ParkerVision, Inc., a developer and marketer of semiconductor technology solutions for wireless applications, announced results for the three and nine months ended September 30, 2017.
Third Quarter 2017 Summary and Recent Developments
• Sales of Milo brand consumer Wi-Fi products began mid-October 2017 through online sales channels including www.milowifi.com and www.amazon.com.
- Third quarter activities to prepare for Milo sales included sourcing of component inventory, launch of brand awareness campaign and other pre-sale marketing activities, and preparation of ecommerce site, production facilities, and customer service resources.
• German infringement case against Apple for Intel-based devices to be heard by Munich District Court on November 16, 2017.
Jeffrey Parker, Chairman and Chief Executive Officer, commented, “We are pleased with the launch of our Milo product line and the favorable customer feedback we’ve received thus far. Our online awareness campaign continued to ramp throughout the last quarter and has now transitioned to a sales and marketing campaign. We have invested in inventory and manufacturing processes and are preparing for the holiday buying season as well as additional product refinements and feature expansion of our product line. We are also exploring additional sales channels which we believe will complement our direct to consumer campaign while significantly increasing revenue potential and awareness of our products.”
Mr. Parker continued, “We believe we have convincing and irrefutable arguments to present in our patent infringement case against Apple this week and we are hoping for a swift and favorable decision from the Munich District Court in this case. The analysis we conducted and will discuss with the Court clearly shows that our patented RF energy sampling is a fundamental building block of the RF receivers used in Apple’s products.”
Third Quarter and Nine Month Financial Results
- GAAP net loss for the third quarter of 2017 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. Third quarter 2016 results included gross profit from licensing and settlement revenue of approximately $3.7 million.
- GAAP net loss for the first nine months of 2017 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.
- At September 30, 2017, the Company had $0.5 million in cash, cash equivalents, restricted cash equivalents and available-for-sale securities and $1.1 million in inventory.
- On August 14, 2017, the Company entered into an At Market Issuance Sales Agreement with FBR Capital Markets & Co. for the sale of shares of the Company’s common stock, from time to time, up to an aggregate of approximately $4.4 million. At September 30, 2017, the Company had approximately $3.2 million remaining available under this agreement.
- On October 17, 2017, the Company sold 312,500 shares of common stock to Aspire Capital Fund, LLC (“Aspire”) at $1.60 per share for proceeds of $0.5 million. Aspire also committed to purchase, at the Company’s sole discretion, up to an aggregate of $20 million of common stock over a thirty-month period, subject to registration of the underlying shares of common stock. The Company issued 287,500 shares of common stock to Aspire as a commitment fee for the transaction. The Company has filed a registration statement to register an aggregate of 4 million shares of common stock under this agreement.
For more read visit HERE
