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8-K/A - AMENDED CURRENT REPORT - PARKERVISION INC | prkr_8ka.htm |
Exhibit 99.1
ParkerVision Reports First Quarter 2020 Results
JACKSONVILLE, Fla., May 15, 2020 – ParkerVision, Inc. (OTCQB: PRKR), a
developer and marketer of technologies and products for wireless
applications, today announced results for the three months ended
March 31, 2020.
First Quarter 2020 Summary and Recent Developments
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Received a
favorable claim construction ruling (Markman Order) in the U.S. district
court case against Qualcomm and HTC in Orlando,
Florida.
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Case is stayed
through May 29, 2020 due to COVID-19.
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Case is currently
scheduled for jury trial commencing December 1, 2020.
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Infringement case
against Qualcomm and Apple in Jacksonville, Florida, has been
stayed pending the resolution of the patent infringement case in
Orlando, Florida.
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Case was originally
scheduled for trial commencing August 2020 but was placed on
administrative stay due to COVID-19.
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Filed an action
against Intel Corporation in the Western District of Texas in
February 2020, as amended in May 2020, for infringement of ten of
the Company’s patents.
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Filed an action
against Chinese TCL Technology Group Corp and its U.S. subsidiary,
TTE Technology, Inc. (collectively “TCL”) in U.S.
district court in the Central District of California for
infringement of nine of the Company’s patents in May
2020.
■
TCL was reported to
be the second largest brand of smart televisions in the United
States in 2019.
First Quarter Financial Results
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Net loss for the
three months ended March 31, 2020 was $7.9 million, or $0.21 per
common share, compared to $2.1 million, or $0.07 per common share,
for the same period in 2019.
o
$4.0 million of the
net loss for the first quarter of 2020 is comprised of non-cash
expense for changes in the estimated fair value of contingent
payment obligations of $2.2 million and a one-time charge of
approximately $1.8 million recognized upon modification of existing
warrant agreements and issuance of new warrants.
o
$2.7 million of the
net loss for the first quarter of 2020 is comprised of litigation
fees and expenses primarily due to the cost of expert reports and
fact discovery activities in the Jacksonville, Florida patent
infringement case against Qualcomm and Apple, representing an
increase of approximately $1.6 million over litigation fees and
expenses for the same period in 2019.
●
Cash used for
operations was $1.3 million during the three months ended March 31,
2020, compared to $1.7 million during the same period in
2019.
●
During the three
months ended March 31, 2020, the Company received $1.5 million in
proceeds from the sale of debt and equity securities and $0.5
million from the exercise of outstanding warrants.
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Jeffrey Parker, Chairman and Chief Executive Officer, commented,
“We believe that our new patent enforcement program with
Goldberg Segalla, who represents us in the recently filed cases
against Intel in Texas and TCL in California, is important to
broaden our licensing potential to additional companies and markets
that are benefiting from products in which our technologies are
deployed. I also believe the ability to better focus our resources
on the Orlando case against Qualcomm and HTC, in light of the
recent stay in the Jacksonville case, is a positive for the
Company. The Orlando case includes all of the Qualcomm products
accused in the Jacksonville case plus numerous additional products,
and the case covers ten years of infringement which is seven years
longer than the infringement period in the Jacksonville
case.”
About ParkerVision
ParkerVision, Inc. has designed and developed proprietary
radio-frequency (RF) technologies which enable advanced wireless
solutions for current and next generation wireless communication
products. ParkerVision is engaged in a number of patent enforcement
actions in the U.S. to protect patented rights that it believes are
broadly infringed by others. 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,
2019 and the Form 10-Q for the quarter ended March 31, 2020. These
risks and uncertainties could cause actual results to differ
materially from those currently anticipated or
projected.
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Contact:
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Cindy
Poehlman
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Chief
Financial Officer
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ParkerVision,
Inc.
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904-732-6100,
cpoehlman@parkervision.com
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(TABLES FOLLOW)
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ParkerVision, Inc.
Balance Sheet Highlights
(in
thousands)
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(unaudited) March 31,
2019
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December 31,
2019
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Cash and cash
equivalents
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$173
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$57
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Prepaid expenses
and other current assets
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739
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622
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Property and
equipment, net
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62
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70
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Intangible assets
& other noncurrent assets
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2,982
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3,177
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Total
assets
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3,956
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3,926
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Current
liabilities
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6,344
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6,138
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Contingent payment
obligations
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29,894
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26,651
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Convertible
notes
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2,951
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2,733
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Other long-term
liabilities
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1,042
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1,501
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Shareholders’
deficit
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(36,275)
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(33,097)
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Total liabilities
and shareholders’ deficit
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$3,956
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$3,926
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ParkerVision, Inc.
Summary Results of Operations (unaudited)
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Three Months
Ended
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(in thousands,
except per share amounts)
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March 31,
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2020
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2019
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Product
revenue
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$-
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$10
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Cost of
sales
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-
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(10)
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Gross
margin
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-
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-
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Research and
development expenses
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-
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334
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Selling, general
and administrative expenses
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5,495
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2,156
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Total
operating expenses
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5,495
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2,490
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Interest
expense
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(186)
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(62)
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Change in fair
value of contingent payment obligations
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(2,240)
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458
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Total interest and
other
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(2,426)
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396
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Net
loss
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$(7,921)
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$(2,094)
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Basic and diluted
net loss per common share
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$(0.21)
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$(0.07)
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Weighted average
shares outstanding
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38,329
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29,186
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ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
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Three Months
Ended
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(in
thousands)
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March 31,
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2020
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2019
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Net cash used in
operating activities
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$(1,301)
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$(1,673)
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Net cash provided
by investing activities
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-
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6
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Net cash provided
by financing activities
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1,417
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515
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Net increase
(decrease) in cash and cash equivalents
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116
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(1,152)
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Cash and cash
equivalents - beginning of period
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57
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1,527
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Cash and cash
equivalents - end of period
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$173
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$375
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