Second Quarter 2019 Net Loss Declined 65% Year-Over-Year
JACKSONVILLE, FL / ACCESSWIRE / August 14, 2019 / ParkerVision, Inc. (OTCQB:PRKR), a developer and marketer of technologies and products for wireless applications, today announced results for the three and six months ended June 30, 2019.
Second Quarter 2019 Summary and Recent Developments
Second Quarter and First Half Financial Results
Jeffrey Parker, Chairman and Chief Executive Officer, commented, “We are pleased with the recent decisions from the two district courts in Florida and are looking forward to having trial dates set in both of those cases. Our decisions to abandon our appellate actions in Germany were made based on the lengthy timeframe that this process requires, and our belief that the best return for our shareholders and the fairest compensation for the unauthorized use of our technologies can be achieved by focusing our resources on the two U.S. district court actions.”
Mr. Parker continued, “We have significantly reduced operating costs over the past year, and we believe those reductions, paired with additional litigation financing for the completion of our cases in Florida, will enable us to see these cases through to conclusion. Our longer-term goal is to rebuild ParkerVision’s innovative culture and to continue to bring new solutions to the challenges of a wireless world.”
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 and June 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]
ParkerVision, Inc.
Balance Sheet Highlights
(in thousands) | (unaudited) June 30, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 63 | $ | 1,527 | ||||
Prepaid expenses | 637 | 538 | ||||||
Accounts receivable and other current assets | 51 | 122 | ||||||
Finished goods inventories | 58 | 98 | ||||||
Property and equipment, net | 96 | 129 | ||||||
Operating lease right-of-use assets | 364 | - | ||||||
Intangible assets & other | 3,357 | 3,917 | ||||||
Total assets | 4,626 | 6,331 | ||||||
Accounts payable and other accrued expenses | 2,810 | 1,833 | ||||||
Operating lease liabilities, current portion | 264 | 86 | ||||||
Notes payable, current portion | 1,933 | 2,437 | ||||||
Long-term liabilities | 28,305 | 27,285 | ||||||
Shareholders' deficit | (28,686 | ) | (25,310 | ) | ||||
Total liabilities and shareholders' deficit | $ | 4,626 | $ | 6,331 | ||||
ParkerVision, Inc.
Summary of Results of Operations (unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
(in thousands, except per share amounts) | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Product revenue | $ | 25 | $ | 38 | $ | 35 | $ | 115 | ||||||||
Cost of sales | (25 | ) | (31 | ) | (35 | ) | (84 | ) | ||||||||
Write down of obsolete inventory | - | (42 | ) | - | (42 | ) | ||||||||||
Gross margin | - | (35 | ) | - | (11 | ) | ||||||||||
Research and development expenses | - | 1,001 | 334 | 1,875 | ||||||||||||
Selling, general and administrative expenses | 1,851 | 2,902 | 4,007 | 5,879 | ||||||||||||
Total operating expenses | 1,851 | 3,903 | 4,341 | 7,754 | ||||||||||||
Interest and other income (expense) | (76 | ) | (18 | ) | (138 | ) | (32 | ) | ||||||||
Change in fair value of contingent payment obligation | 365 | (538 | ) | 823 | (987 | ) | ||||||||||
Total interest and other | 289 | (556 | ) | 685 | (1,019 | ) | ||||||||||
Net loss | $ | (1,562 | ) | $ | (4,494 | ) | $ | (3,656 | ) | $ | (8,784 | ) | ||||
Basic and diluted net loss per common share | $ | (0.05 | ) | $ | (0.18 | ) | $ | (0.12 | ) | $ | (0.39 | ) | ||||
Weighted average shares outstanding | 30,888 | 24,564 | 30,042 | 22,672 | ||||||||||||
ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
(in thousands) | June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net cash used in operating activities | $ | (877 | ) | $ | (2,775 | ) | $ | (2,550 | ) | $ | (6,126 | ) | ||||
Net cash provided by (used in) investing activities | - | 2 | 6 | 17 | ||||||||||||
Net cash provided by (used in) financing activities | 565 | 2,602 | 1,080 | 4,854 | ||||||||||||
Net decrease in cash and cash equivalents | (312 | ) | (171 | ) | (1,464 | ) | (1,255 | ) | ||||||||
Cash and cash equivalents - beginning of period | 375 | 270 | 1,527 | 1,354 | ||||||||||||
Cash and cash equivalents - end of period | $ | 63 | $ | 99 | $ | 63 | $ | 99 | ||||||||
SOURCE: ParkerVision, Inc.