Acacia Research Falling in Thursday’s After-Market After Reversing Year-Ago Profit, Steep Drop in Q1 Revenue

Acacia Research Corp (ACTG) tumbled in late Thursday trading after posting a Q1 net loss, reversing a strong, year-ago profit, while new revenue agreements declined and revenue from licensing and enforcement programs also fell.

GAAP net loss for the three months ended March 31 was $24.4 million, or $0.51 per share, which compares with a $5.2 million profit during the same quarter last year. Excluding one-time items, the net loss narrowed to $5.18 million, or $0.11 per share, still missing analyst estimates looking for $0.04 per share in net income during the period.

Revenues fell 83.6% from the same quarter last year to $12.6 million, lagging the Capital IQ consensus by $4.32 million.

ACTG buys, develops and protect patents and patented technology. New revenue agreements fell 31% to 20 during the quarter while licensing and enforcement programs with initial revenues plunged 72% to just 3 compared to 11 during the year-ago period.

ACTG shares were down 6.2% at $17.06 each in after-hours trading, down $1.06. The late decline has nearly erased the stock’s 7.4% advance during Thursday’s regular session when share rose $1.17 to close at $17.06.

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