ParkerVision, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Revenue Guidance for the Fourth Quarter 2017
November 14, 2017 at 04:01 pm
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ParkerVision, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company's GAAP net loss was $4.4 million, or $0.24 per common share, compared to a $2.3 million GAAP net loss, or $0.18 per common share, for the third quarter of 2016. Net loss before income taxes was $4,380,000 compared to $1,674,000 a year ago. Net cash used in operating activities was $3,174,000 compared to $2,887,000 a year ago. Adjusted net loss was $3,839,000 compared to $185,000 a year ago. Adjusted net loss per common share was $0.21 against of $0.01 a year ago. The increase in net loss from the same quarter last year is due to the inclusion in third quarter of 2016 of approximately $3 million in gross profits net of related tax expenses, primarily from a licensing and settlement agreement the company entered into in the third quarter of 2016. And that was partially offset by $700,000 increase in the fair value of company's contingent payment obligation to company's litigation funding party during that same period.
For the nine months, the company's GAAP net loss was $12.9 million, or $0.76 per common share, compared to a $15.8 million GAAP net loss, or $1.33 per common share, for the first nine months of 2016. Net loss before income taxes was $12,916,000 compared to $15,178,000 a year ago. Net cash used in operating activities was $11,054,000 compared to $11,802,000 a year ago. Adjusted net loss was $11,337,000 compared to $11,317,000 a year ago. Adjusted net loss per common share was $0.67 against of $0.95 a year ago. The decrease in net loss year-over-year is a result of a decrease in litigation fees and expenses of approximately $5.5 million, offset by increases in product development and sales and marketing expenses, primarily related to the Milo product line.
The company expects at a minimum revenues in the hundreds of thousands of dollars in fourth quarter of 2017, and ramping towards millions of dollars in subsequent quarters. The company expects that gross margin, as a percent of revenue, will likewise show steady improvement as unit sales and revenues continue to grow.
ParkerVision, Inc. is engaged in the business of fundamental wireless technologies and products. The Company has designed and developed proprietary radio frequency (RF) technologies and integrated circuits based on those technologies, and it licenses the Companyâs technologies to others for use in wireless communication products. The Company has patent enforcement actions ongoing in various United States district courts against mobile handsets, smart television and other wireless fidelity (WiFi) product providers, as well as semiconductor suppliers, for the infringement of several of its RF patents. Its RF technologies enable transmission and reception of RF carriers at low power consumption, thereby enabling extended battery life, and certain size, cost, performance and packaging advantages. The Company is focused on the enforcement of its intellectual property rights through licensing efforts and patent infringement litigation. Its wholly owned German subsidiary is ParkerVision GmbH.
ParkerVision, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Revenue Guidance for the Fourth Quarter 2017