ParkerVision Reports Fourth Quarter and Full Year 2014 Results
March 16 2015 - 4:01PM
ParkerVision, Inc. (Nasdaq:PRKR), a developer and
marketer of semiconductor technology solutions for wireless
applications, today announced results for the three-months and
full-year ended December 31, 2014.
Fourth Quarter and 2014 Business Highlights and Recent
Developments
- Entered into a $7 million litigation funding agreement with
1624 PV LLC for the contingency-based funding of future patent
infringement litigation actions
- Received $1.3 million in proceeds from the sale of three
warrants to 1624 PV LLC
- Each warrant is for the purchase of up to 1,884,058 shares of
common stock (5,652,174 total shares) at exercise prices of $1.50,
$2.50 and $3.50, respectively.
- Received rulings from the Patent Trial and Appeal Board
("PTAB") on Inter Partes review ("IPR") petitions filed against
claims on four of the Company's patents
- PTAB denied institution of trial for patent #7,496,342
- PTAB instituted trial for certain claims of patents #6,266,518,
#6,061,551 and #6,370,371; however PTAB denied institution of trial
for claim 27 of patent #6,266,518
- PTAB has ruled in favor of the Company's motion for additional
discovery to determine the relationship between petitioners and
Qualcomm Incorporated ("Qualcomm")
- Received court schedule for patent infringement litigation
against Qualcomm, HTC and Samsung
- Markman hearing scheduled for August 2015
- Trial scheduled to begin in August 2016
- Worldwide patent portfolio grew in 2014 by 11% to a total of
267 issued patents.
- As of December 31, 2014, ParkerVision had 179 U.S. and 88
foreign patents related to RF technologies, and approximately 45
U.S. and foreign patent applications pending.
Jeffrey Parker, Chairman and Chief Executive Officer, commented,
"2014 marked a year where we had to adjust for unexpected
circumstances. We believe these circumstances caused us to reassess
the bigger picture, but in no way detracted from our goals of
securing rightful compensation from those who have used our
protected innovations without authorization. We are fortunate to
have deeply experienced professionals in the areas of patent
prosecution, enforcement, licensing, and funding who continually
assess our prospects and remain committed partners working with us
to achieve our goals. The value inherent in the continued and
rapidly expanding use of our technologies across a wide range of
applications and products will empower a broad-scale program that
we believe will ultimately lead to successful business
relationships built upon licensing and product development
ventures."
Fourth Quarter and Full-Year 2014 Financial
Results
- Net loss in the fourth quarter of 2014 was $5.5 million, or
$0.06 per common share, as compared with a net loss of $7.9
million, or $0.08 per common share, for the fourth quarter of
2013.
- Net loss for the year ended December 31, 2014 was $23.6
million, or $0.24 per common share, as compared with a net loss of
$27.9 million, or $0.31 per common share, for the year ended
December 31, 2013.
- The decrease in net loss on both a quarter to quarter and year
to year basis is the result of decreased litigation fees and
expenses and decreased share-based compensation expense.
- Cash used for operations in 2014 was approximately $18.5
million as compared with $18.9 million in 2013.
- During 2014, the Company generated $11.9 million in cash from
the sale of equity securities, as well as approximately $1.7
million in cash from the exercise of warrants and options.
- Cash and available for sale securities as of December 31, 2014
was $11.2 million.
Conference Call
The Company will host a conference call and webcast on March 16,
2015 at 4:30 p.m. Eastern to review its fourth quarter and
full-year 2014 financial results. The conference call will be
accessible by telephone at 1-877-561-2750, at
least five minutes before the scheduled start time. International
callers should dial 763-416-8565. The conference
call may also be accessed by means of a live webcast on our website
at http://ir.parkervision.com/events.cfm. The conference webcast
will also be archived and available for replay on our website at
www.parkervision.com for a period of 90 days.
About ParkerVision
ParkerVision, Inc. designs, develops and markets its proprietary
radio-frequency (RF) technologies that enable advanced wireless
solutions for current and next generation communications networks.
Protected by a highly-regarded, worldwide patent portfolio, the
Company's solutions for wireless transfer of RF waveforms address
the needs of a broad range of wirelessly connected devices for high
levels of RF performance coupled with best-in-class power
consumption. For more information please visit
www.parkervision.com. (PRKR-I)
Safe Harbor Statement
This press release contains forward-looking information. Readers
are cautioned not to place undue reliance on any such
forward-looking statements, each of which speaks only as of the
date made. Such statements are subject to certain risks and
uncertainties which are disclosed in the Company's SEC reports,
including the Form 10K for the year ended December 31, 2014. These
risks and uncertainties could cause actual results to differ
materially from those currently anticipated or projected.
(TABLES FOLLOW)
ParkerVision,
Inc. |
Summary of Results of
Operations (unaudited) |
|
|
Three Months Ended |
Year Ended |
(in thousands, except per share amounts) |
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
Revenue |
$ 0 |
$ 0 |
$ 0 |
$ 0 |
Cost of sales |
0 |
0 |
0 |
0 |
Gross margin |
0 |
0 |
0 |
0 |
|
|
|
|
|
Research and development expenses |
2,048 |
2,953 |
8,498 |
10,406 |
Marketing and selling expenses |
694 |
496 |
2,867 |
1,755 |
General and administrative expenses |
2,824 |
4,432 |
12,302 |
15,788 |
Total operating expenses |
5,566 |
7,881 |
23,667 |
27,949 |
|
|
|
|
|
Interest and other income and interest
expense |
19 |
22 |
98 |
77 |
|
|
|
|
|
Net loss |
$ (5,547) |
$ (7,859) |
$ (23,569) |
$ (27,872) |
|
|
|
|
|
Basic and diluted net loss per common
share |
$ (0.06) |
$ (0.08) |
$ (0.24) |
$ (0.31) |
|
|
|
|
|
Weighted average shares outstanding |
97,139 |
92,999 |
96,226 |
88,968 |
|
|
|
|
|
|
Balance Sheet
Highlights |
|
|
December 31, |
December 31, |
|
2014 |
2013 |
Cash and available for sale securities |
$ 11,204 |
$ 17,180 |
Prepaid and other assets |
813 |
555 |
Inventories, net |
66 |
-- |
Property and equipment, net |
633 |
307 |
Intangible assets, net |
8,003 |
8,552 |
Total assets |
20,719 |
26,594 |
|
|
|
Current liabilities |
1,965 |
2,526 |
Long-term liabilities |
138 |
22 |
Shareholders' equity |
18,616 |
24,046 |
Total liabilities and shareholders'
equity |
$ 20,719 |
$ 26,594 |
|
|
|
CONTACT: Cindy Poehlman
Chief Financial Officer
ParkerVision, Inc.
904-732-6100, cpoehlman@parkervision.com
or
Don Markley or
Glenn Garmont
The Piacente Group
212-481-2050, parkervision@tpg-ir.com
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