JACKSONVILLE, Fla., Nov 05, 2007 (BUSINESS WIRE) -- ParkerVision, Inc. (Nasdaq NMS: PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, announced a net loss for the third quarter ended September 30, 2007, of $4.7 million, or $.19 per share compared to a net loss of $3.8 million or $.16 per share during the third quarter of 2006.
For the nine month period ended September 30, 2007, ParkerVision reported a net loss of $13.5 million, or $0.55 per share, compared to a net loss of $12.4 million, or $0.54 per share for the same period in 2006.
The company reported service revenue for the third quarter ended September 30, 2007, of approximately $194,000 and service revenue of approximately $284,000 for the nine months ended September 30, 2007, resulting from its May 2007 engineering services agreement with ITT Corporation. The company reported no revenue in 2006.
The company's operating expenses for the third quarter of 2007 were $4.9 million, compared to $4.0 million for the same period in 2006, representing a $0.9 million or 21% increase from the same period in 2006. Operating expenses for the first nine months of 2007 were $14.2 million, representing a $1.1 million, or 8.3% increase from the same period in 2006. The increase in operating expenses was largely a reflection of the planned addition of RF engineering and chip design resources and the associated activities needed to support expected commercial business.
The company's use of cash in operating and investing activities was $3.8 million for the quarter ended September 30, 2007 and $10.5 million for the first nine months of 2007. On a 2007 year to date basis, this use of cash was offset by proceeds from the February 2007 private placement of equity securities of $8.4 million and the receipt of $6.5 million from the exercise of outstanding warrants and options. The company ended the third quarter with $17.7 million in cash and cash equivalents, representing a $4.4 million increase in cash from December 31, 2006.
Chairman and Chief Executive Officer, Jeffrey Parker commented, "We continue to work with ITT to plan the next steps of their product development. We have also remained focused on securing licensing arrangements in the commercial wireless handset marketplace and we believe our continued investment in silicon implementations of our D2P(TM) technology is making a significant contribution toward that goal. We remain confident that our efforts will result in adoption of our technology into products for the cellular handset market."
The company will host a live broadcast of its third quarter 2007 financial results via conference call on November 5, 2007 at 4:30 PM Eastern time. The conference call will be accessible by telephone at (877) 545-1488 (no passcode required) and participants are advised to dial-in at least five minutes before the scheduled start time. The replay of the conference call will be available for seven days by telephone at (888) 203-1112 or (719) 457-0820 using passcode 3941386 and accessible by webcast via the Internet at www.parkervision.com for a period of 90 days.
In addition, the company will be presenting at Session 2 of the AeA Financial Conference in Monterey, California on November 6th and November 7th. A webcast of the AeA presentation will be available on the company's website no later than November 7, 2007 and will remain accessible for a period of 90 days.
About ParkerVision
ParkerVision is focused on the commercialization of its proprietary RF communication technologies that enable significant advancements in wireless products and services. These technologies are described collectively as Energy Signal Processing (ESP(TM)). ESP optimally processes RF waveform energy, eliminating costly and inefficient circuit processes inherent in traditional RF designs.
ParkerVision's solutions will initially address key needs for extended battery life, reduced cost and higher performance in mobile handsets as the cellular industry migrates to next generation networks. The company's extended business strategy targets additional market opportunities in communications and networking where it can leverage its ESP technologies for products and services in an increasingly wireless world.
(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, 2006 and the Forms 10-Q for the quarters ended March 31, 2007, June 30, 2007 and September 30, 2007. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
Summary of Results of Operations (unaudited)
(in thousands except per share amounts)
Three months ended Nine months ended
September 30, September 30,
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2007 2006 2007 2006
------------------ --------- ---------
Service revenue $ 194 $ - $ 283 $ -
Cost of goods sold 174 - 251 -
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Gross margin 20 - 32 -
--------- -------- --------- ---------
Research and development 2,783 2,273 8,073 7,361
Marketing and selling 630 514 1,978 1,591
General and administrative 1,485 1,258 4,185 4,198
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Total operating expense 4,898 4,045 14,236 13,150
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Interest and other income 223 258 664 700
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Net loss $(4,655) $(3,787) $(13,540) $(12,450)
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Basic and diluted loss per
common share $ (0.19) $ (0.16) $ (0.55) $ (0.54)
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Balance Sheet Highlights (unaudited)
(in thousands)
September 30, December 31,
2007 2006
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Cash and short term investments $17,648 $13,226
Other current assets 875 1,147
Property and equipment, net 1,920 2,094
Other assets, net 10,245 10,208
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Total assets $30,688 $26,675
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Current liabilities $ 2,151 $ 1,059
Deferred rent 368 433
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Total liabilities 2,519 1,492
Shareholders' equity 28,169 25,183
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Total liabilities and shareholders'
equity $30,688 $26,675
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SOURCE: ParkerVision, Inc.
Cameron Associates Paul Henning, 212-245-8800 paul@cameronassoc.com or ParkerVision, Inc. Carolyn Wrenn, 888-690-7110 cwrenn@parkervision.com