and merger transactions completed in December 2002, a reduction in corporate legal expenses, and a reduction in overhead due to reduced general and administrative personnel compared to the prior year quarter. The decrease was partially offset by an increase in costs related to Acacia Technologies group's ongoing DMT patent commercialization and enforcement efforts, including increased legal and engineering costs related to new patent claims and the identification of additional potential licensees of our DMT technology. Minority interests in the net losses of subsidiaries decreased to zero from $14,080,000 in the comparable 2002 period, due to Acacia Research Corporation's acquisition of the remaining ownership interests in CombiMatrix Corporation in December 2002 and in Advanced Material Sciences and CombiMatrix KK in July 2003. __________________ ReliableServers.com - NO REF LINK!