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
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
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
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
oCash and available for sale securities as of December 31, 2012 was $8.3
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.
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.
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
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.
Summary of Results of Operations (in thousands except, for per share
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
Net loss $ (6,174) $ (3,912) $ (20,322) $ (14,573)
Basic and diluted loss per $ (0.07) $ (0.06) $ (0.27) $ (0.24)
Weighted average shares 82,887 67,358 75,999 60,039
Balance Sheet Highlights
Cash and available for sale $ 8,340 $ 5,240
Prepaid and other current 977 782
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
CONTACT: Cindy Poehlman
Chief Financial Officer
The Wall Street Group, Inc.
ParkerVision, Inc. Logo
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