JACKSONVILLE, Fla., May 10, 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 first quarter ended March 31, 2010, as compared to the same period in 2009. For the first quarter of 2010, the Company reported a net loss of $3.95 million, or $0.10 per share, on approximately 41.2 million shares outstanding, compared to a net loss of $5.14 million, or $0.18 per share, on approximately 28.6 million shares outstanding, for the same period in 2009. Operating expenses in the quarter were reduced by approximately $1.2 million, or 23%, from the same period in 2009, as a result of cost reduction measures and reduced equity-based compensation.
ParkerVision ended the first quarter of 2010 with approximately $10.7 million in cash and cash equivalents after using approximately $2.8 million in cash for the quarter. Use of cash for operations decreased approximately $0.8 million, or 23%, from the first quarter in 2009. Revenue in the quarter was approximately $64,000 representing the balance of engineering services provided to ITT Corporation in connection with a government grant.
Chairman and Chief Executive Officer, Jeffrey Parker, commented, "We and our baseband chipset partner are making a coordinated effort to finalize production setup in parallel with securing design wins for the first d2p(TM)-based RF module. It is increasingly clear that battery life for 3G handsets is an issue that handset OEMs are actively seeking to solve. The timing of our d2p-based product introduction is well aligned with the needs of the 3G market, and we are confident that our product benefits, particularly with regard to power consumption, will provide the leverage to achieve market acceptance with high-volume handset companies."
ParkerVision will host a live conference call today at 4:30 p.m. Eastern time to review its first quarter 2010 financial results. To participate, dial 1-888-801-6492, approximately five minutes before the conference is scheduled to begin. International callers should dial 913-312-1441. The conference may also be accessed by means of a live audio webcast on the Company's website at http://ir.parkervision.com/events.cfm . The conference webcast will be archived and available for replay for 90 days from the date of broadcast.
About ParkerVision
ParkerVision, Inc. designs, develops and sells 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 and the Form 10Q for the quarter ended March 31, 2010. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
ParkerVision, Inc.
Summary of Results of Operations (unaudited)
Three Months Ended
(in thousands, except per share
amounts) March 31,
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2010 2009
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Service revenue $64 $ --
Cost of sales 47 --
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Gross margin 17 --
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Research and development expenses 2,304 3,000
Marketing and selling expenses 461 615
General and administrative expenses 1,205 1,564
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Total operating expenses 3,970 5,179
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Interest and other income 2 38
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Net loss $(3,951) $(5,141)
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Basic and diluted net loss per
common share $(0.10) $(0.18)
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Balance Sheet Highlights (unaudited)
March December
31, 31,
(in thousands) 2010 2009
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Cash and cash equivalents $10,688 $13,491
Other current assets 396 594
Property and equipment,
net 722 836
Intangible assets, net 9,960 10,078
Other assets, net 530 546
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Total assets $22,296 $25,545
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Current liabilities $1,485 $1,508
Long term liabilities 116 154
Shareholders' equity 20,695 23,883
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Total liabilities and
shareholders' equity $22,296 $25,545
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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