ParkerVision, Inc.
08.15.16

ParkerVision Reports Second Quarter 2016 Results

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

JACKSONVILLE, Fla., Aug. 15, 2016 (GLOBE NEWSWIRE) -- 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, 2016.

Second Quarter 2016 Summary and Recent Developments

Jeffrey Parker, Chairman and Chief Executive Officer, commented, "With the recent patent license to Samsung, we achieved an important milestone of initiating ParkerVision's international licensing program in 2016.  Based on our discussions, we believe other companies in the industry are seeing the value in securing authorized use of our patented innovations, which could result in additional intellectual property licenses in the near-term.  Our licensing program complements other opportunities to work with customers in bringing products to market that incorporate ParkerVision innovations. While we encourage authorized users of our technologies to create products incorporating our innovations, we are also exploring the opportunity to provide expertise and technical services to assist companies in developing new product advancements enabled by our technologies." 

Parker continued, "We continue to carefully manage our cash, using only $3 million in cash for operations during the first half of this year excluding the cash used for patent enforcement actions that are funded by our restricted capital. Much of this cash use reflects the continued investment in product development, and we plan to introduce later this year new Wi-Fi products, including products for IoT, that will improve the Wi-Fi user experience in homes and small buildings."     

Second Quarter and First Half 2016 Financial Results

Conference Call

The Company will host a conference call and webcast on August 15, 2016 at 4:30 p.m. Eastern to review its second 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 Forms 10-Q for the quarters ended March 31, 2016 and June 30, 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 Six Months Ended 
(in thousands, except per share amounts) June 30, June 30,
  2016 2015 2016 2015 
Revenue $ 5  $ 0  $ 64  $ 0  
Cost of sales   (3)    0    (41)   0  
  Gross margin   2    0    23    0  
              
Research and development expenses     1,058      1,694      2,010      3,452  
Selling, general and administrative expenses     5,019      3,140      9,189      7,169  
  Total operating expenses   6,077    4,834    11,199    10,621  
              
Interest and other income (expense)     (8)     (8)     (21)     3  
Loss on changes in fair value     (2,284)   -      (2,307)   -  
Total interest and other     (2,292)     (8)     (2,328)     3  
              
Net loss $   (8,367) $   (4,842) $   (13,504) $   (10,618) 
               
Basic and diluted net loss per common share $   (0.72) $   (0.50) $   (1.17) $   (1.09) 
               
Weighted average shares outstanding     11,645      9,765      11,495       9,754  
              
  

 



Balance Sheet Highlights (in thousands)
     
  June 30, 2016  December 31,
   (unaudited)  2015
Cash and available-for-sale securities $   1,744  $1,965
Restricted cash and cash equivalents     5,097   -
Prepaid and other current assets     805   387
Property and equipment, net     348   446
Intangible assets, net     7,115   7,575
Total assets     15,109   10,373
       
Current liabilities     4,859   4,038
Long-term liabilities     15,813   52
Shareholders' (deficit) equity     (5,563)  6,283
Total liabilities and shareholders' equity $   15,109  $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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Source: ParkerVision, Inc.

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