Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - PARKERVISION INC | prkr_8k.htm |
Exhibit 99.1
ParkerVision Reports First Quarter 2021 Results
JACKSONVILLE, Fla., May 17, 2021 – ParkerVision, Inc.
(OTCQB: PRKR) (“ParkerVision”), a developer and
marketer of technologies and products for wireless applications,
today announced results for the three months ended March 31,
2021.
Recent Developments
●
The district court
in the Western District of Texas issued a favorable Markman ruling
in January 2021 in ParkerVision’s infringement case against
Intel scheduled for trial in early February 2022.
●
The district court
in the Western District of Texas scheduled Markman hearings for
October 2021 in the Company’s infringement actions against
TCL, Hisense, Zyxel and Buffalo and indicated estimated trial dates
in December 2022.
●
The district court
in the Middle District of Florida, Orlando Division, issued an
order that it will reschedule the jury trial against Qualcomm
previously scheduled to commence in July 2021. Citing backlog due
to the pandemic, among other factors, the court has not yet reset
the trial date.
o
The court affirmed
all other trial preparation dates in the Qualcomm case remain
unchanged with May 2021 deadlines for all motions and joint
pre-trial statements. The Court indicated it would set the
pre-trial conference and trial dates after it rules on outstanding
motions.
●
ParkerVision
received an aggregate of $5.6 million in proceeds in the first
quarter of 2021 from the sale of debt and equity securities and the
exercise of outstanding warrants and options.
Jeffrey Parker, Chairman and Chief Executive Officer, commented,
“Investor support in the first quarter of 2021 allowed us to
strengthen our balance sheet significantly. In addition, our
litigation efforts are focused on our case against Qualcomm in
Orlando, Florida and our cases against Intel and others in Texas
which are fully funded allowing us to better manage our
expenses.”
Parker continued, “With the Orlando court maintaining the
current schedule for motions and pre-trial statements, we are
hopeful that we will receive notification from the court in the
near term as to the new Qualcomm trial date. In addition, with
Markman hearings in our Texas cases scheduled less than six months
away, we look forward to reporting on-going meaningful milestones
the balance of 2021 and into early 2022.”
First Quarter Financial Results
●
Net loss for the
first quarter of 2021 was $2.5 million, or $0.04 per common share,
compared to a net loss of $7.9 million, or $0.21 per common share
for the first quarter of 2020.
o
The $5.4 million
decrease in net loss year-over-year is largely due to reduced
litigation expenses resulting from a stay in the infringement case
against Qualcomm and Apple in Jacksonville, Florida, a decrease in
noncash expense recognized in 2020 from an amendment to a warrant
agreement, and a decrease in the loss on changes in fair value of
contingent payment obligations.
●
We used cash for
operations of approximately $5.0 million for the three months ended
March 31, 2021 which included the payment of approximately $4.0
million in current liabilities. This reduction in current
liabilities included resolution of outstanding payment obligations
to the law firm of Mintz Levin.
About ParkerVision
ParkerVision, Inc. has designed and developed proprietary
radio-frequency (RF) technologies that enable advanced wireless
solutions for current and next generation wireless communication
products. ParkerVision is engaged in a number of patent enforcement
actions in the U.S. to protect patented rights that it believes are
broadly infringed by others. 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 that are disclosed in the Company’s SEC
reports, including the Form 10-K for the year ended December 31,
2020 and the Form 10-Q for the quarter ended March 31, 2021. These
risks and uncertainties could cause actual results to differ
materially from those currently anticipated or
projected.
|
|
|
|
|
|
Cindy
French
|
|
|
|
|
Chief
Financial Officer
|
|
|
|
|
cfrench@parkervision.com
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(TABLES FOLLOW)
ParkerVision, Inc.
Balance Sheet Highlights
|
(in
thousands)
|
(unaudited)
March
31,
2021
|
December
31,
2020
|
|
Cash and cash
equivalents
|
$2,247
|
$1,627
|
|
Prepaid expenses
and other current assets
|
695
|
607
|
|
Property and
equipment, net
|
27
|
30
|
|
Intangible assets
& other noncurrent assets
|
2,099
|
2,192
|
|
Total
assets
|
5,068
|
4,456
|
|
|
|
|
|
Current
liabilities
|
1,948
|
5,989
|
|
Contingent payment
obligations
|
38,841
|
38,279
|
|
Convertible
notes
|
3,465
|
3,018
|
|
Other long-term
liabilities
|
903
|
991
|
|
Shareholders’
deficit
|
(40,089)
|
(43,821)
|
|
Total liabilities
and shareholders’ deficit
|
$5,068
|
$4,456
|
ParkerVision, Inc.
Summary Results of Operations
(unaudited)
|
|
Three Months
Ended
|
|
|
(in thousands,
except per share amounts)
|
March
31,
|
|
|
|
2021
|
2020
|
|
Product
revenue
|
$-
|
$-
|
|
Cost of
sales
|
-
|
-
|
|
Gross
margin
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Selling, general
and administrative expenses
|
2,280
|
5,495
|
|
Total
operating expenses
|
2,280
|
5,495
|
|
|
|
|
|
Interest
expense
|
(37)
|
(186)
|
|
Change in fair
value of contingent payment obligations
|
(150)
|
(2,240)
|
|
Total interest and
other
|
(187)
|
(2,426)
|
|
|
|
|
|
Net
loss
|
$(2,467)
|
$(7,921)
|
|
|
|
|
|
Basic and diluted
net loss per common share
|
$(0.04)
|
$(0.21)
|
|
|
|
|
|
Weighted average
shares outstanding
|
63,695
|
38,329
|
ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
|
|
Three Months
Ended
|
|
|
(in
thousands)
|
March
31,
|
|
|
|
2021
|
2020
|
|
Net cash used in
operating activities
|
$(4,989)
|
$(1,301)
|
|
Net cash used in
investing activities
|
(1)
|
-
|
|
Net cash provided
by financing activities
|
5,610
|
1,417
|
|
|
|
|
|
Net increase in
cash and cash equivalents
|
620
|
116
|
|
|
|
|
|
Cash and cash
equivalents - beginning of period
|
1,627
|
57
|
|
|
|
|
|
Cash and cash
equivalents - end of period
|
$2,247
|
$173
|