ParkerVision Reports Second Quarter 2020 Results

JACKSONVILLE, FL / ACCESSWIRE / August 14, 2020 / ParkerVision, Inc. (OTCQB:PRKR) ("ParkerVision"), a developer and marketer of technologies and products for wireless applications, today announced results for the three and six months ended June 30, 2020.

Second Quarter 2020 Summary and Recent Developments

The temporary COVID-19 stay was lifted in the U.S. district court case against Qualcomm and HTC in Orlando, Florida.

Trial commencement date rescheduled from December 2020 to May 2021

Markman hearing is scheduled for January 2021 in the infringement action against Intel Corporation in Texas.
A second infringement action was filed against Intel Corporation in Texas that includes patent claims related to the Company's transmit technology.

Jeffrey Parker, Chairman and Chief Executive Officer, commented, "Although COVID-19 resulted in some delays in our patent infringement actions, we are pleased that the temporary stay in Orlando has been lifted so that we can continue to prepare our case for trial. We remain enthusiastic based on the strong merits of our case."

Second Quarter and First Half Financial Results

Net loss for the second quarter of 2020 was $3.6 million, or $0.08 per common share, compared to a net loss of $1.6 million, or $0.05 per common share for the second quarter of 2019.

The increase in net loss year-over-year is largely due to noncash expense related to changes in the estimated fair value of secured and unsecured payment obligations.

Net loss for the first half of 2020 was $11.5 million, or $0.27 per common share, compared to $3.7 million, or $0.12 per common share in 2019.

Much of the net loss in 2020 is attributable to noncash items including $3.4 million related to the increase in estimated fair value of secured and unsecured contingent payment obligations and $2.2 million recognized upon modification of existing equity-related agreements.
$3.0 million of the net loss for the first half of 2020 is comprised of litigation fees and expenses primarily due to the cost of expert reports and fact discovery activities in the Jacksonville, Florida patent infringement case against Qualcomm and Apple, representing an increase of approximately $1.5 million over litigation fees and expenses for the same period in 2019.

We used cash for operations of approximately $3.0 million in 2020 compared to $2.6 million in 2019, and we repaid $1.2 million in debt in 2020 compared to $0.8 million in 2019.
We funded much of our operations in 2020 with proceeds from the issuance of common stock, including stock with accompanying contingent payment rights to an allocated portion of net proceeds that we receive from future patent-related actions.

About ParkerVision

ParkerVision, Inc. has designed and developed proprietary radio-frequency (RF) technologies which 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 which are disclosed in the Company's SEC reports, including the Form 10-K for the year ended December 31, 2019 and the Forms 10-Q for the quarters ended March 31 and June 30, 2020. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

Cindy Poehlman
Chief Financial Officer
ParkerVision, Inc.
904-732-6100
cpoehlman@parkervision.com

(TABLES FOLLOW)

ParkerVision, Inc.
Balance Sheet Highlights

 
 
(unaudited)
 
 
 
 

(in thousands)

 
June 30, 2020
 
 
December 31, 2019
 

Cash and cash equivalents

 
$
543
 
 
$
57
 

Prepaid expenses and other current assets

 
 
594
 
 
 
622
 

Intangible assets, net

 
 
2,447
 
 
 
2,878
 

Other noncurrent assets, net

 
 
88
 
 
 
369
 

Total assets

 
 
3,672
 
 
 
3,926
 

Current liabilities

 
 
5,706
 
 
 
6,138
 

Contingent payment obligations

 
 
32,207
 
 
 
26,651
 

Convertible notes

 
 
2,979
 
 
 
2,733
 

Other long-term liabilities

 
 
1,114
 
 
 
1,501
 

Shareholders' deficit

 
 
(38,334
)
 
 
(33,097
)

Total liabilities and shareholders' (deficit) equity

 
$
3,672
 
 
$
3,926
 

ParkerVision, Inc.
Summary Results of Operations

 
Three Months Ended
 
 
Six Months Ended
 

(in thousands, except per share amounts)

 
June 30,
 
 
June 30,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

Gross margin

 
$
–
 
 
$
–
 
 
$
–
 
 
$
–
 

Research and development expenses

 
 
–
 
 
 
–
 
 
 
–
 
 
 
334
 

Selling, general and administrative expenses

 
 
2,328
 
 
 
1,851
 
 
 
7,823
 
 
 
4,007
 

Total operating expenses

 
 
2,328
 
 
 
1,851
 
 
 
7,823
 
 
 
4,341
 

Interest expense

 
 
(115
)
 
 
(76
)
 
 
(301
)
 
 
(138
)

Change in fair value of contingent payment obligations

 
 
(1,142
)
 
 
365
 
 
 
(3,382
)
 
 
823
 

Total interest and other

 
 
(1,257
)
 
 
289
 
 
 
(3,683
)
 
 
685
 

Net loss

 
$
(3,585
)
 
$
(1,562
)
 
$
(11,506
)
 
$
(3,656
)

Basic and diluted net loss per common share

 
$
(0.08
)
 
$
(0.05
)
 
$
(0.27
)
 
$
(0.12
)

Weighted average shares outstanding

 
 
45,393
 
 
 
30,888
 
 
 
41,861
 
 
 
30,042
 

ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows

 
Six Months Ended
 

(in thousands)

 
June 30,
 

 
2020
 
 
2019
 

Net cash used in operating activities

 
$ 
(2,976
)
 
$ 
(2,550
)

Net cash (used in) provided by investing activities

 
 
(3
)
 
 
6
 

Net cash provided by financing activities

 
 
3,465
 
 
 
1,080
 

Net increase (decrease) in cash & cash equivalents

 
 
486
 
 
 
(1,464
)

Cash & cash equivalents – beginning of period

 
 
57
 
 
 
1,527
 

Cash & cash equivalents – end of period

 
$ 
543
 
 
$ 
63
 

SOURCE:  ParkerVision, Inc.

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