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ParkerVision Inc. Reports Operating Results (10-Q)

November 09, 2009 | About:
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10qk

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ParkerVision Inc. (PRKR) filed Quarterly Report for the period ended 2009-09-30.

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 $84.3 million; its shares were traded at around $2.55 with and P/S ratio of 297.9.

Highlight of Business Operations:

As of September 30, 2009, we had cash and cash equivalents of approximately $3.3 million and working capital of approximately $1.7 million. This represents a decrease of approximately $2.3 million from working capital at December 31, 2008. The decrease was due primarily to the $10.6 million used to fund continuing operations and $0.7 million used for payment of patent costs offset by $9.7 million in proceeds from the sale of equity securities in 2009.

Our research and development expenses decreased approximately $484,000 or 11.5% during the three month period ended September 30, 2009 when compared to the same period in 2008. This decrease is primarily due to decreases in share-based compensation expense of approximately $198,000, prototype fabrication and materials costs of approximately $214,000, and software licensing and support costs of approximately $146,000. These decreases were partially offset by an increase in outside consulting fees of approximately $90,000.

Our research and development costs decreased approximately $626,000, or 5.7% during the nine month period ended September 30, 2009 when compared to the same period in 2008. This decrease was due to reductions in consulting fees of approximately $964,000, compensation and other personnel-related expenses of approximately $353,000, and software licensing and support costs of approximately $118,000. These reductions were offset by increases in share-based compensation expense of approximately $437,000, prototype fabrication costs of approximately $224,000, and amortization expenses of approximately $168,000.

General and administrative expenses decreased approximately $271,000 or 15.2% during the three month period ended September 30, 2009 when compared to the same period in 2008. The decrease is due primarily to reductions in compensation, travel, and other personnel-related expenses of approximately $128,000, a decrease in board cash compensation expense of approximately $67,000, and reductions in outside professional fees of approximately $114,000. These decreases were partially offset by an increase in share-based compensation expense of approximately $45,000.

General and administrative expenses decreased approximately $15,000 or 0.3% during the nine month period ended September 30, 2009 when compared to the same period in 2008. This decrease is primarily a result of reductions in compensation, travel, and other personnel-related expenses of approximately $282,000, a decrease in board cash compensation expense of approximately $186,000, and a decrease in outside professional fees of approximately $86,000, partially offset by an increase in share-based compensation expense of approximately $548,000.

As of September 30, 2009, we had outstanding warrants to purchase 2,190,139 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 $26.12 and a weighted average remaining contractual life of approximately 2.21 years. The estimated fair value of these warrants of $17,767,663 is included in shareholders equity in our consolidated balance sheets.

Read the The complete Report

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10qk
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