ParkerVision Reports Fourth Quarter 2008 and Year-End Results
The increase in the net loss from 2007 to 2008 is largely a result of increased product development costs and an increase in non-cash share-based compensation expense. A significant portion of the increased product development cost was for outsourced engineering design services with a number of firms to assist in the layout of certain ICs and circuits that are peripheral to the company's fundamental technology under programs that were substantially completed by the end of 2008.
The company is currently working with its customers to complete product designs and/or transition their designs into production, which is expected to result in initial royalty revenues in 2009.
The Company ended 2008 with
The Company used approximately
Chairman and Chief Executive Officer,
We believe that 2009 will be a year of initial royalty revenue as our technology is introduced into mobile handset products by our chipset customer announced in
Mr. Parker continued, "We recently completed a financing, managed by Roth Capital Partners, the proceeds of which, combined with our reductions in operational expenses, will provide the working capital we need to support our customers and their product deployments."
The company will host a live broadcast of its 2008 fourth quarter and year-end financial results via conference call on
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
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
Summary of Results of Operations (in thousands except for per share amounts) Three months ended Year ended December 31, December 31, 2008 2007 2008 2007 Service revenue $- $- $- $283 Cost of goods sold - - - 251 Gross margin - - - 32 Research and development 3,688 2,627 14,619 10,700 Marketing and selling 563 715 2,594 2,693 General and administrative 1,487 1,544 6,219 5,729 Total operating expense 5,738 4,886 23,432 19,122 Interest and other income 10 213 358 877 Net loss $(5,728) $(4,673) $(23,074) $(18,213) Basic and diluted loss per common share $(0.22) $(0.19) $(0.88) $(0.74) Balance Sheet Highlights (in thousands) December 31, December 31, 2008 2007 Cash and cash equivalents $4,815 $13,401 Other current assets 855 1,029 Property and equipment, net 1,377 1,828 Other assets, net 10,929 10,319 Total assets $17,976 $26,577 Current liabilities $1,627 $1,818 Deferred rent 239 344 Shareholders' equity 16,110 24,415 Total liabilities and shareholders' equity $17,976 $26,577
SOURCE ParkerVision, Inc.
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