NEWS RELEASE
FOR IMMEDIATE RELEASE:
PARKERVISION, INC. REPORTS 2011 FOURTH QUARTER AND YEAR-END RESULTS
Conference Call at 8:30 a.m. Eastern, Monday, April 2, 2012
JACKSONVILLE, Fla. March 30, 2012 -- ParkerVision, Inc. (Nasdaq: PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, reported a fourth quarter 2011 net loss of $3.9 million, or $0.06 per share, compared to a net loss of $3.3 million, or $0.07 per share for the same period in 2010. The increase in fourth quarter net loss is the result of an increase in professional fees, primarily related to patent infringement litigation.
For the year ended December 31, 2011, ParkerVision reported a net loss of $14.6 million, or $0.24 per share. This compares to a net loss for the year ended December 31, 2010 of $15.0 million, or $0.35 per share. The decrease in net loss from 2010 to 2011 is primarily the result of a $1.3 million decrease in share-based compensation, offset by increases in outside professional fees.
The Company ended 2011 with approximately $5.2 million in cash and available for sale securities. The Company used approximately $11.4 million in cash for operations in 2011.
Jeffrey Parker, Chairman and Chief Executive Officer, commented, ““In the past year we have made meaningful progress on two important fronts. First, we continue to be actively engaged with VIA-Telecom in delivering and testing an RF-transmit solution for one of their largest OEM customers. In 2012, we look forward to realizing the initial adoption of our d2p™ technology in the mobile wireless market. Additionally in 2011, we filed suit in federal court against Qualcomm for willful infringement of certain of our RF receiver patents. We believe it is critically important for ParkerVision to protect its significant investment in intellectual property and have retained the firm of McKool Smith to lead these litigation efforts.”
Mr. Parker continued, “Our intellectual property portfolio continues to be recognized by The Patent Board in their telecom patent scorecard as published quarterly in the online Wall Street Journal. This most recent quarter, we ranked in the top twenty alongside some of the largest companies in the telecommunications industry, and retained our number one ranking in the areas of Science Strength™ and Research Intensity™, two of the six metrics by which The Patent Board measures patent portfolios.”
Conference Call
The Company will host a conference call and webcast on Monday, April 2, 2012 at 8:30 a.m. Eastern for a discussion of its 2011 year-end 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 call 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 RF technologies which enable advanced wireless communications for current and next generation mobile communications networks. Its solutions for wireless transfer of radio frequency (RF) waveforms enable significant advancements in wireless products, addressing the needs of the cellular industry for efficient use of power, reduced cost and size, greater design simplicity and enhanced performance in mobile handsets as the industry migrates to next generation networks. ParkerVision is headquartered in Jacksonville, Florida. 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 10K for the year ended December 31, 2011. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
| Contact: | | |
| Cindy Poehlman | | Ron Stabiner |
| Chief Financial Officer | or | Vice President |
| ParkerVision, Inc. | | The Wall Street Group, Inc. |
904-732-6100, cpoehlman@parkervision.com | | 212-888-4848, rstabiner@thewallstreetgroup.com |
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(TABLES FOLLOW)
ParkerVision, Inc.
Summary of Results of Operations (in thousands except, for per share amounts)
(Unaudited)
| | | Three months ended December 31, | | | Year ended December 31, | |
| | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
| | | | | | | | | | | | | |
| Service revenue | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 64 | |
| Cost of goods sold | | | 0 | | | | 0 | | | | 0 | | | | 47 | |
| Gross margin | | | 0 | | | | 0 | | | | 0 | | | | 17 | |
| | | | | | | | | | | | | | | | | |
| Research and development | | | 2,060 | | | | 1,999 | | | | 8,423 | | | | 8,883 | |
| Marketing and selling | | | 432 | | | | 319 | | | | 1,450 | | | | 1,647 | |
| General and administrative | | | 1,452 | | | | 1,046 | | | | 4,802 | | | | 4,616 | |
| Total operating expense | | | 3,944 | | | | 3,364 | | | | 14,675 | | | | 15,146 | |
| | | | | | | | | | | | | | | | | |
Interest and other income and interest expense | | | 32 | | | | 54 | | | | 102 | | | | 101 | |
| | | | | | | | | | | | | | | | | |
| Net loss | | $ | (3,912 | ) | | $ | (3,310 | ) | | $ | (14,573 | ) | | $ | (15,028 | ) |
| | | | | | | | | | | | | | | | | |
| Basic and diluted loss per common share | | $ | (0.06 | ) | | $ | (0.07 | ) | | $ | (0.24 | ) | | $ | (0.35 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding | | | 67,358 | | | | 48,115 | | | | 60,039 | | | | 42,960 | |
| Balance Sheet Highlights (in thousands) | | December 31, 2011 | | | December 31, 2010 | |
| Cash and available for sale securities | | $ | 5,240 | | | $ | 6,530 | |
| Prepaid and other current assets | | | 662 | | | | 554 | |
| Property and equipment, net | | | 351 | | | | 537 | |
| Intangible assets, net | | | 9,004 | | | | 9,408 | |
| Other assets | | | 585 | | | | 567 | |
Total assets | | $ | 15,842 | | | $ | 17,596 | |
| | | | | | | | | |
| Current liabilities | | $ | 1,363 | | | $ | 949 | |
| Long term liabilities | | | 138 | | | | 55 | |
| Shareholders’ equity | | | 14,341 | | | | 16,592 | |
Total liabilities and shareholders’ equity | | $ | 15,842 | | | $ | 17,596 | |
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