ACCESS Newswire
15 Nov 2019, 03:13 GMT+10
Year-Over-Year Loss Cut By Over 50% As Patent Enforcement Cases Get Underway
JACKSONVILLE, FL / ACCESSWIRE / November 14, 2019 / ParkerVision, Inc. (OTCQB:PRKR), a developer and marketer of technologies and products for wireless applications, today announced results for the three and nine months ended September 30, 2019.
Third Quarter 2019 Summary and Recent Developments
Third Quarter and Nine Month Financial Results
Jeffrey Parker, Chairman and Chief Executive Officer, commented, 'Over a decade ago ParkerVision invested hundreds of millions of dollars in the research, development and marketing of innovative RF transceiver technologies. ParkerVision technologies helped pave the way for the tiny wireless semiconductor chips that are now commonplace in billions of devices shipped yearly.'
Parker continued, 'The earliest unauthorized use of our patented technologies that we identified was by Qualcomm who we allege has used our technologies as the centerpiece of their wireless products for over a decade now. Based on Qualcomm's own internal communications, we believe this was no accident. Unfortunately changes to the U.S. patent system have slowed to a crawl the process of enforcing patent rights. The changes to the patent system have created an uneven playing field between small innovators and industry giants who take advantage of the slow remedies available to those smaller innovators. This results in great harm to companies like ParkerVision who have had to shelve the investment in important R&D in favor of defending against the unlicensed use of their inventions. We are fortunate to have received tens of millions of dollars in support from third-party funders, our litigators and our shareholders to defend our patents. These investments are a result of the merits of our claims and the importance of the inventions we brought to market. Our goal continues to be the recovery of fair compensation from those who are benefitting from our discoveries.'
About ParkerVision
ParkerVision, Inc. has designed and developed proprietary radio-frequency (RF) technologies which enable advanced wireless solutions for current and next generation wireless communication products. ParkerVision is engaged in a number of patent enforcement actions to protect patented rights that it believes are broadly infringed by others. 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, 2018 and the Forms 10-Q for the quarters ended March 31, June 30, and September 30, 2019. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
Contact:
Cindy Poehlman
Chief Financial Officer
ParkerVision, Inc.
904-732-6100
[email protected]
(TABLES FOLLOW)
ParkerVision, Inc.
Balance Sheet Highlights
(in thousands) | (unaudited) September 30, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 130 | $ | 1,527 | ||||
Prepaid expenses | 726 | 538 | ||||||
Accounts receivable and other current assets | 51 | 122 | ||||||
Finished goods inventories | 21 | 98 | ||||||
Property and equipment, net | 84 | 129 | ||||||
Operating lease right-of-use assets | 311 | - | ||||||
Intangible assets & other | 3,190 | 3,917 | ||||||
Total assets | 4,513 | 6,331 | ||||||
Accounts payable and other accrued expenses | 3,423 | 1,833 | ||||||
Operating lease liabilities, current portion | 262 | 86 | ||||||
Notes payable, current portion | 1,964 | 2,437 | ||||||
Long-term liabilities | 28,584 | 27,285 | ||||||
Shareholders' deficit | (29,720 | ) | (25,310 | ) | ||||
Total liabilities and shareholders' deficit | $ | 4,513 | $ | 6,331 | ||||
ParkerVision, Inc.
Summary of Results of Operations (unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands, except per share amounts) | September 30, | September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Product revenue | $ | 35 | $ | 13 | $ | 70 | $ | 128 | ||||||||
Cost of sales | (35 | ) | (12 | ) | (70 | ) | (96 | ) | ||||||||
Inventory impairment charge | - | (975 | ) | - | (1,017 | ) | ||||||||||
Gross margin | - | (974 | ) | - | (985 | ) | ||||||||||
Research and development expenses | - | 685 | 334 | 2,560 | ||||||||||||
Selling, general and administrative expenses | 1,950 | 2,522 | 5,957 | 8,401 | ||||||||||||
Restructuring charges | - | 607 | 607 | |||||||||||||
Total operating expenses | 1,950 | 3,814 | 6,291 | 11,568 | ||||||||||||
Interest and other income (expense) | (101 | ) | (24 | ) | (239 | ) | (56 | ) | ||||||||
Change in fair value of contingent payment obligation | (68 | ) | (26 | ) | 755 | (1,013 | ) | |||||||||
Total interest and other | (169 | ) | (50 | ) | 516 | (1,069 | ) | |||||||||
Net loss | $ | (2,119 | ) | $ | (4,838 | ) | $ | (5,775 | ) | $ | (13,622 | ) | ||||
Basic and diluted net loss per common share | $ | (0.07 | ) | $ | (0.19 | ) | $ | (0.19 | ) | $ | (0.59 | ) | ||||
Weighted average shares outstanding | 32,012 | 25,997 | 30,706 | 23,282 | ||||||||||||
ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended | ||||||||
(in thousands) | September 30, | |||||||
2019 | 2018 | |||||||
Net cash used in operating activities | $ | (3,294 | ) | $ | (9,066 | ) | ||
Net cash provided by investing activities | 4 | 19 | ||||||
Net cash provided by financing activities | 1,893 | 7,960 | ||||||
Net decrease in cash and cash equivalents | (1,397 | ) | (1,087 | ) | ||||
Cash and cash equivalents - beginning of period | 1,527 | 1,354 | ||||||
Cash and cash equivalents - end of period | $ | 130 | $ | 267 | ||||
SOURCE: ParkerVision, Inc.
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