JACKSONVILLE, Fla., May 9, 2013 (GLOBE NEWSWIRE) -- ParkerVision, Inc. (Nasdaq:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, today announced results for the three months ended March 31, 2013. First Quarter 2013 Business Highlights and Recent Developments
- Awarded four new U.S. and five new foreign patents in the first quarter of 2013. As of March 31, 2013, the Company held 220 total U.S. and foreign patents and had approximately 50 additional patent applications pending.
- Continued working in close collaboration with the Company's baseband partner under the terms of the new development agreement. The companies are currently working on the integration of a RF chipset solution into phone boards for an Asia-based mobile handset OEM.
- On February 20, 2013, the United States District Court for the Middle District of Florida issued its Markman order, or claim construction ruling, in ParkerVision's patent infringement litigation against Qualcomm. In this ruling, the court adopted more than 90% of ParkerVision's proposed definitions for disputed terms and adopted none of Qualcomm's proposed definitions.
- All of Qualcomm's counterclaims of patent unenforceability due to alleged inequitable conduct were dismissed by the court in a January 22, 2013 ruling, or dropped by Qualcomm in its amended response and counterclaim filed on April 11, 2013.
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 $17.8 million.
|Summary of Results of Operations (unaudited)|
|(in thousands, except per share amounts)||Three Months Ended March 31,|
|Service revenue||$ --||$ --|
|Cost of sales||--||--|
|Research and development expenses||2,365||2,039|
|Marketing and selling expenses||397||395|
|General and administrative expenses||3,712||1,641|
|Total operating expenses||6,474||4,075|
|Interest and other income and interest expense||12||7|
|Net loss||$ (6,462)||$ (4,068)|
|Basic and diluted net loss per common share||$ (0.08)||$ (0.06)|
|Weighted average shares outstanding||83,347||67,607|
|Balance Sheet Highlights|
|Balance Sheet Highlights (in thousands|
|March 31, 2013 (unaudited)||December 31, 2012|
|Cash and available for sale securities||$ 17,835||$ 8,340|
|Prepaid and other current assets||1,207||977|
|Property and equipment, net||380||404|
|Intangible assets, net||8,885||8,978|
|Total assets||$ 28,328||$ 18,720|
|Current liabilities||$ 1,954||$ 2,142|
|Long term liabilities||37||58|
|Total liabilities and shareholders' equity||$ 28,328||$ 18,720|
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