ParkerVision Reports Third Quarter 2014 Results

11.10.2014 - 04:01 PM

Management to Host Conference Call and Webcast Today at 4:30 p.m. ET

JACKSONVILLE, Fla., Nov. 10, 2014 -- ParkerVision, Inc. (Nasdaq:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, today announced results for the three and nine months ended September 30, 2014.

Third Quarter and Year to Date 2014 Business Highlights and Recent Developments

Jeffrey Parker, Chairman and Chief Executive Officer, commented, "While our world-class legal team presses ahead with infringement actions against Qualcomm and others who we believe are using our technologies, our R&D team continues to innovate advanced RF and wireless technologies that will prove critical in next-generation communications networks. We are pleased with our partnership with 3LP Advisors and believe that together we are making good progress towards initial license and product development agreements.

"During this past quarter, we saw a notable but temporary increase in our legal expenses, reflecting the costs associated with both our appellate brief as well as our responses to the IPR petitions. With these filings now complete, we expect legal expenses to decline somewhat in the fourth quarter. In addition, we expect to finalize non-dilutive funding arrangements for our second infringement lawsuit against Qualcomm, HTC and Samsung prior to significant escalation of those litigation costs. We believe strongly that our technologies are being used in mass production without license, and we will continue to vigorously pursue damages resulting from these infringing actions."

Third Quarter and First Nine Months 2014 Financial Highlights

Conference Call

The Company will host a conference call and webcast today at 4:30 p.m. Eastern to review its third quarter financial results. The conference call will be accessible by telephone at 1-877-561-2750, at least five minutes before the scheduled start time. International callers should dial 1-763-416-8565. 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 webcast 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 radio-frequency (RF) technologies that enable advanced wireless solutions for current and next generation communications networks. Protected by a highly-regarded, worldwide patent portfolio, the Company's solutions for wireless transfer of RF waveforms address the needs of a broad range of wirelessly connected devices for high levels of RF performance coupled with best-in-class power consumption. 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, 2013 and the Forms 10Q for the quarters ended March 31, 2014, June 30, 2014, and September 30, 2014. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

(TABLES FOLLOW)

Results of Operations (in thousands)
Three Months Ended Nine Months Ended
(in thousands, except per share amounts) September 30, September 30,
2014 2013 2014 2013
Revenue $ 0 $ 0 $ 0 $ 0
Cost of sales 0 0 0 0
Gross margin 0 0 0 0
Research and development expenses 1,945 2,512 6,450 7,453
Marketing and selling expenses 728 436 2,173 1,259
General and administrative expenses 3,759 3,495 9,478 11,355
Total operating expenses 6,432 6,443 18,101 20,067
Interest and other income and interest expense 23 19 79 54
Net loss $ (6,409) $ (6,424) $ (18,022) $ (20,013)
Basic and diluted net loss per common share $ (0.07) $ (0.07) $ (0.19) $ (0.23)
Weighted average shares outstanding 97,017 90,961 95,918 87,609
Balance Sheet Highlights (in thousands)
September 30, 2014 December 31,
(unaudited) 2013
Cash and available for sale securities $ 16,964 $ 17,180
Prepaid and other assets 612 555
Property and equipment, net 516 307
Intangible assets, net 8,236 8,552
Total assets 26,328 26,594
Current liabilities 2,652 2,526
Long-term liabilities 81 22
Shareholders' equity 23,595 24,046
Total liabilities and shareholders' equity $ 26,328 $ 26,594
CONTACT: Cindy Poehlman

         Chief Financial Officer

         ParkerVision, Inc.

         904-732-6100, cpoehlman@parkervision.com



         or



         Don Markley or

         Glenn Garmont

         The Piacente Group

         212-481-2050, parkervision@tpg-ir.com