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, email@example.com or Lee Roth Vice President The Piacente Group 212-481-2050, firstname.lastname@example.org