BOSTON (Thomson Financial) - Shares of Acacia Research Corp. plunged Friday
after the Newport Beach, Calif.-based company said it swung to a loss in the
first quarter of fiscal 2008.
The stock was last down 17.4% at $5.27 on volume of 361,292 shares. The
issue's 30-day average volume is 178,786.
Late Thursday, Acacia Research posted a loss from continuing operations of
$3.9 million, or 14 cents a share, compared to net income from continuing
operations of $4.4 million, or 14 cents a share, in the year-ago period.
Results for the latest quarter include non-cash stock compensation charges
of $1.8 million and non-cash patent amortization charges of $1.3 million.
Acacia Research said revenue for the March period dropped to $9 million from
$25.2 million a year earlier.
Casey Logan
cl/vj
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|