Attached files
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| 8-K - CURRENT REPORT - PARKERVISION INC | prkr-20200814x8k.htm |
ParkerVision
Reports Second Quarter 2020 Results
Second Quarter 2020 Summary and Recent Developments
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The temporary
COVID-19 stay was lifted in the U.S. district court case against
Qualcomm and HTC in Orlando, Florida.
o
Trial commencement
date rescheduled from December 2020 to May 2021
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Markman hearing is
scheduled for January 2021 in the infringement action against Intel
Corporation in Texas.
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A second
infringement action was filed against Intel Corporation in Texas
that includes patent claims related to the Company’s transmit
technology.
Jeffrey Parker, Chairman and Chief Executive Officer, commented,
“Although COVID-19 resulted in some delays in our patent
infringement actions, we are pleased that the temporary stay in
Orlando has been lifted so that we can continue to prepare our case
for trial. We remain enthusiastic based on the strong merits of our
case.”
Second Quarter and First Half Financial Results
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Net loss for the
second quarter of 2020 was $3.6 million, or $0.08 per common share,
compared to a net loss of $1.6 million, or $0.05 per common share
for the second quarter of 2019.
o
The increase in net
loss year-over-year is largely due to noncash expense related to
changes in the estimated fair value of secured and unsecured
payment obligations.
●
Net loss for the
first half of 2020 was $11.5 million, or $0.27 per common share,
compared to $3.7 million, or $0.12 per common share in
2019.
o
Much of the net
loss in 2020 is attributable to noncash items including $3.4
million related to the increase in estimated fair value of secured
and unsecured contingent payment obligations and $2.2 million
recognized upon modification of existing equity-related
agreements.
o
$3.0 million of the
net loss for the first half 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 $1.5 million over litigation fees and
expenses for the same period in 2019.
●
We used cash for
operations of approximately $3.0 million in 2020 compared to $2.6
million in 2019, and we repaid $1.2 million in debt in 2020
compared to $0.8 million in 2019.
●
We funded much of
our operations in 2020 with proceeds from the issuance of common
stock, including stock with accompanying contingent payment rights
to an allocated portion of net proceeds that we receive from future
patent-related actions.
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 Forms 10-Q for the quarters ended March 31 and June
30, 2020. These risks and uncertainties could cause actual results
to differ materially from those currently anticipated or
projected.
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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
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cpoehlman@parkervision.com
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(TABLES FOLLOW)
ParkerVision, Inc.
Balance
Sheet Highlights
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(in
thousands)
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(unaudited)
June 30, 2020
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December
31, 2019
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Cash
and cash equivalents
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$
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543
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$
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57
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Prepaid
expenses and other current assets
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594
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622
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Intangible
assets, net
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2,447
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2,878
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Other
noncurrent assets, net
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88
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369
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Total
assets
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3,672
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3,926
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Current
liabilities
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5,706
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6,138
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Contingent
payment obligations
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32,207
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26,651
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Convertible
notes
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2,979
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2,733
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Other
long-term liabilities
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1,114
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1,501
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Shareholders’
deficit
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(38,334)
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(33,097)
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Total
liabilities and shareholders’ (deficit) equity
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$
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3,672
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$
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3,926
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ParkerVision, Inc.
Summary Results of Operations
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Three
Months Ended
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Six
Months Ended
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(in
thousands, except per share amounts)
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June
30,
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June
30,
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2020
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2019
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2020
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2019
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Gross
margin
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$
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-
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$
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-
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$
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-
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$
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-
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Research
and development expenses
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-
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-
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334
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Selling,
general and administrative expenses
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2,328
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1,851
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7,823
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4,007
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Total
operating expenses
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2,328
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1,851
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7,823
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4,341
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Interest
expense
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(115)
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(76)
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(301)
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(138)
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Change
in fair value of contingent payment obligations
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(1,142)
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365
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(3,382)
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823
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Total
interest and other
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(1,257)
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289
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(3,683)
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685
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Net
loss
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$
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(3,585)
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$
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(1,562)
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$
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(11,506)
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$
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(3,656)
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Basic
and diluted net loss per common share
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$
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(0.08)
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$
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(0.05)
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$
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(0.27)
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$
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(0.12)
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Weighted
average shares outstanding
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45,393
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30,888
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41,861
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30,042
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ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows
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Six
Months Ended
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(in
thousands)
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June
30,
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2020
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2019
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Net
cash used in operating activities
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$
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(2,976)
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$
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(2,550)
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Net
cash (used in) provided by investing activities
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(3)
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6
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Net
cash provided by financing activities
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3,465
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1,080
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Net
increase (decrease) in cash & cash equivalents
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486
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(1,464)
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Cash
& cash equivalents - beginning of period
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57
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1,527
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Cash
& cash equivalents - end of period
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$
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543
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$
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63
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###