ParkerVision, Inc.
11.14.16

ParkerVision Reports Third Quarter 2016 Results

Decision Reached in German case against LG

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

JACKSONVILLE, Fla., Nov. 14, 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 nine months ended September 30, 2016.

Third Quarter 2016 Summary and Recent Developments

Jeffrey Parker, Chairman and Chief Executive Officer, commented, "We are extremely pleased this quarter to show the initial results from our international licensing and enforcement program.  We believe this is the beginning of a successful program that will unlock significant value from our intellectual property portfolio.  The addition of the international enforcement prong to our program is proving to be a necessary and worthwhile endeavor, and we are pleased with the speed and efficiency of the German court system. Shortly after our hearing in Germany, the court found, as expected, that LG infringes our patent.  Upon successful resolution of the related nullity action, we anticipate the court will also provide the injunctive relief that we've requested."  

Mr. Parker continued, "We have a dedicated team that continues to develop new intellectual property and products while maintaining a tight control on operating costs.  Our investment in developing an expertise in the wireless space enables us to soon introduce products that we believe will be attractive to a wide consumer audience in both price and features, and we look forward to unveiling these products in the near-term."              

Third Quarter and Nine Months 2016 Financial Results

Conference Call

The Company will host a conference call and webcast on November 14, 2016 at 4:30 p.m. Eastern to review its third 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 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 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, June 30, and September 30, 2016. 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) September 30, 2016 December 31,
   (unaudited)  2015
Cash and cash equivalents $ 464  $175 
Restricted cash and cash equivalents   2,737   - 
Available-for-sale securities   629   1,790 
Prepaid and other current assets   1,056   387 
Property and equipment, net   309   446 
Intangible assets, net   6,821   7,575 
Total assets   12,016   10,373 
        
Current liabilities   1,952   4,038 
Long-term liabilities   13,192   52 
Shareholders' (deficit) equity   (3,128)  6,283 
Total liabilities and shareholders' equity $ 12,016  $10,373 
        
 

 

ParkerVision, Inc.
Summary Results of Operations (unaudited)
              
  Three Months Ended Nine Months Ended 
(in thousands, except per share amounts) September 30,  September 30,
  2016 2015 2016 2015 
Revenue $ 4,000  $ 5  $ 4,064  $ 5  
Cost of sales   301    5     342    5  
Gross margin   3,699    -    3,722    -  
              
Research and development expenses   1,075    815    2,520    3,710  
Selling, general and administrative expenses   3,561    2,313    13,313    10,039  
Total operating expenses   4,636    3,128    15,833    13,749  
               
Interest and other income (expense)   (11)   (8)   (34)   (5) 
Change in fair value of contingent payment obligation   (726)   -    (3,033)   -  
Total interest and other   (737)   (8)   (3,067)   (5) 
              
Net loss before taxes   (1,674)   (3,136)   (15,178)   (13,754) 
Foreign income tax expense   (660)   -    (660)   -  
              
Net loss $ (2,334) $ (3,136) $ (15,838) $ (13,754) 
               
Basic and diluted net loss per common share $ (0.18) $ (0.32) $ (1.33) $ (1.40) 
               
Weighted average shares outstanding   12,846    9,867    11,949    9,792  
               

                

 

ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
 
 
             
 Three Months Ended Nine Months Ended 
(in thousands)September 30, September 30,
 2016 2015 2016 2015 
Cash flows from operating activities            
Net cash used in operating activities $(2,886)  $(2,059)  $(11,802)  $(9,975) 
             
Cash flows from investing activities            
Purchase of available-for-sale investments  (2,403)   (4)   (4,404)   (949) 
Proceeds from sale of available-for-sale investments  1,975    2,350    5,565    10,505  
Purchase of long-lived assets, net  (9)   (79)   (117)   (590) 
Increase in restricted cash and cash equivalents  -    -    (11,000)   -  
Decrease in restricted cash and cash equivalents  2,359     -    8,263    -  
Net cash provided by (used in) investing activities  1,922    2,267    (1,693)   8,966  
              
Cash flows from financing activities            
Net proceeds from issuance of common stock and warrants  3,284    -    4,232    1,298  
Shares withheld for payment of taxes  (57)   (81)   (57)   (98) 
Principal payments on capital lease obligations  -    (45)   (51)   (104) 
Proceeds from contingent payment obligation  -    -    13,000    -  
Repayment of contingent payment obligation  (3,340)   -    (3,340)   -  
Net cash (used in) provided by financing activities  (113)   (126)   13,784    1,096  
              
Net (decrease) increase in cash and cash equivalents  (1,077)   82    289    87  
Cash and cash equivalents - beginning of period  1,541    224    175    219  
Cash and cash equivalents - end of period $464   $306   $464   $306  
             

                          

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 nine months ended September 30, 2016 follows: 


 
 
Reconciliation of Net Loss to Adjusted Net Loss:
 
  Three Months Ended Nine Months Ended
(in thousands) September 30,  September 30,
  2016 2015 2016 2015
Net loss $ (2,334) $ (3,136) $ (15,838) $ (13,754)
Excluded items:            
Share-based compensation   1,423    196    1,488    1,083 
Change in fair value of contingent payment obligation   726    -    3,033    - 
Adjusted net loss $ (185) $ (2,940) $ (11,317) $ (12,671)
             
             
             
Reconciliation of Net Loss per Common Share to Adjusted Net Loss per Common Share:
             
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2016 2015 2016 2015
Basic and diluted net loss per common share $ (0.18) $ (0.32) $ (1.33)  $ (1.40)
Excluded items   0.17    0.02    0.38    0.11 
Adjusted net loss per common share $ (0.01) $ (0.30) $ (0.95) $ (1.29 )
             
             

 

Contact:

Cindy Poehlman

Chief Financial Officer

ParkerVision, Inc.

904-732-6100, cpoehlman@parkervision.com



or



Matt Steinberg

The Piacente Group

212-481-2050, parkervision@tpg-ir.com



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Source: ParkerVision, Inc.

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