JACKSONVILLE, Fla., Mar 15, 2010 (GlobeNewswire via COMTEX News Network) -- ParkerVision, Inc. (Nasdaq:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, reported reduced losses for the fourth quarter and year ended December 31, 2009 as compared to the same periods in 2008. For the fourth quarter of 2009, the Company reported a net loss of $4.9 million, or $0.13 per share, on 37,053,125 weighted average shares outstanding compared to a net loss of $5.7 million, or $0.21 per share, on 26,690,330 weighted average shares outstanding for the same period in 2008. ParkerVision reduced fourth quarter 2009 operating expenses by approximately $857,000 or 14.9% from the same period in 2008, largely as a result of cost control programs.
For the year ended December 31, 2009, ParkerVision reported a net loss of $21.5 million, or $0.65 per share, on 32,963,816 weighted average shares outstanding. This compares to a net loss for the year ended December 31, 2008 of $23.1 million, or $0.88 per share, on 26,341,213 weighted average shares then outstanding.
The Company ended 2009 with approximately $13.5 million in cash and cash equivalents after using approximately $14.8 million in cash for operations and approximately $0.8 million for patents and other investments in 2009. The Company recognized approximately $64,000 of fourth quarter 2009 revenue for engineering services provided to ITT Corporation in connection with a government grant.
Jeffrey Parker, Chairman and Chief Executive Officer, commented, "Our effort and focus these past months has been on supporting our commercial chipset customer in both production setup and sales efforts. We are working jointly with them to secure the first high volume commercial orders for our 3G offering. I am confident that, in concert with our chipset customer, we are on track to consummate our first design win and I look forward to updating you regarding these events in the coming months."
Conference Call
The Company will host a conference call and webcast on March 15, 2010 at 4:30 pm EDT for a discussion of its 2009 year-end financial results. The conference call will be accessible by telephone at 1-877-795-3610, at least five minutes before the scheduled start time. International callers should dial 719-325-4825. 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, 2009. 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 (in thousands except, for per share
amounts)
(Unaudited)
Three months ended
Year ended December
December 31, 31,
------------------ --------------------
2009 2008 2009 2008
-------- -------- --------- ---------
Service revenue $64 $ -- $64 $ --
Cost of goods sold 54 -- 54 --
-------- -------- --------- ---------
Gross margin 10 -- 10 --
-------- -------- --------- ---------
Research and development 3,200 3,688 13,505 14,619
Marketing and selling 436 563 2,092 2,594
General and administrative 1,245 1,487 5,962 6,219
-------- -------- --------- ---------
Total operating expense 4,881 5,738 21,559 23,432
-------- -------- --------- ---------
Interest (expense) income
and other (14) 10 20 358
-------- -------- --------- ---------
Net loss $(4,885) $(5,728) $(21,529) $(23,074)
======== ======== ========= =========
Basic and diluted loss per
common share $(0.13) $(0.21) $(0.65) $(0.88)
======== ======== ========= =========
Balance Sheet Highlights
(in thousands)
December December
31, 31,
2009 2008
-------- --------
Cash and cash equivalents $13,491 $4,815
Accounts receivable 101 0
Prepaid and other current
assets 493 855
Property and equipment, net 836 1,377
Intangible assets, net 10,078 10,398
Other assets 546 531
-------- --------
Total assets $25,545 $17,976
======== ========
Current liabilities $1,508 $1,627
Long term liabilities 154 239
Shareholders' equity 23,883 16,110
-------- --------
Total liabilities and
shareholders' equity $25,545 $17,976
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SOURCE: ParkerVision, Inc.
CONTACT: ParkerVision, Inc. Cindy Poehlman, Chief Financial Officer 904-732-6100 cpoehlman@parkervision.com The Wall Street Group, Inc. Ron Stabiner, Vice President 212-888-4848 rstabiner@thewallstreetgroup.com