ParkerVision Reports First Quarter 2018 Results

ParkerVision Inc (NASDAQ:PRKR), a developer and marketer of technologies and products for wireless applications announced results for the three months ended March 31, 2018.

The company had a GAAP net loss for the first quarter of 2018 of $4.3 million or $0.19 per common share as compared to $4.8 million GAAP net loss or $0.32 per common share in the first quarter of 2017.

As quoted in the press release:

First Quarter 2018 Summary and Recent Developments

• Products

• Milo^® products to be featured on ‘Designing Spaces’ segment airing on Lifetime television beginning May 31, 2018.
• Television launch of Milo products by national retail firm expected in second quarter of 2018.
• Milo Single-Pack, which can be installed as a stand-alone system for smaller homes and apartments or as an add-on to an existing Milo system, is expected to begin shipping in second quarter of 2018.
• National media campaign under development with expected launch in third quarter of 2018.

Jeffrey Parker, Chairman and Chief Executive Officer, commented, “As promised last quarter, we continue to improve Milo by broadening our offering and improving our app. We are extremely excited about the upcoming television exposure scheduled for our Milo products as well as the expansion and refinement of our product offerings.  In addition, we have engaged a national direct sales and marketing partner with a proven track record in building brand awareness and driving sales for a variety of consumer products.  We anticipate our national media campaign, including television, radio and print ads, will launch in the third quarter of this year.  We believe these initiatives will translate into significant revenue growth for our Milo products in the near-term.”

Mr. Parker continued, “We are confident that the additional brief recently filed in Germany in our infringement case against Apple clarifies our infringement arguments for the court and supports the injunction we seek in this matter.  We look forward to a final decision in the near future.”

First Quarter Financial Results

• Non-GAAP net loss for the first quarter of 2018, which excluded the effects of share-based compensation expense and changes in fair value of the contingent repayment obligation, was $3.5 million, or $0.15 per common share, compared to a non-GAAP net loss of $4.3 million, or $0.29 per common share, for the first quarter of 2017.
• We received approximately $2.3 million from the sale of equity securities during the first quarter of 2018 including approximately $0.2 million from stock purchases by three of our directors.
• In April 2018, we received $1.5 million in additional funding from Brickell Key Investments to continue to advance our patent enforcement actions in U.S. district court and Germany.

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