ParkerVision Reports Fourth Quarter and Full Year 2015 Results
March 30 2016 - 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, 2015.
Fourth Quarter and 2015 Business
Highlights and Recent Developments
- Initiated proceedings with the International Trade Commission
(“ITC”) against Apple, LG, Samsung and Qualcomm for unfair trade
practices
- Action is fully funded by $11 million in third-party funds
received from Brickell Key Investments (“BKI”) in February
2016
- ParkerVision is represented by the law firm of Mintz Levin,
Cohn, Ferris, Glovsky and Popeo, P.C. (Mintz Levin), a Boston-based
full-service law firm with a strong patent litigation practice and
extensive experience in ITC cases.
- All district court infringement actions have been stayed
pending resolution of the ITC action
- Received rulings from the Patent Trial and Appeal Board
(“PTAB”) on Inter Partes review (“IPR”) petitions filed against
claims on three of the Company’s patents
- PTAB denied institution of trial for all petitions against
patent #7,039,372
- PTAB instituted trial for petitions against patents #6,091,940
and #7,966,012
- Initiated development of a new end-user product based on the
Company’s modulator/demodulator technology
- Launch of initial prototypes expected in the second quarter of
2016.
Jeffrey Parker, Chairman and Chief Executive Officer, commented,
“ParkerVision technology is designed into many of the best-selling
wireless RF products shipping today. Our goal to achieve a
successful international licensing program is supported by a strong
portfolio of internally developed technologies and their associated
worldwide patents, and further supported by the investigation
instituted at the International Trade Commission (ITC) scheduled
for trial in five months. Complementing this global licensing
program in the near-term is the launch of a new end-user product
that is built upon several of our RF technologies. We look
forward to unveiling prototypes of this product in the second
quarter, with production beginning in the second half of this year.
We anticipate a wide range of licensees will benefit from the
incorporation of our technologies into their products and also see
great opportunity to target specific markets that are underserved
by today's offerings.”
Fourth Quarter and Full-Year 2015 Financial
Results
- Executed a 1:10 reverse split of our common stock effective
with the open of trading on March 30, 2016 and proportionately
reduced authorized shares from 150 million to 15
million. All financial information included in the
Annual Report on Form 10-K for the year ended December 31, 2015 has
been retroactively adjusted to reflect the effect of the reverse
split.
- Net loss in the fourth quarter of 2015 was $3.3 million as
compared with a net loss of $5.6 million for the fourth quarter of
2014. After adjustment for the 1:10 reverse stock split, net
loss per common share was $0.33 in the fourth quarter of 2015, as
compared with a net loss per common share of $0.57 for the fourth
quarter of 2014.
- Net loss for the year ended December 31, 2015 was $17.1
million, as compared with a net loss of $23.6 million for the year
ended December 31, 2014. After adjustment for the 1:10
reverse stock split, net loss per common share was $1.74 for 2015,
as compared with a net loss per common share of $2.45 for
2014.
- The decrease in year-over-year net loss for both the fourth
quarter and full year is primarily the result of lower personnel
costs following a staff reduction in mid-2015 and reduced
share-based compensation costs as a result of minimal new equity
awards granted in 2015 and 2014.
- Cash used for operations in 2015 was approximately $11.7
million as compared with $18.5 million in 2014. As of
December 31, 2015 the Company had cash and available for sale
securities of $2 million. During the first quarter of 2016,
ParkerVision sold unregistered common stock to an accredited
investor in a private placement transaction for $1 million, and
also received $11 million in funding from BKI, the majority of
which is to be used for the payment of legal fees and expenses in
connection with patent-related proceedings.
Conference CallThe Company will host a
conference call and webcast on March 30, 2016 at 4:30 p.m. Eastern
to review its fourth quarter and full-year 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 ParkerVisionParkerVision,
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 StatementThis 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 10-K for the year ended December 31, 2015. 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, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Revenue |
$ |
|
5 |
|
|
$ |
|
0 |
|
|
$ |
|
11 |
|
|
$ |
|
0 |
|
Cost of sales |
|
|
(6 |
) |
|
|
|
0 |
|
|
|
|
(12 |
) |
|
|
|
0 |
|
Gross margin |
|
|
(1 |
) |
|
|
|
0 |
|
|
|
|
(1 |
) |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
|
910 |
|
|
|
|
2,048 |
|
|
|
|
5,456 |
|
|
|
|
8,498 |
|
Marketing and selling
expenses |
|
|
274 |
|
|
|
|
694 |
|
|
|
|
1,459 |
|
|
|
|
2,867 |
|
General and administrative
expenses |
|
|
2,130 |
|
|
|
|
2,824 |
|
|
|
|
10,148 |
|
|
|
|
12,302 |
|
Total operating
expenses |
|
|
3,314 |
|
|
|
|
5,566 |
|
|
|
|
17,063 |
|
|
|
|
23,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and other income and interest expense |
|
|
(6 |
) |
|
|
|
19 |
|
|
|
|
(11 |
) |
|
|
|
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
|
(3,321 |
) |
|
$ |
|
(5,547 |
) |
|
$ |
|
(17,075 |
) |
|
$ |
|
(23,569 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted net loss per common share* |
$ |
|
(0.33 |
) |
|
$ |
|
(0.57 |
) |
|
$ |
|
(1.74 |
) |
|
$ |
|
(2.45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding* |
|
|
9,991 |
|
|
|
|
9,714 |
|
|
|
|
9,842 |
|
|
|
|
9,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* Adjusted to reflect the impact of the 1:10 reverse
stock split that became effective on March 30, 2016. |
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Highlights |
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2015 |
|
|
2014 |
Cash and
available for sale securities |
$ |
1,965 |
|
$ |
11,204 |
Prepaid
and other assets |
|
226 |
|
|
813 |
Inventories, net |
|
161 |
|
|
66 |
Property
and equipment, net |
|
446 |
|
|
633 |
Intangible assets, net |
|
7,575 |
|
|
8,003 |
Total
assets |
|
10,373 |
|
|
20,719 |
|
|
|
|
|
|
Current
liabilities |
|
4,038 |
|
|
1,965 |
Long-term liabilities |
|
52 |
|
|
138 |
Shareholders’ equity |
|
6,283 |
|
|
18,616 |
Total
liabilities and shareholders’ equity |
$ |
10,373 |
|
$ |
20,719 |
|
|
|
|
|
|
Contact:
Cindy Poehlman
Chief Financial Officer
ParkerVision, Inc.
904-732-6100, cpoehlman@parkervision.com
or
Don Markley
The Piacente Group
212-481-2050
parkervision@tpg-ir.com
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