ParkerVision Reports Third Quarter 2008 Results
For the nine month period ended
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 increase in the net loss from 2007 to 2008 is largely the result of increased product development costs as the company prepares to support the implementation of its technologies in high volume production. In addition, the company experienced a year to date increase in noncash stock-based compensation expense of approximately
The Company's cash position at
Chairman and Chief Executive Officer,
The company will host a live broadcast of its third quarter 2008 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) Unaudited Three months ended Nine months ended September 30, September 30, 2008 2007 2008 2007 Service revenue $- $194 $- $283 Cost of goods sold - 175 - 251 Gross margin - 19 - 32 Research and development 4,215 2,783 10,931 8,073 Marketing and selling 696 630 2,031 1,978 General and administrative 1,780 1,485 4,732 4,185 Total operating expense 6,691 4,898 17,694 14,236 Interest and other income 78 223 348 664 Net loss $(6,613) $(4,656) $(17,346) $(13,540) Basic and diluted loss per common share $(0.25) $(0.19) $(0.66) $(0.55)
Balance Sheet Highlights (in thousands) September 30, 2008 December 31, (unaudited) 2007 Cash and cash equivalents $9,823 $13,401 Other current assets 840 1,029 Property and equipment, net 1,533 1,828 Other assets, net 10,970 10,319 Total assets $23,166 $26,577 Current liabilities $2,348 $1,818 Deferred rent 267 344 Shareholders' equity 20,551 24,415 Total liabilities and shareholders' equity $23,166 $26,577
SOURCE ParkerVision, Inc.