ParkerVision, Inc. (NASDAQ:PRKR)
ParkerVision, Inc. (NASDAQ:PRKR) has announced its financial results for the first quarter ended March 31, 2017. Jacksonville, FL-based ParkerVision, Inc. (NASDAQ:PRKR) specializes in the design, development and commercialization of radio-frequency (RF) technologies as well as products that enhance innovative wireless solutions.
ParkerVision, Inc. (NASDAQ:PRKR) announced the launching of a June marketing campaign to create awareness and raise demand for its new Wi-Fi product. The full-scale product launch is scheduled for Q3 2017.
The company’s infringement case against Apple (NASDAQ:AAPL) was heard on May 4, 2017 and a court ruling is expected on June 22, 2017. A second infringement case against Apple (NASDAQ:AAPL) is scheduled to be heard on June 29, 2017. Experts leave little doubt that victories in these cases would have immediate and pronounced effects on PRKR shares
The company reported $10 million from its recent sale of common stock at $2.46 per share. The company also regained its compliance with Nasdaq listing regulations in April this year.
ParkerVision, Inc. (NASDAQ:PRKR) Chairman and Chief Executive Officer, Jeffrey Parker, in a statement said the company’s launch of the new innovative Wi-Fi product is a milestone and takes a significant step in the company’s move to expand its market. He added that the market is expanding at a high rate and will soon hit the 100 million mark of connected households that use Wi-Fi. He expressed optimism that the new product will generate more revenue for the company and will offer a strong foundation for the development of the company’s strategic products.
On the financial front, ParkerVision, Inc. (NASDAQ:PRKR) reported a GAAP net loss of (-$4.8) million or (-$0.32) per share in Q12017. This is compared to a GAAP net loss of (-$5.1) million or (-$0.45) per share that was reported in the same period the previous financial year. The drop resulted from the company’s lower litigation expenses that were partially offset by costs incurred towards product development.
At the close of the quarter ended March 31, 2017, the company had $6.7 million in cash, cash equivalents, short term investments and restricted cash equivalents.
ParkerVision, Inc. (NASDAQ:PRKR) gained 3.33% in the previous trading session to close at $2.17 on a volume of 1.60 million shares.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.