Company says cost-cutting moves will save $8 million a year.
A week after reporting disappointing quarterly financial results, ParkerVision Inc. Thursday said it is closing its second office in Lake Mary and cutting 30 jobs.
The Jacksonville-based company said in its annual report that it had 45 full-time and five part-time employees at the end of 2017.
ParkerVision said the cost-cutting moves will save $8 million a year.
In addition to cutting jobs and consolidating operations into its Jacksonville office, CEO Jeff Parker and three other executives are reducing their base salaries by at least 20 percent. Parker’s base salary was $325,000 last year, according to the company’s annual proxy statement.
ParkerVision last week reported a drop in sales of its consumer Wi-Fi product, and Parker expressed frustration with the slow pace of its legal actions alleging patent infringement against several major wireless product manufacturers.
“We anticipate several decisions in our patent enforcement actions this year, any one of which could provide a favorable catalyst for the overall success of our enforcement program,” Parker said in a news release Thursday morning.
“This reduction in workforce, while difficult, is essential to the transformation of ParkerVision toward a sustainable, growing business,” he said.