ParkerVision, Inc. Reports Third Quarter And Nine Month Results
JACKSONVILLE, Fla., Nov. 9, 2010 (GLOBE NEWSWIRE) -- ParkerVision, Inc. (Nasdaq:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, today reported reduced losses for the third quarter and nine months ended September 30, 2010, as compared to the same periods in 2009. ParkerVision reduced third quarter 2010 operating expenses by approximately $1.7 million or 30% from the same period in 2009, largely as a result of cost control programs.
For the third quarter ended September 30, 2010, the reported net loss was $4.0 million, or $0.10 per share, compared to a net loss in the third quarter of 2009 of $5.7 million, or $0.17 per share.
For the nine month period ended September 30, 2010, ParkerVision reported a net loss of $11.7 million, or $0.28 per share, compared with a net loss of $16.6 million, or $ 0.53 per share for the first nine months of 2009.ParkerVision ended the third quarter of 2010 with approximately $5.0 million in cash and short-term securities. The Company used approximately $2.5 million in cash for operations for the third quarter of 2010, a 37% decrease from cash used for operations for the same period in 2009. For the nine month period ended September 30, 2010, ParkerVision used $7.9 million in cash for operations, compared to $10.6 million for the same period in 2009, representing a 26% decrease in cash usage year over year. On November 3, 2010, the Company closed a registered direct offering of common stock and warrant securities primarily to institutional investors. This offering resulted in net proceeds to ParkerVision of approximately $3.9 million. Jeffrey Parker, Chairman and Chief Executive Officer, commented, "Our activities this past quarter have been focused on the steps necessary to transition our 3G design win into a tangible product order. We have made significant progress toward that end, and we continue to believe that the initial launch of our technology in mobile devices will represent a major turning point for the company. The recently completed financing provides us with additional capital to support this important effort."
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