JACKSONVILLE, Fla., Aug. 8, 2013 (GLOBE NEWSWIRE) -- ParkerVision, Inc. (Nasdaq:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, today announced results for the three and six month periods ended June 30, 2013. Second Quarter 2013 Business Highlights and Recent Developments
- Filed motion for summary judgment on no invalidity and filed rebuttals to Qualcomm's motion for partial summary judgment in patent litigation case that is scheduled for trial beginning October 7, 2013 in Orlando, Florida.
- Continued collaboration with baseband partner and Asia-based mobile handset manufacturer on RF chipset solution.
- Expanded product portfolio with introduction of three new RFIC products.
- Ranked by The Patent Board® among the top 20 companies in the telecom and communications industry in the July 2013 Patent Scorecard analysis.
- Awarded 7 new U.S. patents in the second quarter of 2013. As of June 30, 2013, the Company held 228 U.S. and foreign patents and had approximately 45 patent applications pending.
- Completed the private placement of approximately 3.7 million shares of common stock at $3.80 per share, generating net proceeds of approximately $13.0 million.
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.
- 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 $13.7 million, which does not include the proceeds from the recently completed offering.
|Summary of Results of Operations (unaudited)|
|Three Months Ended||Six Months Ended|
|(in thousands, except per share amounts)||June 30,||June 30,|
|Service revenue||$ --||$ --||$ --||$ --|
|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