Acacia Research posts 3Q loss on charges
NEWPORT BEACH, Calif. -- Acacia Research Corp., which buys and licenses patents, said Thursday that it posted a third-quarter loss on higher expenses and hefty charges, including non-cash stock compensation.
The loss totaled $6.4 million, or 13 cents per share, in the July-through-September quarter. That compared with profit of $10.8 million, or 25 cents per share, in the year-ago quarter.
Revenue fell to $34.94 million from $63.03 million a year ago.
Acacia recorded several one-time items, including a non-cash stock compensation of $6.3 million. Excluding those, the company's adjusted income was $8.5 million, or 17 cents per share.
Marketing, administrative, and patent litigation and licensing expenses rose from a year ago.
Analysts surveyed by FactSet, on average, forecast earnings of 5 cents per share on revenue of $41.3 million. Such estimates typically exclude one-time items.
The Newport Beach, Calif., company released its results after the market closed. Its shares rose 48 cents to end at $25.03 and fell 33 cents in after-hours trading. The stock has ranged from $21.73 to $44.98 per share in the past 52 weeks.