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ParkerVision, Inc. Reports 2012 Fourth Quarter And Year-End Results

Stocks in this article: PRKR

Fourth Quarter and Fiscal Year 2012 Financial Results

  • Net 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.  
  • Net 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.  
  • Cash 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.  
  • The Company generated $18.9 million in cash in 2012 from the sale of equity securities including the exercise of outstanding warrants and options.  
  • Cash 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 December 31, Year ended 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 and interest expense  24 32 61 102
         
Net loss $ (6,174) $ (3,912) $ (20,322) $ (14,573)
         
Basic and diluted loss per common share $ (0.07) $ (0.06) $ (0.27) $ (0.24)
         
Weighted average shares outstanding 82,887 67,358 75,999 60,039
         
Balance Sheet Highlights (in thousands)        
         
  December 31, 2012 December 31, 2011    
Cash and available for sale securities $ 8,340 $ 5,240    
Prepaid and other current assets 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 shareholders' equity $ 18,720 $ 15,842    
CONTACT: Cindy Poehlman
         Chief Financial Officer
         ParkerVision, Inc.
         904-732-6100, cpoehlman@parkervision.com
         
         or
         
         Ron Stabiner
         Vice President
         The Wall Street Group, Inc.
         212-888-4848, rstabiner@thewallstreetgroup.com

ParkerVision, Inc. Logo

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