Texas Capital Bancshares Inc
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Financials : Banks | Small Cap Growth
Company profile

Texas Capital Bancshares, Inc. is a bank holding and a financial holding company. The Company is the parent of Texas Capital Bank, National Association (the Bank). It offers a range of loan, deposit account and other financial products and services to its customers. It offers a range of products and services for its business customers, including commercial loans for general corporate purposes, including financing for working capital, internal growth, acquisitions and financing for business insurance premiums; medium- and long-term tax-exempt loans for municipalities and other governmental and tax-exempt entities; wealth management and trust services, and letters of credit. It also provides banking services for its individual customers, including personal wealth management and trust services; certificates of deposit; interest-bearing and non-interest-bearing checking accounts; traditional money market and savings accounts; loans, both secured and unsecured, and Internet banking.


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ParkerVision Reports Second Quarter 2020 Results

4:02 pm ET August 14, 2020 (Accesswire) Print

JACKSONVILLE, FL / ACCESSWIRE / August 14, 2020 / ParkerVision, Inc. (OTCQB:PRKR) ("ParkerVision"), a developer and marketer of technologies and products for wireless applications, today announced results for the three and six months ended June 30, 2020.

Second Quarter 2020 Summary and Recent Developments

  • The temporary COVID-19 stay was lifted in the U.S. district court case against Qualcomm and HTC in Orlando, Florida.
    • Trial commencement date rescheduled from December 2020 to May 2021
  • Markman hearing is scheduled for January 2021 in the infringement action against Intel Corporation in Texas.
  • A second infringement action was filed against Intel Corporation in Texas that includes patent claims related to the Company's transmit technology.

Jeffrey Parker, Chairman and Chief Executive Officer, commented, "Although COVID-19 resulted in some delays in our patent infringement actions, we are pleased that the temporary stay in Orlando has been lifted so that we can continue to prepare our case for trial. We remain enthusiastic based on the strong merits of our case."

Second Quarter and First Half Financial Results

  • Net loss for the second quarter of 2020 was $3.6 million, or $0.08 per common share, compared to a net loss of $1.6 million, or $0.05 per common share for the second quarter of 2019.
    • The increase in net loss year-over-year is largely due to noncash expense related to changes in the estimated fair value of secured and unsecured payment obligations.
  • Net loss for the first half of 2020 was $11.5 million, or $0.27 per common share, compared to $3.7 million, or $0.12 per common share in 2019.
    • Much of the net loss in 2020 is attributable to noncash items including $3.4 million related to the increase in estimated fair value of secured and unsecured contingent payment obligations and $2.2 million recognized upon modification of existing equity-related agreements.
    • $3.0 million of the net loss for the first half of 2020 is comprised of litigation fees and expenses primarily due to the cost of expert reports and fact discovery activities in the Jacksonville, Florida patent infringement case against Qualcomm and Apple, representing an increase of approximately $1.5 million over litigation fees and expenses for the same period in 2019.
  • We used cash for operations of approximately $3.0 million in 2020 compared to $2.6 million in 2019, and we repaid $1.2 million in debt in 2020 compared to $0.8 million in 2019.
  • We funded much of our operations in 2020 with proceeds from the issuance of common stock, including stock with accompanying contingent payment rights to an allocated portion of net proceeds that we receive from future patent-related actions.

About ParkerVision

ParkerVision, Inc. has designed and developed proprietary radio-frequency (RF) technologies which enable advanced wireless solutions for current and next generation wireless communication products. ParkerVision is engaged in a number of patent enforcement actions in the U.S. to protect patented rights that it believes are broadly infringed by others. For more information, please visit www.parkervision.com. (PRKR-I)

Safe Harbor Statement

This press release contains forward-looking information. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's SEC reports, including the Form 10-K for the year ended December 31, 2019 and the Forms 10-Q for the quarters ended March 31 and June 30, 2020. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

Cindy Poehlman

Chief Financial Officer

ParkerVision, Inc.




ParkerVision, Inc.

Balance Sheet Highlights

(in thousands)
June 30, 2020December 31, 2019
Cash and cash equivalents
Prepaid expenses and other current assets
Intangible assets, net
Other noncurrent assets, net
Total assets
Current liabilities
Contingent payment obligations
Convertible notes
Other long-term liabilities
Shareholders' deficit
Total liabilities and shareholders' (deficit) equity

ParkerVision, Inc.

Summary Results of Operations

Three Months EndedSix Months Ended
(in thousands, except per share amounts)
June 30,June 30,
Gross margin
Research and development expenses
Selling, general and administrative expenses
Total operating expenses
Interest expense
Change in fair value of contingent payment obligations
Total interest and other
Net loss
Basic and diluted net loss per common share
Weighted average shares outstanding

ParkerVision, Inc.

Condensed Consolidated Statements of Cash Flows

Six Months Ended
(in thousands)
June 30,
Net cash used in operating activities
$ (2,976)$ (2,550)
Net cash (used in) provided by investing activities
Net cash provided by financing activities
Net increase (decrease) in cash & cash equivalents
Cash & cash equivalents - beginning of period
Cash & cash equivalents - end of period
$ 543$ 63

SOURCE: ParkerVision, Inc.

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