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ParkerVision Reports Second Quarter And Six-Month 2013 Results

Stocks in this article: PRKR

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.

Conference Call

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)

         
ParkerVision, Inc.
Summary of Results of Operations (unaudited)
         
  Three Months Ended Six Months Ended
(in thousands, except per share amounts) June 30, June 30,
  2013 2012 2013 2012
Service revenue $ -- $ -- $ -- $ --
Cost of sales  --  --  --  --
 Gross margin  --  --  --  --
         
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 
         
Net loss $(7,127) $(5,061) $(13,589) $(9,129)
         
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, 
  (unaudited) 2012
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 
Other assets  22   21 
Total assets  23,717   18,720 
     
Current liabilities  1,992   2,142 
Long term liabilities  26   58 
Shareholders' equity  21,699   16,520 
Total liabilities and shareholders' equity $23,717  $18,720 
     
CONTACT: Cindy Poehlman
         Chief Financial Officer
         ParkerVision, Inc.
         904-732-6100, cpoehlman@parkervision.com
         
         or
         
         Lee Roth
         Vice President
         The Piacente Group
         212-481-2050, parkervision@tpg-ir.com

ParkerVision, Inc. Logo

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