Company delisted from the Nasdaq because its stock value failed to reach $35 million.
ParkerVision Inc. officials continue to express optimism about its in-home Wi-Fi product called Milo.
However, ParkerVision’s third quarterly financial report since it introduced Milo last fall showed another drop in sales.
The Jacksonville-based developer of wireless technology last week reported second-quarter revenue of just $38,000, down from $77,000 in the first quarter and from $100,000 in the fourth quarter of 2017.
“We believe this decrease (from the first to second quarter) is a result of our decision to divert advertising dollars towards our national television campaign, which launched last week,” Chief Financial Officer Cindy Poehlman said in ParkerVision’s conference call with investors.
“We will be closely evaluating results of this campaign over the coming weeks as we work to maximize the potential revenue growth that it can generate,” she said.
CEO Jeff Parker said investors should expect increased sales because of the ads that are running on several cable television networks.
“We’re in the very early stages of this campaign and are determining on a nearly real-time basis which markets are most effective and continuously adjusting and improving our media plan to reinforce the effectiveness of the campaign,” he said.
“Candidly, I wish our call was a few weeks later because I think we’d have more to talk about,” Parker said.
ParkerVision says Milo provides consumers with enhanced Wi-Fi coverage and performance in their homes.
ParkerVision has been in business for more than a quarter-century and it has brought several consumer products to the market over the years that failed to catch on. The company has lost money every year.
For the second quarter, it reported an adjusted net loss of $3.6 million, or 14 cents a share.
Besides its various consumer products, ParkerVision also had pursued legal action against several major manufacturers of wireless products alleging they have infringed on its patented technology. None of its current cases appear close to resolution.
“It’s frustrating beyond what I can express, the inability to timely enforce patent infringement in the United States,” Parker said in last week’s conference call.
The lack of results has depressed ParkerVision’s stock, and the company has faced threats of delisting by Nasdaq several times.
With the stock trading below $1 since February, the company finally was delisted by Nasdaq last week. The company said in a Securities and Exchange Commission filing that it was delisted because it failed to comply with a Nasdaq rule that the stock’s market value should be at least $35 million.
The stock began trading on the over-the-counter market Friday under the same ticker symbol, “PRKR.”
After ParkerVision’s financial report, which included the likelihood of a delisting, ParkerVision’s stock fell from 58 cents to 39 cents on Aug. 15.
The SEC filing about the delisting came after the market closed Aug. 15, and the stock fell to 26 cents Aug. 16.
GEE Group revenue down 12.6 percent
GEE Group Inc. reported revenue for its third quarter ended June 30 of $40.3 million, down 12.6 percent from the previous year.
The Jacksonville-based staffing company had a net loss of $1.9 million, or 18 cents a share, for the quarter.
GEE Group said the decline in revenue was largely due to a reduction in temporary workforce requirements of a few key customers in its industrial services division. Results also were impacted by a reduction of personnel in its professional services division and certain office closures to improve profitability.
“The company has made great strides in streamlining field operations, improving the efficiency and productivity of its sales and recruitment teams and in enhancing its menu of services and delivery network,” CEO Derek Dewan said in a news release.
Dewan expects strong demand for GEE Group’s services in the current economy.
“The low white-collar unemployment rate and tight labor market coupled with strong GDP growth bodes well for the staffing industry in general and GEE Group in particular,” he said.
Duos Technologies raises forecast
Duos Technologies Group Inc. last week reported a big increase in second-quarter revenue and increased its forecast for full-year revenue.
The Jacksonville-based company, which provides intelligent security and analytical technology solutions, reported revenue of $3.2 million for the quarter, up from $1.2 million last year.
Duos increased its revenue forecast for the full year from $9.3 million to $10.1 million, based on contracts in place, and said it expects to receive additional contracts during the year.
The company’s 2017 revenue was $3.9 million.
Duos had a net loss of $634,000, or 3 cents a share, in the quarter but CEO Gianni Arcaini said in a news release the company is getting closer to profitability as it grows.
“With our core technology now fully developed and ready to deploy, we anticipate this growth to continue as we win new business and begin deployments throughout the remainder of the year and beyond,” he said.
Coach parent beats forecasts
Tapestry Inc.’s stock jumped higher last week after the parent company of the Coach handbag and accessories brand reported higher than expected sales and earnings.
Tapestry said sales in the fourth quarter ended June 30 rose 31 percent to $1.48 billion, mainly because of its acquisition of the Kate Spade brand last year. But sales beat the average analyst’s forecast of $1.46 billion, according to Zacks Investment Research.
Adjusted earnings of 60 cents a share were 10 cents higher than last year and 3 cents higher than the average analyst’s forecast.
The company projected fiscal 2019 earnings of $2.70 to $2.80 per share, compared with adjusted earnings of $2.63 in the fiscal year ended June 30.
Besides Coach and Kate Spade, Tapestry also owns the Stuart Weitzman shoe brand, which it acquired in 2015. The company changed its name from Coach Inc. last year because of the expansion into other brands.
New York-based Tapestry handles all of its North American distribution for Coach products from an 850,000-square-foot warehouse at the Jacksonville International Tradeport.
Fourth-quarter sales for Coach rose 5 percent to $1.1 billion and comparable-store sales, including e-commerce and physical stores open for more than one year, rose 2 percent.
Coach is best known for its handbags, but CEO Victor Luis said in a news release the brand expects to grow sales in other areas.
“Beyond bags, we’re excited about the opportunities for women’s footwear and ready-to-wear as well as men’s across all categories,” he said.
Tapestry’s stock rose $5.70 to $53.16 on Aug. 14 after the earnings report.
Creative Learning appoints new CEO
St. Augustine-based Creative Learning Corp. said in an SEC filing last week that Blake Furlow was appointed as CEO. Furlow has been serving as chairman of the board of the company, which has been operating without a CEO.
Creative Learning, which offers educational and enrichment programs for children through franchisees, also reported a profit of $114,172, or 1 cent per share, for the third quarter ended June 30, giving it consecutive quarterly profits for the first time since 2015.
Revenue in the quarter rose 12 percent to $618,047 because of an increase in initial franchise sales, the company said.
Shepherd’s Finance earnings rise
Shepherd’s Finance LLC reported second-quarter earnings of $204,000, compared with $163,000 the previous year.
The Jacksonville-based company is a commercial lender for the residential construction and development industry. It said loans receivable rose 39 percent to $41.8 million, as the company sees growth in demand for construction and development loans.