ParkerVision, Inc. (PRKR) saw its loss narrow to $4.81 million, or $0.32 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $5.14 million, or $0.45 a share. On the other hand, adjusted net loss for the quarter narrowed to $4.31 million, or $0.29 a share from a loss of $5.08 million or $0.45 a share, a year ago.
The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $0.06 million for the previous year period.
Operating loss for the quarter was $4.96 million, compared with an operating loss of $5.10 million in the previous year period.
Jeffrey Parker, chairman and chief executive officer, commented, "We are excited for the impending launch of our innovative Wi-Fi product into an expanding market that is on pace to exceed 100 million North American households that use Wi-Fi. We anticipate that this initial product will result in product revenue growth this year and will serve as a solid foundation for the continued development of our product strategy. We have a longer term vision for this product line that we believe will lead to continued expansion and growth well beyond the initial offering."
Operating cash flow remains negative
Parkervision has spent $4.10 million cash to meet operating activities during the quarter as against cash outgo of $5.95 million in the last year period.
The company has spent $4.85 million cash to meet investing activities during the quarter as against cash inflow of $1.06 million in the last year period.
Cash flow from financing activities was $9.70 million for the quarter, down 18.73 percent or $2.24 million, when compared with the last year period.
Cash and cash equivalents stood at $1.93 million as on Mar. 31, 2017, down 73.28 percent or $5.29 million from $7.22 million on Mar. 31, 2016.
Working capital declines
ParkerVision, Inc. has witnessed a decline in the working capital over the last year. It stood at $5.63 million as at Mar. 31, 2017, down 10.94 percent or $0.69 million from $6.32 million on Mar. 31, 2016. Current ratio was at 2.98 as on Mar. 31, 2017, down from 3.98 on Mar. 31, 2016.
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