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ParkerVision Reports First Quarter 2017 ResultsJACKSONVILLE, Fla., May 15, 2017 (GLOBE NEWSWIRE) --
ParkerVision, Inc. (NASDAQ:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, today announced results for the three months ended March 31, 2017.
First Quarter 2017 Summary and Recent Developments
• New Products
• Licensing & Patent Enforcement
• Balance Sheet & Company Updates
Jeffrey Parker, Chairman and Chief Executive Officer, commented, “We are excited for the impending launch of our innovative Wi-Fi product into an expanding market that is on pace to exceed 100 million North American households that use Wi-Fi. We anticipate that this initial product will result in product revenue growth this year and will serve as a solid foundation for the continued development of our product strategy. We have a longer term vision for this product line that we believe will lead to continued expansion and growth well beyond the initial offering.”
Mr. Parker continued, “With regard to patent enforcement, we believe we presented compelling arguments in our May 4th hearing in Munich where we are seeking an enforceable injunction against Apple, and we look forward to decisions from that court next month, just days ahead of another hearing against Apple in a separate infringement case. Additionally, following the ITC’s ruling to grant our motion to withdraw from the ITC action, we filed a motion to lift the stay on the parallel district court case in the Middle District of Florida. We’ve asked the district court to expedite the steps necessary to establish a schedule for the court’s proceedings as we are eager to present the merits of our case to a jury without delay. We remain steadfast in our licensing and enforcement efforts which are key to establishing the success of our international licensing strategy.”
First Quarter Financial Results
Conference Call
The Company will host a conference call and webcast on May 15, 2017 at 4:30 p.m. Eastern to review its first quarter 2017 financial results. The conference call will be accessible by telephone at 1-877-561-2750, conference ID# 20281722, at least five minutes before the scheduled start time. International callers should dial 1-763-416-8565. The conference call may also be accessed by means of a live webcast on our website at http://ir.parkervision.com/events.cfm. The conference webcast will also be archived and available for replay on our website at www.parkervision.com for a period of 90 days.
About ParkerVision
ParkerVision, Inc. designs, develops and markets its radio-frequency (RF) technologies and products that enable advanced wireless solutions for current and next generation communications networks. Protected by a highly-regarded, worldwide patent portfolio, the Company’s solutions for wireless transfer of RF waveforms address the needs of a broad range of wirelessly connected devices for high levels of RF performance coupled with best-in-class power consumption. 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, 2016 and the Form 10-Q for the quarter ended March 31, 2017. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
Non-GAAP Financial Measures that Supplement GAAP Measures
We use both generally accepted accounting principles (“GAAP”) and non-GAAP financial measures for assessing our operating performance. The non-GAAP measures we use include Adjusted Net Loss and Adjusted Net Loss per Share. These non-GAAP measures exclude the effect on net loss and net loss per share of (i) changes in fair value of our contingent payment obligation and (ii) share-based compensation expense. We consider these non-GAAP measures to provide relevant supplemental information to assist investors in better understanding our operating results. These non-GAAP measures should not be considered a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures for the three months ended March 31, 2017 and 2016 follows:
Contact: Cindy Poehlman Chief Financial Officer ParkerVision, Inc. 904-732-6100, [email protected] or Laurie Little The Piacente Group 212-481-2050, [email protected] |