ParkerVision Reports First Quarter 2016 Results
May 16 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 ended
March 31, 2016.
First Quarter 2016 Financial
Results
- Received $11 million in proceeds from Brickell Key Investments
(“BKI”) in the first quarter of 2016 to be used primarily for
funding of legal fees and related expenses in connection with the
Company’s patent infringement proceedings at the International
Trade Commission.
- The Company’s repayment obligation to BKI is recorded as a
long-term liability at its estimated fair market value of
approximately $10.9 million at March 31, 2016.
- At March 31, 2016, restricted cash and cash equivalents of $6.8
million represents the remaining portion of the funds received from
BKI that are restricted for a specific use.
- Net loss for the first quarter of 2016 was $5.1 million, or
$0.45 per common share, representing an 11% decrease from the net
loss for the first quarter of 2015 of $5.8 million, or $0.59 per
share, after adjustment for the 1:10 reverse stock split that
became effective on March 30, 2016.
- Approximately half of operating expenses for the first quarter
of 2016 were related to the ITC proceedings, and therefore, those
expenses were funded from restricted cash and cash equivalents
provided by BKI.
Jeffrey Parker, Chairman and Chief Executive
Officer, commented, “Over the past six weeks, our ITC action has
moved along at a rapid pace with the hearing scheduled
approximately three months away. We believe our goals for
2016 remain on course – to achieve the launch of a successful
international licensing program complemented by ongoing internal
product development and an exciting new product introduction.”
Conference Call
The Company will host a conference call and
webcast on May 16, 2016 at 4:30 p.m. Eastern to review its first
quarter 2016 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 10-K for the year ended
December 31, 2015 and the Form 10-Q for the quarter ended March 31,
2016. 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 |
(in
thousands, except per share amounts) |
|
March 31, |
|
|
2016 |
|
2015 |
Revenue |
|
$ |
|
59 |
|
|
$ |
|
- |
|
Cost of sales |
|
|
|
(38 |
) |
|
|
|
- |
|
Gross margin |
|
|
|
21 |
|
|
|
|
- |
|
|
|
|
|
|
|
|
Research and development
expenses |
|
|
|
952 |
|
|
|
|
1,757 |
|
Selling, general and
administrative expenses |
|
|
|
4,170 |
|
|
|
|
4,030 |
|
Total operating expenses |
|
|
|
5,122 |
|
|
|
|
5,787 |
|
|
|
|
|
|
|
|
Interest
and other |
|
|
|
(36 |
) |
|
|
|
11 |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
|
(5,137 |
) |
|
$ |
|
(5,776 |
) |
|
|
|
|
|
|
|
Basic
and diluted net loss per common share* |
|
$ |
|
(0.45 |
) |
|
$ |
|
(0.59 |
) |
|
|
|
|
|
|
|
Weighted average shares outstanding* |
|
|
|
11,345 |
|
|
|
|
9,744 |
|
* Adjusted to reflect the impact of the 1:10 reverse stock
split that became effective on March 30, 2016. |
|
|
|
|
|
|
|
Balance Sheet Highlights (in thousands) |
|
|
|
|
|
|
|
|
|
March 31, 2016 |
|
December 31, |
|
|
|
(unaudited) |
|
|
2015 |
Cash and
available-for-sale securities |
|
$ |
1,063 |
|
$ |
1,965 |
Restricted cash and cash equivalents |
|
|
6,844 |
|
|
- |
Inventories, net |
|
|
171 |
|
|
161 |
Prepaid
and other assets |
|
|
361 |
|
|
226 |
Property
and equipment, net |
|
|
392 |
|
|
446 |
Intangible assets, net |
|
|
7,336 |
|
|
7,575 |
Total
assets |
|
|
16,167 |
|
|
10,373 |
|
|
|
|
|
|
|
Current
liabilities |
|
|
2,121 |
|
|
4,038 |
Long-term liabilities |
|
|
11,721 |
|
|
52 |
Shareholders’ equity |
|
|
2,325 |
|
|
6,283 |
Total
liabilities and shareholders’ equity |
|
$ |
16,167 |
|
$ |
10,373 |
|
|
|
|
|
|
|
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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