ParkerVision Inc. (PRKR) filed Quarterly Report for the period ended 2009-06-30.
ParkerVision Inc. operates two segments - the Video Products Division and the Wireless Technology Division. The Video Division is engaged in the design development and marketing of automated video camera control systems marketed under the tradename CameraMan and automated production systems marketed under the tradename PVTV Studio. The Wireless Division is engaged in the development and initial commercialization of its Direct2Data or D2D technology. ParkerVision Inc. has a market cap of $105.97 million; its shares were traded at around $3.21 with and P/S ratio of 374.46.
Highlight of Business Operations:
Our research and development expenses decreased approximately $190,000 or 5.0% during the three month period ended June 30, 2009 when compared to the same period in 2008. This decrease is primarily due to reduced consulting fees of approximately $370,000 and reduced compensation and other personnel-related expenses of approximately $230,000. These reductions were offset by increases in share-based compensation expense of approximately $240,000, prototype fabrication and materials costs of approximately $130,000, and amortization expenses of approximately $60,000.
Our research and development costs decreased approximately $140,000, or 2.1% during the six month period ended June 30, 2009 when compared to the same period in 2008. This decrease was due to reduced consulting fees of approximately $1,050,000 and reduced compensation and other personnel-related expenses of approximately $330,000. These reductions were offset by increases in share-based compensation expense of approximately $640,000, prototype fabrication costs of approximately $440,000, and amortization expenses of approximately $140,000.
General and administrative expenses increased approximately $130,000 or 8.8% during the three month period ended June 30, 2009 when compared to the same period in 2008. The increase is due primarily to an increase in share-based compensation expense of approximately $230,000, offset by reductions in compensation and other personnel-related expenses of approximately $70,000 and a decrease in board cash compensation expense of approximately $60,000.
General and administrative expenses increased approximately $260,000 or 8.7% during the six month period ended June 30, 2009 when compared to the same period in 2008. This increase is due primarily to increases in share-based compensation expense of approximately $500,000, offset by reductions in compensation and other personnel-related expenses of approximately $140,000 and a decrease in board cash compensation expense of approximately $120,000.
As of June 30, 2009, we had working capital of approximately $6.1 million, including approximately $7.5 million in cash and cash equivalents. This represents an increase of approximately $2.1 million from working capital at December 31, 2008. The increase was due primarily to the $9.7 million in proceeds from the sale of equity securities in 2009, offset by cash used to fund operations in the first half of 2009.
As of June 30, 2009, we had outstanding warrants to purchase 2,200,139 shares of common stock that were issued in connection with the sale of equity securities in various private placement transactions in 2000, 2001, 2005, 2006 and 2009. These warrants have exercise prices ranging from $1.88 to $56.66 per share, with a weighted average exercise price of $26.01 and a weighted average remaining contractual life of approximately 2.5 years. The estimated fair value of these warrants of $17,778,163 is included in shareholders equity in our consolidated balance sheets.
Rate This Article: |
  |