JACKSONVILLE, Fla., Aug. 11 /PRNewswire-FirstCall/ -- ParkerVision,
Inc. (Nasdaq: PRKR), a developer and marketer of semiconductor technology
solutions for wireless applications, announced a net loss for the second
quarter of 2008 of $5.8 million, or $0.22 per share, compared to a net loss
of $4.4 million or $0.18 per share during the second quarter of 2007.
For the six month period ended June 30, 2008, ParkerVision reported a
net loss of $10.7 million, or $0.41 per share, compared to a net loss of
$8.9 million, or $0.37 per share for the same period in 2007.
The increase in the net loss from 2007 to 2008 is a result of increased
research and development costs, primarily personnel and outside design
services, as well as an increase in noncash stock compensation expense. The
company currently has two licensees for its RF technology and is working
with those customers to complete their initial product designs. To date,
the company has not recognized any royalty revenue from these licensees.
The Company's cash position at June 30, 2008 was $14.8 million. The
Company has used approximately $8 million in cash during the first half of
2008 for operations and investments in intellectual property.
Chairman and Chief Executive Officer, Jeffrey Parker commented,
"Progress with our existing commercial customer is on track to integrate
and deliver our technology in mobile handsets. At the same time we continue
to strengthen and grow our impressive IP patent portfolio.
The benefits and efficiencies that this technology brings to mobile
phones, particularly in the 3G and 4G space, continue to gain the attention
of and bring more specific focus to our meetings with future ParkerVision
customers. We remain confident in our ability to secure a significant share
of this growing market."
The company will host a live broadcast of its second quarter 2008
financial results via conference call on August 11, 2008 at 4:30 PM Eastern
time. The conference call will be accessible by telephone at 877-397-0291
(no passcode required) and participants are advised to dial-in at least
five minutes before the scheduled start time. The replay of the conference
call will be available for seven days by telephone at 888-203-1112 or
719-4457-0820 using passcode 4611712 and accessible by webcast via the
Internet at www.parkervision.com for a period of 90 days.
ParkerVision is focused on the commercialization of its patented RF
communication technologies that enable significant advancements in wireless
products and services. These technologies are described collectively as
Energy Signal Processing (ESP(TM)). ESP optimally processes RF waveform
energy, eliminating costly and inefficient circuit processes inherent in
traditional RF designs.
ParkerVision's solutions will initially address key needs for extended
battery life, reduced cost and higher performance in mobile handsets as the
cellular industry migrates to next generation networks. The company's
extended business strategy targets additional market opportunities in
communications and networking where it can leverage its ESP technologies
for products and services in an increasingly wireless world. (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, 2007 and the Forms 10Q for the quarters ended March 31, 2008 and June
30, 2008. These risks and uncertainties could cause actual results to
differ materially from those currently anticipated or projected.
Summary of Results of Operations (in thousands except for per share amounts)
Three months ended Six months ended
June 30, June 30,
2008 2007 2008 2007
Service revenue $- $90 $- $90
Cost of goods sold - 77 - 77
Gross margin - 13 - 13
Research and development 3,764 2,557 6,717 5,290
Marketing and selling 684 681 1,334 1,348
General and administrative 1,512 1,427 2,952 2,700
Total operating expense 5,960 4,665 11,003 9,338
Interest and other income 129 236 271 441
Net loss $(5,831) $(4,416) $(10,732) $(8,884)
Basic and diluted loss
per common share $(0.22) $(0.18) $(0.41) $(0.37)
Balance Sheet Highlights (in thousands)
2008 December 31,
Cash and cash equivalents $14,846 $13,401
Other current assets 854 1,029
Property and equipment, net 1,627 1,828
Other assets, net 10,832 10,319
Total assets $28,159 $26,577
Current liabilities $2,892 $1,818
Deferred rent 294 344
Shareholders' equity 24,973 24,415
Total liabilities and
shareholders' equity $28,159 $26,577
SOURCE ParkerVision, Inc.