ParkerVision Reports Fourth Quarter and Full Year 2016 Results

03.13.30 - 4:38 PM

Management to Host Conference Call and Webcast Today at 4:30 p.m. ET

JACKSONVILLE, Fla., March 30, 2017 -- ParkerVision, Inc. (NASDAQ:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, today announced results for the three months and year ended December 31, 2016.

Fourth Quarter and 2016 Business Highlights and Recent Developments

• New Products

• Licensing & Litigation

• Balance Sheet

Jeffrey Parker, Chairman and Chief Executive Officer, commented, "We are pleased to have made progress with our international licensing program in 2016 by negotiating a settlement and securing a license agreement with Samsung, a major milestone that underscores our objective to receive fair compensation for the use of our intellectual property. We continue to remain optimistic that we will achieve a resolution with additional parties, and although we have suspended our investigation at the ITC, we plan to move expeditiously on requesting a lift of the stay in the parallel district court case currently pending in the Middle District of Florida. In Germany, the merits of our three cases continue to progress with hearings scheduled in May and June 2017."

Parker continued, "Our product development team has been steadfast in their efforts to launch an innovative new Wi-Fi product. Feedback received from our prototype demonstrations to date has surpassed our expectations, and we look forward to launching the sales and marketing campaign and delivering product to customers in our target markets in the second quarter of 2017. We have invested in bringing a new home Wi-Fi product to market, and also in developing our own Wi-Fi system-on-chip that enables us to take advantage of the investment we have made in our RF technologies. I believe we will see strong positive feedback from our target markets that will translate into revenue growth in 2017 and beyond."

Fourth quarter and Year ended 2016 Financial Results

Conference Call
The Company will host a conference call and webcast on March 30, 2017 at 4:30 p.m. Eastern to review its fourthquarter 2016 financial results. The conference call will be accessible by telephone at 1-877-561-2750, conference ID# 90527362, 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 proprietary radio-frequency (RF) technologies 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. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

(TABLES FOLLOW)

ParkerVision, Inc.
Consolidated Balance Sheet Highlights
(in thousands)December 31,December 31,
20162015
Cash, cash equivalents, and restricted cash equivalents$1,169$175
Available-for-sale securities141,790
Prepaid and other current assets686226
Inventories, net170161
Property and equipment, net269446
Intangible assets, net6,268 7,575
Total assets8,57610,373
Current liabilities2,5084,038
Long-term liabilities14,18752
Shareholders' (deficit) equity(8,119)6,283
Total liabilities and shareholders' (deficit) equity$8,576$10,373


ParkerVision, Inc.
Consolidated Results of Operations
(Unaudited)
Three Months EndedYear Ended
(in thousands, except per share amounts)December 31,December 31,
2016201520162015
Revenue$-$5$4,064$11
Cost of sales-634212
Gross margin-(1)3,722(1)
Research and development expenses9636143,3434,138
Selling, general and administrative expenses2,8652,70016,31812,925
Total operating expenses3,8283,31419,66117,063
Interest and other income (expense)(16)(6)(50)(11)
Change in fair value of contingent payment obligation(1,827)-(4,860)-
Total interest and other(1,843)(6)(4,910)(11)
Net loss before taxes(5,671)(3,321)(20,849)(17,075)
Foreign income tax expense--(660)-
Net loss$(5,671)$(3,321)$(21,509)$(17,075)
Basic and diluted net loss per common share$(0.43)$(0.33)$(1.76) $(1.74)
Weighted average shares outstanding13,1249,99112,2449,842


ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months EndedYear Ended
(in thousands)December 31,December 31,
2016201520162015
Cash flows from operating activities
Net cash used in operating activities$(2,562)$(1,648)$(14,364)$(11,623)
Cash flows from investing activities
Purchase of available-for-sale investments-(1,752)(4,404)(2,701)
Proceedsfrom sale of available-for-sale investments6151,3756,18011,880
Purchase of long-lived assets, net(42)(150)(159)(740)
Net cash provided by (used in) investing activities573(527)1,6178,439
Cash flows from financing activities
Net proceeds from issuance of common stock andwarrants(43)2,0924,1333,292
Proceeds from contingent payment obligation, net of repayments--9,660-
Principal payments on capital lease obligations-(48)(52)(152)
Net cash (used in) provided by financing activities(43)2,04413,7413,140
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents(2,032)(131)994(44)
Cash, cash equivalents and restricted cash equivalents - beginning of period3,201306175219
Cash, cash equivalents and restricted cash equivalents - end of period$1,169$175$ 1,169$175

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 and year ended December 31, 2016 follows:

Reconciliation of Net Loss to Adjusted Net Loss:
Three Months EndedYear Ended
(in thousands)December 31,December 31,
2016
2015
2016
2015
Net loss$ (5,671)$(3,321)$(21,509)$(17,075)
Excluded items:
Share-based compensation722116 2,2101,199
Change in fair value of contingent payment obligation1,827-4,860-
Adjusted net loss$(3,122)$(3,205)$(14,439)$(15,876)
Reconciliation of Net Loss per Common Share to Adjusted Net Loss per Common Share:
Three Months EndedYear Ended
December 31,December 31,
2016
2015
2016
2015
Basic and diluted net loss per common share$(0.43)$(0.33)$(1.76)$(1.74)
Excluded items0.200.010.580.13
Adjusted net loss per common share$(0.23)$(0.32)$(1.18)$(1.61)
Contact:
Cindy Poehlman
Chief Financial Officer
ParkerVision, Inc
904-732-6100, cpoehlman@parkervision.com

or

Laurie Little
The Piacente Group
212-481-2050, parkervision@tpg-ir.com