ParkerVision Reports First Quarter 2015 Results
May 11 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 ended
March 31, 2015.
First Quarter 2015 Business Highlights and Recent
Developments
- Argued for reversal of district court ruling of
non-infringement and affirmation of district court ruling regarding
validity at the U.S. Court of Appeals for the Federal Circuit in
ParkerVision v. Qualcomm on May 8, 2015. An audio recording of the
hearing can be located at
http://www.cafc.uscourts.gov/oral-argument-recordings/search/audio.html.
- Received favorable ruling from the Patent Trial and Appeal
Board ("PTAB") denying Inter Partes review petition filed by
Farmwald and RPX Corporation against patent #7,496,342.
- Received $1.3 million in proceeds from the sale of three
warrants to 1624 PV LLC, each for the purchase of 1,884,058 shares
of common stock at exercise prices of $1.50, $2.50 and $3.50,
respectively.
Jeffrey Parker, Chairman and Chief Executive Officer, commented,
"As we await a decision from the appellate court in our first
Qualcomm action, we continue to actively pursue commercialization
opportunities for our technologies as well as additional funding
commitments for our current and future enforcement
actions. Regardless of the decision in this appellate court
case, our focus remains on the next steps, both short and long
term, to achieve recognition of our technological achievements and
their contributions to the wireless communications industry."
First Quarter 2015 Financial Results
- Net loss for the first quarter of 2015 was $5.8 million, or
$0.06 per common share, which is unchanged from the first quarter
of 2014.
- Litigation related fees and expenses increased approximately
$1.6 million on a year over year basis as a result of increased
activities related to the Qualcomm appeal, the IPR defense actions
and the second patent infringement action against Qualcomm, which
also names HTC and Samsung as defendants, in the middle district of
Florida.
- Share-based compensation expense decreased approximately $1.3
million on a year over year basis.
- Cash and available-for-sale securities as of March 31, 2015 was
$8.2 million after use of cash for operations of approximately $4.1
million in the first quarter of 2015.
Conference Call
The Company will host a conference call and webcast on May 11,
2015 at 4:30 p.m. Eastern to review its first quarter 2015
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 and the Form 10Q for the quarter ended March 31, 2015. These
risks and uncertainties could cause actual results to differ
materially from those currently anticipated or projected.
ParkerVision,
Inc. |
Summary of Results of
Operations (unaudited) |
|
|
|
|
Three Months Ended |
(in thousands, except per share amounts) |
March 31, |
|
2015 |
2014 |
Revenue |
$ 0 |
$ 0 |
Cost of sales |
0 |
0 |
Gross margin |
0 |
0 |
|
|
|
Research and development expenses |
1,757 |
2,264 |
Marketing and selling expenses |
486 |
657 |
General and administrative expenses |
3,544 |
2,873 |
Total operating expenses |
5,787 |
5,794 |
|
|
|
Interest and other income and interest
expense |
11 |
22 |
|
|
|
Net loss |
$ (5,776) |
$ (5,772) |
|
|
|
Basic and diluted net loss per common
share |
$ (0.06) |
$ (0.06) |
|
|
|
Weighted average shares outstanding |
97,440 |
94,006 |
|
Balance Sheet
Highlights |
|
|
|
|
March 31, 2015 |
December 31, |
|
(unaudited) |
2014 |
Cash and available-for-sale securities |
$ 8,187 |
$ 11,204 |
Prepaid and other assets |
993 |
813 |
Inventories, net |
96 |
66 |
Property and equipment, net |
608 |
633 |
Intangible assets, net |
7,885 |
8,003 |
Total assets |
17,769 |
20,719 |
|
|
|
Current liabilities |
2,753 |
1,965 |
Long-term liabilities |
109 |
138 |
Shareholders' equity |
14,907 |
18,616 |
Total liabilities and shareholders'
equity |
$ 17,769 |
$ 20,719 |
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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