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ParkerVision Reports First Quarter 2013 Results

Stocks in this article: PRKR

First Quarter 2013 Financial Results

  • Net loss for the first quarter of 2013 was $6.5 million, or $0.08 per common share, as compared to a net loss of $4.1 million, or $0.06 per common share for first quarter of 2012.  
  • Cash used in the first quarter of 2013 was approximately $5 million as compared to $3.4 million during the first quarter of 2012.  Cash use in the first quarter of 2013 included $4.8 million for operations and $0.2 million invested in patents and other long-lived assets.  
  • The Company received $14.3 million in net proceeds from the March 2013 sale of 4.7 million shares of common stock at $3.25 per share in an underwritten offering.  
  • Cash and available for sale securities as of March 31, 2013 totaled $17.8 million.

The increase in net loss for the three months ended March 31, 2013, when compared to the same period in 2012, was primarily the result of a $0.9 million increase in legal fees, primarily related to litigation, and a $1.4 million increase in non-cash share-based compensation expense.

Conference Call

The Company will host a conference call and webcast on Thursday, May 9, 2013 at 4:30 p.m. Eastern to review its first quarter 2013 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)

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 and the Form 10Q for the quarter ended March 31, 2013. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

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