Second Quarter 2013 Financial Results
- Net loss in the second quarter of 2013 was $7.1 million, or $0.08 per common share, as compared to a net loss of $5.1 million, or $0.07 per common share, for the second quarter of 2012. The year-over-year increase in net loss was the result of a $0.4 million increase in legal fees, primarily related to litigation, and a $1.2 million increase in non-cash share-based compensation expense.
- Cash used for operations in the second quarter of 2013 was approximately $4.2 million as compared to $3.9 million during the second quarter of 2012.
Financial Results for the Six Months Ended June 30, 2013
- Net loss for the six months ended June 30, 2013 was $13.6 million, or $0.16 per common share, as compared to a net loss of $9.1 million, or $0.13 per common share, for first six months of 2012. The year-over-year increase in net loss for the six months ended June 30, 2013 was the result of a $1.2 million increase in legal fees, primarily related to litigation, and a $2.6 million increase in non-cash share-based compensation expense.
- Cash used for operations in the first six months of 2013 was approximately $9.1 million, as compared to $6.9 million during comparable period in 2012.
- Cash and available for sale securities as of June 30, 2013 totaled $13.7 million, which does not include the proceeds from the recently completed offering.
The Company will host a conference call and webcast on August 8, 2013 at 4:30 p.m. Eastern to review its second 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 quarters ended March 31, 2013 and June 30, 2013. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected. (TABLES FOLLOW)
|Summary of Results of Operations (unaudited)|
|Three Months Ended||Six Months Ended|
|(in thousands, except per share amounts)||June 30,||June 30,|
|Service revenue||$ --||$ --||$ --||$ --|
|Cost of sales||--||--||--||--|
|Research and development expenses||2,576||1,789||4,942||3,828|
|Marketing and selling expenses||426||363||823||758|
|General and administrative expenses||4,149||2,929||7,860||4,570|
|Total operating expenses||7,151||5,081||13,625||9,156|
|Interest and other income and interest expense||24||20||36||27|
|Basic and diluted net loss per common share||$(0.08)||$(0.07)||$(0.16)||$(0.13)|
|Weighted average shares outstanding||88,437||74,582||85,906||71,094|
|Balance Sheet Highlights|
|Balance Sheet Highlights (in thousands)|
|June 30, 2013||December 31,|
|Cash and available for sale securities||$13,657||$8,340|
|Prepaid and other current assets||917||977|
|Property and equipment, net||361||404|
|Intangible assets, net||8,760||8,978|
|Long term liabilities||26||58|
|Total liabilities and shareholders' equity||$23,717||$18,720|
CONTACT: Cindy Poehlman Chief Financial Officer ParkerVision, Inc. 904-732-6100, firstname.lastname@example.org or Lee Roth Vice President The Piacente Group 212-481-2050, email@example.com