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. About ParkerVision 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)
Unaudited 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) June 30, 2008 December 31, (unaudited) 2007 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.