ParkerVision, Inc.
05.15.17

ParkerVision Reports First Quarter 2017 Results

Management to Host Conference Call and Webcast Today at 4:30 p.m. ET

JACKSONVILLE, Fla., May 15, 2017 (GLOBE NEWSWIRE) --

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, 2017.

First Quarter 2017 Summary and Recent Developments

•   New Products

•   Licensing & Patent Enforcement

•   Balance Sheet & Company Updates

Jeffrey Parker, Chairman and Chief Executive Officer, commented, "We are excited for the impending launch of our innovative Wi-Fi product into an expanding market that is on pace to exceed 100 million North American households that use Wi-Fi.  We anticipate that this initial product will result in product revenue growth this year and will serve as a solid foundation for the continued development of our product strategy.  We have a longer term vision for this product line that we believe will lead to continued expansion and growth well beyond the initial offering."

Mr. Parker continued, "With regard to patent enforcement, we believe we presented compelling arguments in our May 4th hearing in Munich where we are seeking an enforceable injunction against Apple, and we look forward to decisions from that court next month, just days ahead of another hearing against Apple in a separate infringement case.  Additionally, following the ITC's ruling to grant our motion to withdraw from the ITC action, we filed a motion to lift the stay on the parallel district court case in the Middle District of Florida.  We've asked the district court to expedite the steps necessary to establish a schedule for the court's proceedings as we are eager to present the merits of our case to a jury without delay.  We remain steadfast in our licensing and enforcement efforts which are key to establishing the success of our international licensing strategy." 

First Quarter Financial Results

Conference Call

The Company will host a conference call and webcast on May 15, 2017 at 4:30 p.m. Eastern to review its first quarter 2017 financial results. The conference call will be accessible by telephone at 1-877-561-2750, conference ID# 20281722, 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.  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 quarter ended March 31, 2017. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

 

ParkerVision, Inc.
Balance Sheet Highlights (in thousands)
    
(in thousands)   
  March 31, 2017  December 31, 2016
Cash, cash equivalents and restricted cash equivalents$1,929  $1,169 
Available-for-sale securities 4,815   14 
Prepaid and other current assets 1,549   686 
Inventories 170   170 
Property and equipment, net 258   269 
Intangible assets, net 5,994   6,268 
Total assets 14,715   8,576 
      
Current liabilities 2,836   2,508 
Long-term liabilities  14,018   14,187 
Shareholders' (deficit) equity (2,139)   (8,119)
Total liabilities and shareholders' (deficit) equity$14,715   $8,576 
      


ParkerVision, Inc.
Summary of Results of Operations (unaudited)
  
(in thousands, except per share amounts)Three Months Ended March 31,
 2017 2016
Revenue$-  $59  
Cost of sales -   (38)
Gross margin -   21 
      
Research and development expenses 1,602   668 
Selling, general and administrative expenses 3,360   4,454 
Total operating expenses 4,962   5,122 
      
Interest and other income (expense) (15)  (13)
Change in fair value of contingent payment obligation 167   (23)
Total interest and other 152   (36)
      
Net loss$(4,810) $(5,137)
      
Basic and diluted net loss per common share$(0.32) $(0.45)
      
Weighted average shares outstanding 14,987   11,345 


ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
       
       
(in thousands)Three Months Ended March 31, 
 2017  2016  
Net cash used in operating activities $   (4,095)  $  (5,953) 
Net cash (used in) provided by investing activities   (4,847 )    1,059  
Net cash provided by financing activities   9,702     11,938  
       
Net increase in cash, cash equivalents & restricted cash equivalents   760     7,044  
         
Cash, cash equivalents & restricted cash equivalents - beginning of period   1,169      175  
Cash, cash equivalents & restricted cash equivalents - end of period$  1,929  $  7,219  
       

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 months ended March 31, 2017 and 2016 follows:

  
Reconciliation of Net Loss to Adjusted Net Loss:      
(in thousands) Three Months Ended March 31,
  2017 2016
Net loss $(4,809) $(5,137)
Excluded items:      
Share-based compensation  663   35 
Change in fair value of contingent payment obligation  (167)  23 
  Adjusted net loss $(4,313) $(5,079)
       
Reconciliation of Net Loss per Common Share to Adjusted Net Loss per Common Share:
       
  Three Months Ended March 31,
  2017 2016
Basic and diluted net loss per common share $(0.32) $(0.45)
Excluded items on a per share basis  0.03   - 
Adjusted net loss per common share $(0.29) $(0.45)
       
        

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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Source: ParkerVision, Inc.

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