Attached files
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| 8-K - CURRENT REPORT - PARKERVISION INC | prkr_8k.htm |
Exhibit 99.1
ParkerVision Reports Third Quarter 2020 Results
JACKSONVILLE, Fla., November 16, 2020 – ParkerVision,
Inc. (OTCQB: PRKR) (“ParkerVision”), a developer and
marketer of technologies and products for wireless applications,
today announced results for the three and nine months ended
September 30, 2020.
Recent Developments
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ParkerVision
seeking $1.3 billion in damages in a jury trial scheduled to begin
May 3, 2021 against Qualcomm in the middle district of Florida
(Orlando division)
o
The damages sought
in this case are based on the conclusion reached by
ParkerVisions’s damages expert in a report provided to
Qualcomm, the purpose of which is to establish the reasonable
royalty that Qualcomm owes for its unauthorized use of
ParkerVision’s technology, an amount that will ultimately be
determined by the court.
o
The damages
submitted in the expert report exclude amounts related to
ParkerVision’s requests for interest and enhanced damages for
willful infringement.
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ParkerVision has a
number of patent infringement cases underway in the western
district of Texas
o
Two cases against
Intel scheduled for Markman hearings in January and February 2021
with trials scheduled for February and March 2022
o
New cases filed
against foreign corporations Buffalo, Hisense, TCL and
Zyxel.
Jeffrey Parker, Chairman and Chief Executive Officer, commented,
“Our long-awaited case against Qualcomm in Orlando is now
less than six months from trial, and we are looking forward to
presenting our case to a jury. During the pendency of this case,
Qualcomm has attempted to prevent us from presenting our complete
case to a Florida jury including challenging the validity of our
patents at the PTAB and appellate courts, filing a motion that
would have excluded our receiver patents from the case, and filing
yet another motion to prevent us from asserting certain patent
claims. The sum total of these litigation tactics has certainly
resulted in delays to our day in court. However, having prevailed
on these challenges, I have never felt better about the strength of
our case. Our damages in this case reflect the reasonable royalty
that Qualcomm owes us for its unauthorized use of our technology
over many years. Ultimately, the decision on damages will be in the
hands of the court, and I am confident that a jury will understand
the full story here.”
Parker continued, “In the very near-term, we expect to have
Markman, or claim construction, rulings in our Texas cases against
Intel. While our cases against Qualcomm in Florida and Intel in
Texas are primarily related to infringing products that are used in
Smartphones, we also have four cases in Texas for the unauthorized
use of our patents in WiFi products, such as smart televisions and
routers.”
Third Quarter and Nine Month Financial Results
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Net loss for the
third quarter of 2020 was $1.7 million, or $0.03 per common share,
compared to a net loss of $2.1 million, or $0.07 per common share
for the third quarter of 2019.
o
The decrease in net
loss year-over-year is largely due to measures to reduce spending
along with reduced litigation expenses as a result of a stay in the
infringement case against Qualcomm and Apple in Jacksonville,
Florida that was not covered under a full contingency fee-based
arrangement.
●
Net loss for the
nine months ended September 30, 2020 was $13.2 million, or $0.29
per common share, compared to $5.8 million, or $0.19 per common
share in 2019.
o
Much of the
increase in net loss for the comparable periods is attributable to
noncash items including an increase in the fair value of secured
and unsecured contingent payment obligations of $4.2 million and an
increase of $2.2 million in expense recognized upon modification of
existing equity-related agreements. In addition, litigation fees
and expenses increased $1.3 million as a result of expense incurred
early in 2020 related to the infringement action against Qualcomm
and Apple that was later stayed due to Covid and ultimately stayed
pending the outcome of the upcoming case against Qualcomm in
Orlando, Florida.
●
We used cash for
operations of approximately $4.2 million and repaid approximately
$1.3 million in debt obligations for the nine months ended
September 30, 2020. Our operations and debt repayments were funded
primarily with proceeds from debt and equity issuances, including
the issuance of common 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 that 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 that 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, June 30,
and September 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)
September 30, 2020
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December 31,
2019
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Cash and cash
equivalents
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$147
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$57
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Prepaid expenses
and other current assets
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668
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622
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Intangible assets,
net
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2,326
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2,878
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Other noncurrent
assets, net
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79
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369
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Total
assets
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3,220
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3,926
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Current
liabilities
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5,638
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6,138
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Contingent payment
obligations
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32,561
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26,651
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Convertible
notes
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3,010
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2,733
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Other long-term
liabilities
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1,078
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1,501
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Shareholders’
deficit
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(39,067)
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(33,097)
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Total liabilities
and shareholders’ deficit
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$3,220
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$3,926
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ParkerVision, Inc.
Summary Results of Operations
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Three Months
Ended
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Nine
Months Ended
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(in thousands,
except per share amounts)
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September
30,
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September
30,
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2020
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2019
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2020
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2019
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Gross
margin
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$-
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$-
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$-
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$-
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Research and
development expenses
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-
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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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1,445
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1,950
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9,268
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5,957
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Total
operating expenses
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1,445
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1,950
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9,268
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6,291
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Interest expense,
net
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(118)
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(101)
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(419)
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(239)
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Change in fair
value of contingent payment obligations
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(105)
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(68)
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(3,487)
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755
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Total interest and
other
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(223)
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(169)
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(3,906)
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516
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Net
loss
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$(1,668)
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$(2,119)
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$(13,174)
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$(5,775)
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Basic and diluted
net loss per common share
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$(0.03)
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$(0.07)
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$(0.29)
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$(0.19)
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Weighted average
shares outstanding
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50,530
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32,012
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44,772
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30,706
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ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows
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Nine
Months Ended
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(in
thousands)
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September
30
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2020
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2019
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Net cash used in
operating activities
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$(4,182)
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$(3,294)
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Net cash (used in)
provided by investing activities
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(3)
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4
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Net cash provided
by financing activities
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4,275
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1,893
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Net increase
(decrease) in cash & cash equivalents
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90
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(1,397)
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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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$147
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$130
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