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 $8.3 million.
|Summary of Results of Operations (in thousands except, for per share amounts)|
|Three months ended December 31,||Year ended December 31,|
|Service revenue||$ 0||$ 0||$ 0||$ 0|
|Cost of goods sold||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|
|Total assets||$ 18,720||$ 15,842|
|Current liabilities||$ 2,142||$ 1,363|
|Long term liabilities||57||138|
|Total liabilities and shareholders' equity||$ 18,720||$ 15,842|
CONTACT: Cindy Poehlman Chief Financial Officer ParkerVision, Inc. 904-732-6100, email@example.com or Ron Stabiner Vice President The Wall Street Group, Inc. 212-888-4848, firstname.lastname@example.org