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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ParkerVision Inc (QB) | USOTC:PRKR | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01175 | 7.34% | 0.17175 | 0.1613 | 0.19 | 0.1821 | 0.16 | 0.16 | 34,902 | 21:09:02 |
First Quarter 2016 Financial Results
Jeffrey Parker, Chairman and Chief Executive Officer, commented, “Over the past six weeks, our ITC action has moved along at a rapid pace with the hearing scheduled approximately three months away. We believe our goals for 2016 remain on course – to achieve the launch of a successful international licensing program complemented by ongoing internal product development and an exciting new product introduction.”
Conference Call
The Company will host a conference call and webcast on May 16, 2016 at 4:30 p.m. Eastern to review its first quarter 2016 financial results. The conference call will be accessible by telephone at 1-877-561-2750, at least five minutes before the scheduled start time. International callers should dial 763-416-8565. The conference call may also be accessed by means of a live webcast on our website at http://ir.parkervision.com/events.cfm. The conference webcast will also be archived and available for replay on our website at www.parkervision.com for a period of 90 days.
About ParkerVision
ParkerVision, Inc. designs, develops and markets its proprietary radio-frequency (RF) technologies that enable advanced wireless solutions for current and next generation communications networks. Protected by a highly-regarded, worldwide patent portfolio, the Company’s solutions for wireless transfer of RF waveforms address the needs of a broad range of wirelessly connected devices for high levels of RF performance coupled with best-in-class power consumption. 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, 2015 and the Form 10-Q for the quarter ended March 31, 2016. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
(TABLES FOLLOW)
ParkerVision, Inc. | ||||||||||
Summary of Results of Operations (unaudited) | ||||||||||
Three Months Ended | ||||||||||
(in thousands, except per share amounts) | March 31, | |||||||||
2016 | 2015 | |||||||||
Revenue | $ | 59 | $ | - | ||||||
Cost of sales | (38 | ) | - | |||||||
Gross margin | 21 | - | ||||||||
Research and development expenses | 952 | 1,757 | ||||||||
Selling, general and administrative expenses | 4,170 | 4,030 | ||||||||
Total operating expenses | 5,122 | 5,787 | ||||||||
Interest and other | (36 | ) | 11 | |||||||
Net loss | $ | (5,137 | ) | $ | (5,776 | ) | ||||
Basic and diluted net loss per common share* | $ | (0.45 | ) | $ | (0.59 | ) | ||||
Weighted average shares outstanding* | 11,345 | 9,744 | ||||||||
* Adjusted to reflect the impact of the 1:10 reverse stock split that became effective on March 30, 2016. | ||||||||||
Balance Sheet Highlights (in thousands) | ||||||
March 31, 2016 | December 31, | |||||
(unaudited) | 2015 | |||||
Cash and available-for-sale securities | $ | 1,063 | $ | 1,965 | ||
Restricted cash and cash equivalents | 6,844 | - | ||||
Inventories, net | 171 | 161 | ||||
Prepaid and other assets | 361 | 226 | ||||
Property and equipment, net | 392 | 446 | ||||
Intangible assets, net | 7,336 | 7,575 | ||||
Total assets | 16,167 | 10,373 | ||||
Current liabilities | 2,121 | 4,038 | ||||
Long-term liabilities | 11,721 | 52 | ||||
Shareholders’ equity | 2,325 | 6,283 | ||||
Total liabilities and shareholders’ equity | $ | 16,167 | $ | 10,373 | ||
Contact: Cindy Poehlman Chief Financial Officer ParkerVision, Inc 904-732-6100, cpoehlman@parkervision.com or Don Markley The Piacente Group 212-481-2050, parkervision@tpg-ir.com
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