JACKSONVILLE, Fla., March 18, 2013 (GLOBE NEWSWIRE) -- ParkerVision, Inc. (Nasdaq:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, reported results for the three months and year ended December 31, 2012. 2012 Business Highlights and Recent Developments
- The recent Markman order, or claim construction ruling, in ParkerVision's patent infringement litigation against Qualcomm resulted in the adoption by the court of more than 90% of ParkerVision's proposed terms.
- All of Qualcomm's counterclaims of patent unenforceability due to alleged inequitable conduct have been dismissed by the court and/or dropped by Qualcomm.
- Entered into development agreement with baseband partner for the delivery and on-going support of interfaces between ParkerVision RF chips and CDMA baseband processors needed to support the adoption of ParkerVision RF chipsets into OEM's mobile handset products.
- Engaged intellectual property firms to assist ParkerVision in evaluating the current and future use of its patented technology in a variety of products and industries and in assisting the company with the exploration of additional business opportunities.
- Awarded twenty-three new patents and filed 27 new applications in 2012. As of December 31, 2012, the Company held 211 U.S. and foreign patents.
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, firstname.lastname@example.org or Ron Stabiner Vice President The Wall Street Group, Inc. 212-888-4848, email@example.com