ParkerVision Reports 2019 Results
Net Loss Declined 55% Year-Over-Year
JACKSONVILLE, Fla., April 14, 2020 – ParkerVision,
Inc. (OTCQB: PRKR) (“ParkerVision”), a developer and
marketer of technologies and products for wireless applications,
today announced results for the year ended December 31,
2019.
Year End 2019 and Recent Developments
●
Licensing &
Litigation
o
The U.S. district
court case against Qualcomm and Apple in Jacksonville, Florida is
currently scheduled for a jury trial commencing August 3,
2020.
o
The U.S. district
court case against Qualcomm and HTC in Orlando, Florida is
currently scheduled for a jury trial commencing December 1,
2020.
o
Due to the impact
of COVID-19, the district courts have placed administrative stays
on both Florida cases to be reviewed in late April 2020 to
determine if any case schedule adjustments are
necessary.
o
In February 2020,
we filed a patent infringement case against Intel in the Western
District of Texas.
●
Restructuring of
Operations
o
Significantly
reduced operating expenses through workforce reduction, closure of
the Company’s engineering design center in Florida, voluntary
executive and board compensation reductions, and significant
curtailment of Milo product advertising and marketing
expenses.
o
Cost reduction
efforts began in August 2018 and continued throughout 2019 with
downsizing of our corporate offices, additional reductions in
staffing, and cessation of sales of the Milo
product-line.
Jeffrey Parker, Chairman and Chief Executive Officer, commented,
“Along with many businesses in the U.S., we’ve
requested our staff work from home and follow self-quarantine
guidelines to help win the battle against COVID-19. In the
meantime, we continue to support our litigation partners as we
prepare for upcoming trials in our patent enforcement cases. We
remain steadfast in our goal to obtain fair compensation for the
unauthorized use of our patented technology.”
2019 Financial Results
●
Net loss for 2019
was $9.5 million, or $0.30 per common share, compared to a net loss
of $20.9 million, or $0.85 per common share for 2018.
o
The 55% decrease in
net loss year-over-year is largely due to a $6.1 million decrease
in operating expenses as a result of our restructuring of
operations.
●
We used cash for
operations of approximately $3.4 million in 2019 compared to $10.3
million in 2018 and we repaid $1.2 million in debt in 2019 compared
to $0.1 million in 2018.
●
We funded much of
our operations in 2019 with proceeds from the sale of five-year
convertible notes sold in 2018 and 2019 with fixed conversion
prices ranging from $0.08 to $0.57 per common share.
●
We received
approximately $2.1 million in the first quarter of 2020 from the
sale of convertible notes and equity securities at prices ranging
from $0.13 to $0.35 per share.
About ParkerVision
ParkerVision, Inc. has designed and developed proprietary
radio-frequency (RF) technologies which enable advanced wireless
solutions for current and next generation wireless communication
products. ParkerVision is engaged in a number of patent enforcement
actions in the U.S. to protect patented rights that it believes are
broadly infringed by others. 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 10-K for the year ended December 31,
2019. These risks and uncertainties could cause actual results to
differ materially from those currently anticipated or
projected.
Cindy
Poehlman
Chief
Financial Officer
ParkerVision,
Inc
904-732-6100
cpoehlman@parkervision.com
(TABLES FOLLOW)
ParkerVision, Inc.
Balance Sheet Highlights
|
|
Year Ended December 31,
|
|
|
(in
thousands)
|
2019
|
2018
|
|
Cash
and cash equivalents
|
$57
|
$1,527
|
|
Accounts
receivable, prepaid and other current assets
|
622
|
660
|
|
Inventories
|
-
|
98
|
|
Property
and equipment, net
|
70
|
129
|
|
Intangible
assets & other
|
3,177
|
3,917
|
|
Total
assets
|
3,926
|
6,331
|
|
|
|
|
|
Current
liabilities
|
6,138
|
4,356
|
|
Long-term
liabilities
|
30,885
|
27,285
|
|
Shareholders’
(deficit) equity
|
(33,097)
|
(25,310)
|
|
Total
liabilities and shareholders’ (deficit) equity
|
$3,926
|
$6,331
|
ParkerVision, Inc.
Summary of Results of Operations
|
|
Year Ended
|
|
|
(in
thousands, except per share amounts)
|
December 31
|
|
|
|
2019
|
2018
|
|
Product
revenue
|
$74
|
$135
|
|
|
|
|
|
Product
cost of sales
|
(73)
|
(103)
|
|
Loss
on impairment of inventory
|
(6)
|
(1,134)
|
|
|
|
|
|
Gross
margin
|
(5)
|
(1,102)
|
|
|
|
|
|
Research
and development expenses
|
334
|
2,875
|
|
Selling,
general and administrative expenses
|
7,602
|
10,427
|
|
Restructuring
expenses
|
-
|
690
|
|
Total
operating expenses
|
7,936
|
13,992
|
|
|
|
|
|
Interest
and other income (expense)
|
(418)
|
(114)
|
|
Change
in fair value of contingent payment obligation
|
(1,094)
|
(5,661)
|
|
Total
interest and other
|
(1,512)
|
(5,775)
|
|
|
|
|
|
Net
loss before income taxes
|
(9,453)
|
(20,869)
|
|
Income
tax expense
|
-
|
-
|
|
|
|
|
|
Net
loss
|
$(9,453)
|
$(20,869)
|
|
|
|
|
|
Basic
and diluted net loss per common share
|
$(0.30)
|
$(0.85)
|
|
|
|
|
|
Weighted
average shares outstanding
|
31,461
|
24,429
|
ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows
|
(in
thousands)
|
December 31,
|
|
|
|
2019
|
2018
|
|
Net
cash used in operating activities
|
$(3,373)
|
(10,297)
|
|
Net
cash provided by (used in) investing activities
|
7
|
55
|
|
Net
cash provided by financing activities
|
1,896
|
10,415
|
|
Net
increase in cash and cash equivalents
|
(1,470)
|
173
|
|
Cash
and cash equivalents - beginning of period
|
1,527
|
1,354
|
|
Cash
and cash equivalents - end of period
|
$57
|
$1,527
|
###