ParkerVision Reports First Quarter 2014 Results

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     development ventures.        *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     patents.        *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          Qualcomm.                  *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 segment.  "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.  Conference Call  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.  About ParkerVision  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 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 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 projected.   ParkerVision, Inc. Summary of Results of Operations (unaudited)                                                                                                                                                                                                                          Three Months Ended (in thousands, except per share amounts)       March 31,                                               2014       2013 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,                                           (unaudited)    2013 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          ParkerVision, Inc.          904-732-6100, cpoehlman@parkervision.com                   or           Don Markley or          Glenn Garmont          The Piacente Group          212-481-2050, parkervision@tpg-ir.com  ParkerVision, Inc. Logo  
Press spacebar to pause and continue. Press esc to stop.