ParkerVision Reports Third Quarter 2015 Results
November 09 2015 - 4:01PM
ParkerVision, Inc. (NASDAQ:PRKR), a developer and
marketer of semiconductor technology solutions for wireless
applications, today announced results for the three and nine months
ended September 30, 2015.
The net loss for the third quarter of 2015 decreased 52% to $3.1
million, or $0.03 per common share, compared with a net loss of
$6.4 million, or $0.07 per common share for the third quarter of
2014. The net loss for the first nine months of 2015 decreased 23%
to $13.8 million, or $0.14 per common share, compared with a net
loss of $18.0 million, or $0.19 per common share, for the first
nine months of 2014.
Litigation related fees and expenses decreased by approximately
$1.6 million in the third quarter of 2015 compared with the third
quarter of 2014, largely as a result of contingent fee arrangements
now in place. In addition, personnel and related costs in the third
quarter of 2015 decreased approximately 37% compared with the third
quarter of 2014 as a result of the Company's June 2015 staff
reduction.
Share-based compensation expense decreased approximately $2.9
million on a year-to-date basis, and approximately $0.5 million in
the third quarter of 2015 compared with the prior year quarter, due
in part to a significant reduction in new equity awards issued.
Cash and available-for-sale securities totaled approximately
$1.7 million as of September 30, 2015. Cash used for operations for
the third quarter of 2015 decreased 52% to $2.1 million, compared
with $4.5 million in the third quarter of 2014. For the nine months
ended September 30, 2015, cash used for operations was $10.1
million, compared with $13.0 million for the nine months ended
September 30, 2014.
Jeffrey Parker, Chairman and Chief Executive Officer, commented,
"We are actively working to secure non-dilutive working capital
financing for the company that will support our significantly
reduced operating costs and enable us to move forward on a business
plan that we believe will result in recognizing the most meaningful
value from our innovations."
Conference Call
The Company will host a conference call and webcast on November
9, 2015 at 4:30 p.m. Eastern to review its third 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, June
30, 2015, and September 30, 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 |
Nine Months Ended |
(in thousands, except per share amounts) |
September
30, |
September
30, |
|
2015 |
2014 |
2015 |
2014 |
Revenue |
$ 5 |
$ -- |
$ 5 |
$ -- |
Cost of sales |
(5) |
0 |
(5) |
0 |
Gross margin |
0 |
0 |
0 |
0 |
|
|
|
|
|
Research and development expenses |
1,094 |
1,945 |
4,546 |
6,450 |
Marketing and selling expenses |
309 |
728 |
1,185 |
2,173 |
General and administrative expenses |
1,725 |
3,759 |
8,018 |
9,478 |
Total operating expenses |
3,128 |
6,432 |
13,749 |
18,101 |
|
|
|
|
|
Interest and other income and interest
expense |
(8) |
23 |
(5) |
79 |
|
|
|
|
|
Net loss |
$ (3,136) |
$ (6,409) |
$ (13,754) |
$ (18,022) |
|
|
|
|
|
Basic and diluted net loss per common
share |
$ (0.03) |
$ (0.07) |
$ (0.14) |
$ (0.19) |
|
|
|
|
|
Weighted average shares outstanding |
98,667 |
97,017 |
97,922 |
95,918 |
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Highlights (in thousands) |
|
|
|
|
|
|
|
September 30, |
|
|
2015 |
December 31, |
|
(unaudited) |
2014 |
Cash and available-for-sale securities |
$ 1,719 |
$ 11,204 |
Accounts receivable, net |
5 |
0 |
Inventories, net |
142 |
66 |
Prepaid and other assets |
482 |
813 |
Property and equipment, net |
641 |
633 |
Intangible assets, net |
7,710 |
8,003 |
Total assets |
10,699 |
20,719 |
|
|
|
Current liabilities |
3,202 |
1,965 |
Long-term liabilities |
72 |
138 |
Shareholders' equity |
7,425 |
18,616 |
Total liabilities and shareholders'
equity |
$ 10,699 |
$ 20,719 |
|
|
|
CONTACT: Cindy Poehlman
Chief Financial Officer
ParkerVision, Inc
904-732-6100, cpoehlman@parkervision.com
Don Markley or
Matt Steinberg
The Piacente Group
212-481-2050, parkervision@tpg-ir.com
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