Acacia Research Corporation (ACTG) saw its loss narrow to $10.61 million, or $0.21 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $115.91 million, or $2.33 a share. On the other hand, adjusted net income for the quarter stood at $1.09 million, or $0.02 a share compared with $4.54 million or $0.09 a share, a year ago.
Revenue during the quarter plunged 41.41 percent to $21.97 million from $37.50 million in the previous year period.
Operating loss for the quarter was $9.06 million, compared with an operating loss of $113.18 million in the previous year period.
Operating cash flow turns positive
Acacia Research Corporation has generated cash of $34.06 million from operating activities during the year as against cash outgo of $9.95 million in the last year. The company has spent $40.63 million cash to meet investing activities during the year as against cash inflow of $39.31 million in the last year.
The company has spent $1.11 million cash to carry out financing activities during the year as against cash outgo of $28.60 million in the last year period.
Cash and cash equivalents stood at $127.54 million as on Dec. 31, 2016, down 5.68 percent or $7.68 million from $135.22 million on Dec. 31, 2015.
Working capital increases
Acacia Research Corporation has recorded an increase in the working capital over the last year. It stood at $160.30 million as at Dec. 31, 2016, up 6.40 percent or $9.65 million from $150.65 million on Dec. 31, 2015. Current ratio was at 6.69 as on Dec. 31, 2016, up from 5.53 on Dec. 31, 2015.
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