ParkerVision Reports First Quarter 2014 Results
Management to Host Conference Call and Webcast Today at 4:30 p.m. ET
JACKSONVILLE, Fla., May 12, 2014 (GLOBE NEWSWIRE) -- ParkerVision, Inc.
(Nasdaq:PRKR), a developer and marketer of semiconductor technology solutions
for wireless applications, today announced results for the three months ended
March 31, 2014.
First Quarter 2014 Business Highlights and Recent Developments
*Engaged 3LP Advisors LLC ("3LP") in February 2014 for the management of
ParkerVision's licensing operations, including potential product
*Recognized again among Top 25 companies in The Patent Board's Telecom and
Communications Industry scorecard, published by The Wall Street Journal on
March 17, 2014. ParkerVision's patent portfolio earned the highest score
for 5-year cumulative science strength and ranked second in research
intensity and industry impact.
*Awarded four U.S. and one Japanese patent in the first quarter of 2014,
increasing the worldwide patent portfolio to a total of 246 issued
*Received several bench rulings on May 1, 2014 related to the company's
patent infringement lawsuit against Qualcomm, Incorporated ("Qualcomm")
that was first filed in July of 2011. In October 2013, a jury awarded
ParkerVision $172.7 million in damages related to this matter.
*The Court denied Qualcomm's motion for Judgment as a Matter of Law
("JMOL"), as well as its request for a new trial on damages.
*The Court denied ParkerVision's motions for JMOL or a new trial on
willfulness, and its motion for a permanent injunction against
*The Court has yet to rule on Qualcomm's outstanding JMOL motions
regarding invalidity and infringement.
*The Court has yet to rule on ParkerVision's outstanding motion for
ongoing enhanced royalties and pre- and post-judgment interest, but
did order that the parties confer to determine if an agreement can be
reached regarding an ongoing royalty rate and the interest rate to be
used in the calculation of pre- and post-judgment interest.The
parties are required to report to the court within 30 days with the
results of their meeting.
*Filed a second patent infringement complaint against Qualcomm on May 1,
2014 that also names Qualcomm customer, HTC Corporation, as a defendant.
*The complaint cites seven patents relating to RF up-conversion and
baseband technologies which are different technologies than the
radio-frequency ("RF") energy transfer sampling down-conversion
technology that is the subject of ParkerVision's first infringement
suit against Qualcomm.
Jeffrey Parker, Chairman and Chief Executive Officer, commented, "The first
quarter was a productive one for ParkerVision on many fronts. 3LP Advisors was
retained to expand and manage our worldwide licensing operations, and our
sales and marketing efforts were escalated with regard to our component
products where we are experiencing growing interest from the industrial
"We continued to press our infringement claims against Qualcomm and were
pleased with the district court's decision to uphold the jury's damages award
of $172.7 million.We look forward to receiving the final rulings in this case
in the coming months.As our recently filed complaint indicates, we believe
that the infringement of our patents extends well beyond our receiver
down-conversion technology that was the subject of our initial suit against
Qualcomm.These additional claims, related to RF transmission and baseband
technologies, reflect our sustained investments in wireless innovations that
began in the late 1990's and continue to this day.We are committed to take
the necessary steps to defend our intellectual property rights and the
considerable value of the innovations we have pioneered and the resulting
intellectual property portfolio," concluded Mr. Parker.
First Quarter 2014 Financial Highlights
oNet loss in the first quarter of 2014 decreased to $5.8 million, or $0.06
per common share, compared with a net loss of $6.5 million, or $0.08 per
common share, for the first quarter of 2013.
oGeneral and administrative expenses in the first quarter of 2014 were $2.9
million, a decrease of 22% from $3.7 million in the first quarter of 2013.
The year-over-year decline was driven primarily by a reduction in
litigation fees following the conclusion of the Qualcomm jury trial in
October of 2013.
oCash used in operating activities during the first quarter of 2014 was
$4.5 million, compared with $4.8 million in the first quarter of 2013.
oCash and securities available for sale as of March 31, 2014 was $25.3
million including $11.9 million in net proceeds from the private placement
of 2.7 million shares of common stock at $4.50 per share in March 2014.
The Company will host a conference call and webcast today at 4:30 p.m. Eastern
to review its first quarter 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 webcast 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
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
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, 2013 and the Form 10Q
for the quarter ended March 31, 2014. These risks and uncertainties could
cause actual results to differ materially from those currently anticipated or
Summary of Results of Operations (unaudited)
Three Months Ended
(in thousands, except per share amounts) March 31,
Revenue $ -- $ --
Cost of sales -- --
Gross margin -- --
Research and development expenses 2,264 2,365
Marketing and selling expenses 657 397
General and administrative expenses 2,873 3,712
Total operating expenses 5,794 6,474
Interest and other income and interest expense 22 12
Net loss $(5,772) $(6,462)
Basic and diluted net loss per common share $(0.06) $(0.08)
Weighted average shares outstanding 94,006 83,347
Balance Sheet Highlights
Balance Sheet Highlights (in thousands)
March 31, 2014 December 31,
Cash and available for sale securities $ 25,336 $ 17,180
Prepaid and other assets 584 552
Property and equipment, net 293 307
Intangible assets, net 8,440 8,552
Other assets 2 3
Total assets 34,655 26,594
Current liabilities 1,613 2,526
Long-term liabilities 62 22
Shareholders' equity 32,980 24,046
Total liabilities and shareholders' equity $ 34,655 $ 26,594
CONTACT: Cindy Poehlman
Chief Financial Officer
Don Markley or
The Piacente Group
ParkerVision, Inc. Logo
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