Acacia Research Beats Estimates (ACTG)

Acacia Research Corporation ACTG reports Q3 earnings of $0.11 versus consensus of $0.09. Acacia Research Corporation reports revenues of $63.9 million versus consensus of $21.00 million. The revenue estimates may not be comparable. "Acacia accelerated its revenue growth in the third quarter and increased trailing 12-month revenues to a record $138.6 million. We have increased working capital since the beginning of the year by 153% to $91.0 million. As the leader in outsourced patent licensing, we are well positioned to benefit from the new trend of large companies deciding to generate revenues from their patent portfolios," commented Acacia Chairman & CEO, Paul Ryan. "During the third quarter Acacia entered into a strategic patent licensing alliance with Renesas Electronics, the world's 3rd largest semiconductor company, which has a portfolio of over 40,000 patents. We also formed the Acacia Intellectual Property Fund, L.P., which has a $27 million initial funding commitment and is authorized to raise up to $250 million," concluded Mr. Ryan. Shares of ACTG are bid higher in the after-hours.