ParkerVision, Inc. Reports 2012 Fourth Quarter and Year-End Results Conference Call at 4:30 p.m. Eastern, Monday, March 18, 2013 JACKSONVILLE, Fla., March 18, 2013 (GLOBE NEWSWIRE) -- ParkerVision, Inc. (Nasdaq:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, reported results for the three months and year ended December 31, 2012. 2012 Business Highlights and Recent Developments oThe recent Markman order, or claim construction ruling, in ParkerVision's patent infringement litigation against Qualcomm resulted in the adoption by the court of more than 90% of ParkerVision's proposed terms. oAll of Qualcomm's counterclaims of patent unenforceability due to alleged inequitable conduct have been dismissed by the court and/or dropped by Qualcomm. oEntered into development agreement with baseband partner for the delivery and on-going support of interfaces between ParkerVision RF chips and CDMA baseband processors needed to support the adoption of ParkerVision RF chipsets into OEM's mobile handset products. oEngaged intellectual property firms to assist ParkerVision in evaluating the current and future use of its patented technology in a variety of products and industries and in assisting the company with the exploration of additional business opportunities. oAwarded twenty-three new patents and filed 27 new applications in 2012.As of December 31, 2012, the Company held 211 U.S. and foreign patents. Jeffrey Parker, Chairman and Chief Executive Officer, commented, "In 2012, we worked with some of the most highly regarded IP experts to better understand how the innovations we have developed and protected are enabling a wide range of wireless products across a number of industries. With this understanding we are exploring various ways of developing business relationships and revenue for ParkerVision.We also worked closely with our patent litigators as our infringement case against Qualcomm progressed through a number of key events and rulings in preparation for trial in October. The agreement we entered into with our CDMA baseband partner enables us to continue pursuing adoption of our RF chips into products designed and built by their OEM handset customers. Collectively, these activities position ParkerVision for meaningful progress in 2013." Fourth Quarter and Fiscal Year 2012 Financial Results oNet loss in the fourth quarter of 2012 was $6.2 million, or $0.07 per common share, as compared to a net loss of $3.9 million, or $0.06 per common share for fourth quarter of 2011. oNet loss for the year ended December 31, 2012 was $20.3 million, or $0.27 per common share, as compared to a net loss of $14.6 million, or $0.24 per common share, for the year ended December 31, 2011. oCash used in 2012 was $15.9 million as compared to $12.1 million for 2011. Cash use in 2012 included $14.7 million for operations and $1.2 million invested in patents and other long-lived assets. oThe Company generated $18.9 million in cash in 2012 from the sale of equity securities including the exercise of outstanding warrants and options. oCash and available for sale securities as of December 31, 2012 was $8.3 million. The increase in net loss, for both the quarterly and annual periods, is the result of increased professional fees and increased non-cash share-based compensation expense.On an annual basis, professional fees increased approximately $2.8 million and share-based compensation expense increased approximately $2.1 million when compared to fiscal 2011. The increase in professional fees is primarily the result of increased legal fees and expenses related to our patent infringement litigation against Qualcomm. Conference Call The Company will host a conference call and webcast on Monday, March 18, 2013 at 4:30 p.m. Eastern for a discussion of its 2012 year-end 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 call 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 RF technologies which enable advanced wireless communications for current and next generation mobile communications networks. Its solutions for wireless transfer of radio frequency (RF) waveforms enable significant advancements in wireless products, addressing the needs of the cellular industry for efficient use of power, reduced cost and size, greater design simplicity and enhanced performance in mobile handsets as the industry migrates to next generation networks. ParkerVision is headquartered in Jacksonville, Florida.For more information please visit www.parkervision.com.(PRKR-I) The ParkerVision, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7219 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 10K for the year ended December 31, 2012. 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 (in thousands except, for per share amounts) (Unaudited) Three months ended Year ended December 31, December 31, 2012 2011 2012 2011 Service revenue $ 0 $ 0 $ 0 $ 0 Cost of goods sold 0 0 0 0 Gross margin 0 0 0 0 Research and development 2,489 2,060 8,448 8,423 Marketing and selling 462 432 1,638 1,450 General and administrative 3,247 1,452 10,297 4,802 Total operating expense 6,198 3,944 20,383 14,675 Interest and other income 24 32 61 102 and interestexpense Net loss $ (6,174) $ (3,912) $ (20,322) $ (14,573) Basic and diluted loss per $ (0.07) $ (0.06) $ (0.27) $ (0.24) common share Weighted average shares 82,887 67,358 75,999 60,039 outstanding Balance Sheet Highlights (in thousands) December December 31, 31, 2012 2011 Cash and available for sale $ 8,340 $ 5,240 securities Prepaid and other current 977 782 assets Property and equipment, net 404 351 Intangible assets, net 8,978 9,004 Other assets 21 465 Total assets $ 18,720 $ 15,842 Current liabilities $ 2,142 $ 1,363 Long term liabilities 57 138 Shareholders' equity 16,520 14,341 Total liabilities and $ 18,720 $ 15,842 shareholders' equity CONTACT: Cindy Poehlman Chief Financial Officer ParkerVision, Inc. 904-732-6100, email@example.com or Ron Stabiner Vice President The Wall Street Group, Inc. 212-888-4848, firstname.lastname@example.org ParkerVision, Inc. 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ParkerVision, Inc. Reports 2012 Fourth Quarter and Year-End Results
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