Parkervision Inc. (NASDAQ:PRKR) Q3 2018 Earnings Conference Call Transcript

Nov 14, 2018 • 04:30 pm ET


Parkervision Inc. (NASDAQ:PRKR) Q3 2018 Earnings Conference Call Transcript


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Greetings, and welcome to the ParkerVision Third Quarter 2018 Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jean Young with The Piacente Group. Thank you, Ms. Young. You may begin.

Jean Marie Young

Thank you, Rocco. Good afternoon, everyone. Thank you all for joining us today. Before we begin, I'd like to remind you that this conference call will contain forward-looking statements, which involve known and unknown risks and uncertainties about our business and the economy as well as other factors that may cause our actual results to differ materially from expected achievements and anticipated results. Included in these risks are the Company's ability to maintain technological advances in the marketplace, the ability to secure new customers for our products and technologies, maintaining our patent protection and the outcome of litigation, among others. Given these uncertainties as well as other factors related to our business, we caution you not to place undue reliance on any forward-looking statements contained in this conference call. Additional information concerning these and other risks can be found in our periodic filings with the US Securities and Exchange Commission.

On today's call, we will hear from Cindy Poehlman, Chief Financial Officer, who will provide a review of the Company's financial results for the third quarter of 2018. Following Cindy's remarks, Jeffrey Parker, Chief Executive Officer, will provide an update on the Company's business.

Thank you again for joining us. And with that, I'd like to turn the call over to Cindy. Please go ahead.

Cindy Poehlman

Thank you, Jean, and good afternoon to those of you joining us for ParkerVision's third quarter 2018 conference call. We reported this afternoon a net loss of $4.8 million or $0.19 per share for the third quarter of 2018, which compares to a net loss of $4.4 million or $0.24 per share for the third quarter of 2017. Our net loss for this past quarter included approximately $1.6 million in charges related to our recent restructuring of operations. Excluding these one-time restructuring charges, our operating expenses for the third quarter of 2018 decreased approximately $1.1 million or a little over 25% when compared to the same quarter last year. We anticipate further decreases on our operating expenses in the fourth quarter of 2018 and in 2019 as the full effect our recent cost reduction measures are realized.

On a year-to-date basis, we've reported a net loss of $13.6 million or $0.59 per share for the first nine months of 2018 compared to a net loss of $12.9 million or $0.76 per share for the same period last year. In addition to the $1.6 million in restructuring and impairment charges I already mentioned, the net loss for 2018 also reflected a $1.1 million loss resulting from an increase in the fair value of our contingent payment obligations to our litigation funder.

Our operating expenses, excluding restructuring charges, decreased by $2 million or approximately 16% for the nine months ended September 30th, 2018