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ParkerVision Inc. Reports Operating Results (10-Q)

August 05, 2010 | About:
10qk

10qk

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ParkerVision Inc. (PRKR) filed Quarterly Report for the period ended 2010-06-30.

Parkervision Inc. has a market cap of $35.4 million; its shares were traded at around $0.86 with and P/S ratio of 553.8.

Highlight of Business Operations:

Our research and development expenses decreased approximately $1,412,000 or 39% during the three month period ended June 30, 2010 when compared to the same period in 2009. This decrease is primarily due to reduced outside engineering design fees of approximately $730,000, reduced prototype materials and fabrication costs of approximately $254,000, decreases in share-based compensation expense of approximately $240,000, and reduced software support costs of approximately $89,000.

Our research and development costs decreased approximately $2,108,000, or 32% during the six month period ended June 30, 2010 when compared to the same period in 2009. This decrease was due to reduced outside engineering design fees of approximately $940,000, reduced prototype materials and fabrication costs of approximately $365,000, decreases in share-based compensation expense of approximately $477,000 and reduced software support costs of approximately $199,000.

General and administrative expenses decreased approximately $436,000, or 27% during the three-month period ended June 30, 2010 when compared to the same period in 2009. This decrease is primarily due to reductions in outside professional fees of approximately $131,000 and decreases in share-based compensation expense of approximately $345,000.

General and administrative expenses decreased approximately $795,000, or 25% during the six-month period ended June 30, 2010 when compared to the same period in 2009. This decrease was primarily due to reductions in outside professional fees of approximately $136,000 and a decrease in share-based compensation expense of approximately $654,000, offset by an increase in board cash compensation expense of approximately $109,000. The increase in board cash compensation expense is offset by a $163,000 decrease in share-based compensation expense for the same period which represents the expense attributable to nonqualified stock options which the non-executive directors received in lieu of cash as payment for their 2009 board and committee fees.

As of June 30, 2010, we had working capital of approximately $6.7 million which represented a decrease of approximately $5.8 million from working capital at December 31, 2009. The decrease was due primarily to the use of approximately $5.4 million to fund operations and the investment of approximately $0.4 million in intellectual property filings. Our use of cash for operations in the first half of 2010 decreased approximately $1.3 million, or 20%, from cash used for operations in the first half of 2009. This decrease in cash usage is a result of the reduction in operating expenses, primarily in research and development. We expect our overall operating costs in 2010 will be less than those incurred in 2009 as a result of the elimination and/or deferral of certain expenditures related to product development activities and other cost-reduction measures implemented by us.

As of June 30, 2010, we had outstanding warrants to purchase 1,653,722 shares of common stock that were issued in connection with the sale of equity securities in various private placement transactions in 2000, 2001, 2006 and 2009. These warrants have exercise prices ranging from $1.88 to $56.66 per share, with a weighted average exercise price of $31.68 and a weighted average remaining contractual life of approximately 2.04 years. The estimated fair value of these warrants of $15,443,357 is included in shareholders equity in our consolidated balance sheets.

Read the The complete Report

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10qk
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