ParkerVision Reports Second Quarter 2017 Results
August 14 2017 - 4:01PM
ParkerVision, Inc. (NASDAQ:PRKR), a developer and
marketer of semiconductor technology solutions for wireless
applications, today announced results for the three and six months
ended June 30, 2017.
Second Quarter 2017 Summary and Recent
Developments
- New Products-- Launched brand awareness campaign for Milo
– a distributed Wi-Fi system for consumers and small offices.--
Pre-orders of Milo products begin on August 16th at
www.milowifi.com. Initial offering will include a 3-unit Milo
system priced at $189 and a 2-unit Milo system priced at $129.--
Introduced the PV6870 – a Wi-Fi complete system-on-chip
product. Developer kit and samples of the 13mm x 13mm package
now available.
- Licensing & Patent Enforcement-- Infringement case
against Qualcomm and Apple in the middle district of Florida
reopened in May 2017. Markman hearing scheduled for January
2018.-- Infringement case against LG moved from middle
district of Florida to district of New Jersey in July 2017.--
German infringement cases against LG and Apple for Qualcomm
chip-based devices awaiting a validity decision from Federal Patent
Court in Munich.-- German Infringement case against Apple for
Intel-based devices scheduled as a single hearing case in November
2017.
Jeffrey Parker, Chairman and Chief Executive
Officer, commented, “We made tremendous progress this quarter with
the development of new wireless connectivity choices for both
consumers and small business users alike. We are very excited to
launch our Milo Wi-Fi systems with pre-orders available through our
new Web Store beginning August 16th and through Amazon shortly
thereafter. With its enhanced Wi-Fi capability available at
affordable price points, we believe Milo will have broad appeal to
consumers and small office users, resulting in meaningful product
revenue growth the balance of this year, particularly during the
holiday season. We also announced the introduction of the PV6870, a
highly integrated complete Wi-Fi system-on-chip that delivers a
combination of flexibility and features at an attractive cost and
small size. These new products serve as foundation for the future
development and growth of our product strategy.”
Mr. Parker continued, “Our patent enforcement
efforts are ongoing and we firmly believe that maintaining the
course on these enforcement actions will ultimately result in
valuable asset monetization for ParkerVision.”
Second Quarter and First Half Financial
Results
- GAAP net loss for the second quarter of 2017 was $3.7 million,
or $0.21 per common share, compared to an $8.4 million GAAP net
loss, or $0.72 per common share, for the second quarter of
2016.
- Non-GAAP net loss for the second quarter of 2017, which
excluded the effects of share-based compensation expense and
changes in fair value of the contingent repayment obligation, was
$3.2 million, or $0.18 per common share, compared to a non-GAAP net
loss of $6.1 million, or $0.52 per common share, for the second
quarter of 2016. The $2.9 million decrease in non-GAAP
net loss was primarily attributable to lower litigation expenses,
partially offset by increases in marketing costs for the Company’s
new products.
- GAAP net loss for the first half of 2017 was $8.5 million, or
$0.52 per common share, compared to a $13.5 million GAAP net loss,
or $1.17 per common share, for the first half of 2016.
- Non-GAAP net loss for the first half of 2017, which excluded
the effects of share-based compensation expense and changes in fair
value of the contingent repayment obligation, was $7.5 million, or
$0.46 per common share, compared to a non-GAAP net loss of $11.1
million, or $0.96 per common share, for the second half of
2016. The $3.6 million decline in non-GAAP net loss was
primarily attributable to lower litigation expenses, partially
offset by increases in product development and marketing
costs.
- At June 30, 2017, the Company has $2.9 million in cash, cash
equivalents, restricted cash equivalents and available-for-sale
securities.
- On August 14, 2017, the Company entered into an At Market
Issuance Sales Agreement with FBR Capital Markets & Co. for the
sale of shares of the Company’s common stock, from time to time, up
to an aggregate of approximately $4.4 million.
Conference Call
The Company will host a conference call and
webcast with slide presentation on August 14, 2017 at 4:30 p.m.
Eastern to review its second quarter 2017 financial results. The
conference call will be accessible by telephone at
1-877-561-2750, conference ID# 61067661, at least
five minutes before the scheduled start time. International
callers should dial 1-763-416-8565. 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 radio-frequency (RF) technologies and products that enable
advanced wireless solutions for current and next generation
communications networks. We have designed and developed a
consumer distributed Wi-Fi product line that is being marketed
under the brand name “Milo.” 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, 2016 and
the Form 10-Q for the quarters ended March 31, 2017 and June 30,
2017. These risks and uncertainties could cause actual results to
differ materially from those currently anticipated or
projected.
(TABLES FOLLOW)
|
ParkerVision, Inc. |
Balance Sheet Highlights (in
thousands) |
|
|
|
|
(in thousands) |
|
|
|
|
|
June 30, 2017 Unaudited |
|
|
December 31, 2016 |
Cash,
cash equivalents and restricted cash equivalents |
$ |
852 |
|
|
$ |
1,169 |
|
Available-for-sale securities |
|
2,033 |
|
|
|
14 |
|
Prepaid and other current assets |
|
1,722 |
|
|
|
686 |
|
Inventories |
|
300 |
|
|
|
170 |
|
Property and equipment, net |
|
285 |
|
|
|
269 |
|
Intangible and other assets, net |
|
5,648 |
|
|
|
6,268 |
|
Total
assets |
|
10,840 |
|
|
|
8,576 |
|
|
|
|
|
|
|
Current liabilities |
|
2,168 |
|
|
|
2,509 |
|
Long-term liabilities |
|
14,021 |
|
|
|
14,186 |
|
Shareholders’ (deficit) equity |
|
(5,349 |
) |
|
|
(8,119 |
) |
Total
liabilities and shareholders’ (deficit) equity |
$ |
10,840 |
|
|
$ |
8,576 |
|
|
|
|
|
|
|
ParkerVision, Inc. |
Summary of Results of Operations
(unaudited) |
(in thousands, except per share
amounts) |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenue |
$ |
- |
|
|
$ |
4 |
|
|
$ |
- |
|
|
$ |
64 |
|
Cost of sales |
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
(41 |
) |
Gross
margin |
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses |
|
1,025 |
|
|
|
695 |
|
|
|
2,627 |
|
|
|
1,364 |
|
Selling, general and
administrative expenses |
|
2,699 |
|
|
|
5,379 |
|
|
|
6,058 |
|
|
|
9,832 |
|
Total
operating expenses |
|
3,724 |
|
|
|
6,074 |
|
|
|
8,685 |
|
|
|
11,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other
income (expense) |
|
(3 |
) |
|
|
(11 |
) |
|
|
(18 |
) |
|
|
(24 |
) |
Change in fair value of
contingent payment obligation |
|
- |
|
|
|
(2,284 |
) |
|
|
167 |
|
|
|
(2,307 |
) |
Total
interest and other |
|
(3 |
) |
|
|
(2,295 |
) |
|
|
149 |
|
|
|
(2,331 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(3,727 |
) |
|
$ |
(8,368 |
) |
|
$ |
(8,536 |
) |
|
$ |
(13,504 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted net loss per common share |
$ |
(0.21 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.52 |
) |
|
$ |
(1.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
17,723 |
|
|
|
11,645 |
|
|
|
16,362 |
|
|
|
11,495 |
|
ParkerVision, Inc. |
Condensed Consolidated Statements of Cash
Flows (Unaudited) |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net cash used in
operating activities |
|
$ |
(3,784 |
) |
|
$ |
(2,964 |
) |
|
$ |
(7,880 |
) |
|
$ |
(8,915 |
) |
Net cash provided by
(used in) investing activities |
|
|
2,738 |
|
|
|
422 |
|
|
|
(2,108 |
) |
|
|
1,480 |
|
Net cash provided by
financing activities |
|
|
(31 |
) |
|
|
1,960 |
|
|
|
9,671 |
|
|
|
13,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase in cash, cash equivalents & restricted cash
equivalents |
|
|
(1,077 |
) |
|
|
(582 |
) |
|
|
(317 |
) |
|
|
6,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash,
cash equivalents & restricted cash equivalents - beginning of
period |
|
|
1,929 |
|
|
|
7,220 |
|
|
|
1,169 |
|
|
|
175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash,
cash equivalents & restricted cash equivalents - end of
period |
|
$ |
852 |
|
|
$ |
6,638 |
|
|
$ |
852 |
|
|
$ |
6,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures that
Supplement GAAP Measures
We use both generally accepted accounting
principles (“GAAP”) and non-GAAP financial measures for assessing
our operating performance. The non-GAAP measures we use
include Adjusted Net Loss and Adjusted Net Loss per Share.
These non-GAAP measures exclude the effect on net loss and net loss
per share of (i) changes in fair value of our contingent payment
obligation and (ii) share-based compensation expense. We
consider these non-GAAP measures to provide relevant supplemental
information to assist investors in better understanding our
operating results. These non-GAAP measures should not be
considered a substitute for, or superior to measures of financial
performance prepared in accordance with GAAP. A
reconciliation of these non-GAAP financial measures to the most
directly comparable GAAP measures for the three and six months
ended June 30, 2017 and 2016, respectively, follow (in thousands
except for per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss to Adjusted Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net
loss |
|
$ |
(3,727 |
) |
|
$ |
(8,368 |
) |
|
$ |
(8,536 |
) |
|
$ |
(13,504 |
) |
Excluded
items: |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
542 |
|
|
|
29 |
|
|
|
1,205 |
|
|
|
65 |
|
Change in
fair value of contingent payment obligation |
|
|
- |
|
|
|
2,284 |
|
|
|
(167 |
) |
|
|
2,307 |
|
Adjusted net loss |
|
$ |
(3,185 |
) |
|
$ |
(6,055 |
) |
|
$ |
(7,498 |
) |
|
$ |
(11,132 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss per Common Share to Adjusted Net
Loss per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Basic
and diluted net loss per common share |
|
$ |
(0.21 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.52 |
) |
|
$ |
(1.17 |
) |
Excluded
items on a per share basis |
|
|
0.03 |
|
|
|
0.20 |
|
|
|
0.06 |
|
|
|
0.21 |
|
Adjusted net loss per common share |
|
$ |
(0.18 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.96 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
Cindy Poehlman
Chief Financial Officer
ParkerVision, Inc.
904-732-6100, cpoehlman@parkervision.com
or
Laurie Little
The Piacente Group
212-481-2050, parkervision@tpg-ir.com
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