Acacia Research Corporation (ACTG) saw its loss widen to $11.83 million, or $0.24 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $9.96 million, or $0.20 a share. On an adjusted basis, net loss for the quarter stood at $4.19 million, or $0.08 a share compared with a net profit of $2.53 million, or $0.05 a share in the last year period.

Revenue during the quarter plunged 64.18 percent to $8.85 million from $24.72 million in the previous year period.

Operating loss for the quarter was $11.58 million, compared with an operating loss of $9.70 million in the previous year period.

The company has spent $72.47 million cash to meet investing activities during the quarter as against cash outgo of $1 million in the last year period.

Cash flow from financing activities was almost stable for the quarter at $0.23 million, when compared with the previous year period.

Cash and cash equivalents stood at $54.32 million as on Mar. 31, 2017, down 62.62 percent or $91.01 million from $145.33 million on Mar. 31, 2016.

Working capital remains almost stable

Acacia Research Corporation has recorded an increase in the working capital over the last year. It stood at $154.89 million as at Mar. 31, 2017, up 0.98 percent or $1.50 million from $153.39 million on Mar. 31, 2016. Current ratio was at 11.47 as on Mar. 31, 2017, up from 5.62 on Mar. 31, 2016.

Days sales outstanding went up to 210 days for the quarter compared with 108 days for the same period last year.