ParkerVision Reports Fourth Quarter and Full Year 2017 Results

03.29.18 -

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

JACKSONVILLE, Fla., March 29, 2018 -- ParkerVision, Inc. (Nasdaq:PRKR) (ParkerVision), a developer and marketer of hardware and software technologies and products for wireless applications, today announced results for the three months and year ended December 31, 2017.

Fourth Quarter and 2017 Business Highlights and Recent Developments

New Products

Licensing & Litigation

Jeffrey Parker, Chairman and Chief Executive Officer, commented, We are pleased with the results thus far from the launch of our Milo product line. Weve received feedback from many Milo users regarding their positive experiences with the product and with our excellent U.S. based customer service team. Milo users have also provided feedback as to additional features they would like to see in the product line and we expect to offer new features and additional products to the Milo family in the near future. As pleased as I am with where we are with this product, I am even more excited about where we are going. We believe our sales channel expansion plans that are already underway for 2018, coupled with continued improvements and expansion of the Milo product line will result in significant increases in revenue and margins for 2018 and beyond.

Parker continued, We have several near-term milestones approaching in our patent enforcement cases both in the U.S. and Germany. We believe that our case in Munich involving our RF receiver technology will come to a favorable decision, possibly as early as the second quarter of 2018, which would provide a catalyst for resolving the associated dispute. Likewise, we look forward to a claim construction hearing in the District Court in Jacksonville, Florida in the coming months as we continue to push for expedited court dates in this case. We remain confident that staying the course despite the time and resources involved, will ultimately result in a successful licensing program for our RF technologies.

Fourth quarter and Year ended 2017 Financial Results

Fourth Quarter Results:

Year End Results:

Balance Sheet and Cash Flow Highlights:

Conference Call
The Company will host a conference call and webcast on March 29, 2018 at 4:30 p.m. Eastern to review its fourth quarter 2017 financial results. The conference call will be accessible by telephone at 1-877-561-2750, conference ID# 1575999, 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 and develops its proprietary radio-frequency (RF) technologies, which enable advanced wireless solutions for current and next generation communications networks. ParkerVision also develops and markets a family of products under the Milo brand that leverages existing WiFi infrastructure to create more optimal WiFi configuration and superior coverage for small businesses and consumers. For more information please visit www.parkervision.com and www.milowifi.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 Companys SEC reports, including the Form 10-K for the year ended December 31, 2017. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

Cindy Poehlman Jean Young
Chief Financial Officer or The Piacente Group
ParkerVision, Inc 212-481-2050
904-732-6100 parkervision@tpg-ir.com
cpoehlman@parkervision.com



(TABLES FOLLOW)
ParkerVision, Inc.
Balance Sheet Highlights
Year Ended December 31,
(in thousands) 2017 2016
Cash, cash equivalents and restricted cash equivalents $ 1,354 $ 1,169
Available-for-sale securities 26 14
Accounts receivable, prepaid and other current assets 1,038 686
Inventories 1,025 170
Property and equipment, net 376 269
Intangible assets & other 5,091 6,268
Total assets 8,910 8,576
Current liabilities 3,659 2,509
Long-term liabilities 16,495 14,186
Shareholders (deficit) equity (11,244 ) (8,119 )
Total liabilities and shareholders (deficit) equity $ 8,910 $ 8,576


ParkerVision, Inc.
Summary of Results of Operations
(Unaudited)
Three Months Ended Year Ended
(in thousands, except per share amounts) December 31 December 31
2017 2016 2017 2016
Revenue $ 100 $ - $ 100 $ 4,064
Cost of sales (100 ) - (100 ) (342 )
Write down of excess inventory (100 ) - (100 ) -
Gross margin (100 ) - (100 ) 3,722
Research and development expenses 806 963 4,344 3,343
Selling, general and administrative expenses 4,580 2,865 14,061 16,318
Total operating expenses 5,386 3,828 18,405 19,661
Interest and other income (expense) (17 ) (16 ) (43 ) (50 )
Change in fair value of contingent payment obligation (840 ) (1,827 ) (711 ) (4,860 )
Total interest and other (857 ) (1,843 ) (754 ) (4,910 )
Net loss before income taxes (6,343 ) (5,671 ) (19,259 ) (20,849 )
Foreign income tax expense - - - (660 )
Net loss $ (6,343 ) $ (5,671 ) $ (19,259 ) $ (21,509 )
Basic and diluted net loss per common share $ (0.32 ) $ (0.43 ) $ (1.09 ) $ (1.76 )
Weighted average shares outstanding 19,960 13,124 17,688 12,244


ParkerVision, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended Year Ended
(in thousands) December 31, December 31,
2017 2016 2017 2016
Net cash used in operating activities $ (3,006 ) $ (2,562 ) $ (14,060 ) $ (14,364 )
Net cash provided by (used in) investing activities 37 572 (298 ) 1,616
Net cash provided by (used in) financing activities 3,887 (43 ) 14,543 13,741
Net increase (decrease) in cash, cash equivalents &
restricted cash equivalents
918 (2,033 ) 185 993
Cash, cash equivalents & restricted cash equivalents
- beginning of period
436 3,202 1,169 176
Cash, cash equivalents & restricted cash equivalents
- end of period
$ 1,354 $ 1,169 $ 1,354 $ 1,169

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 years ended December 31, 2017 and 2016 follows:

Reconciliation of Net Loss to Adjusted Net Loss:
Three Months Ended For the Year Ended
(in thousands) December 31, December 31,
2017 2016 2017 2016
Net loss $ (6,343 ) $ (5,671 ) $ (19,259 ) $ (21,509 )
Excluded items:
Share-based compensation 456 722 2,164 2,210
Change in fair value of contingent
payment obligation
840 1,827 711 4,860
Adjusted net loss $ (5,047 ) $ (3,122 ) $ (16,384 ) $ (14,439 )
Reconciliation of Net Loss per Common Share to Adjusted Net Loss per Common Share:
Three Months Ended For the Year Ended
December 31, December 31,
2017 2016 2017 2016
Basic and diluted net loss per common share $ (0.32 ) $ (0.43 ) $ (1.09 ) $ (1.76 )
Excluded items on a per share basis 0.06 0.20 0.16 0.58
Adjusted net loss per common share $ (0.26 ) $ (0.23 ) $ (0.93 ) $ (1.18 )