ParkerVision Inc. (PRKR), the patent licensing company run by CEO Jeffrey Parker, said its net loss was little changed at $5.8 million on higher than expected litigation costs related to its appeal of a district court ruling throwing out a $173 million verdict it won in 2013 against Qualcomm.

The Jacksonville, Florida-based company’s net loss of 6 cents a share, compared with $5.8 million, or 6 cents a share, a year earlier.

Litigation expenses increased $1.6 million on a year over year basis.

Research and development expenses declined to $1.8 million from $2.26 million. Marketing and selling expenses decreased to $485,797 from $656,991.

General and administrative expenses increased to $3.54 million from $2.87 million, a year ago.

ParkerVision had cash and available for sale securities of $8.2 million as of March 31, 2014, down from $11.2 million at year end 2014.

Unless ParkerVision starts producing some licensing revenue soon, investors "may start to lose patience with the company," said Dex Wheeler, the chief analyst at M-CAM, a financial institution that advises on the underwriting of intellectual property based in Charlottesville, Virginia.

"Qualcomm seems to have been pretty successful in arguing for non-infringement," Wheeler said. "To have a judge throw out your case for non-infringement is not not good."

In the meantime, "the Qualcomm case is really the only thing they have going for them" that could mean revenue in the short run, Wheeler said.

Another case filed against Qualcomm in the Middle District of Florida involving 7 patents related to RF transmitters is in the early stages and has yet to go through claims construction, he said. An outcome is still years away.

"ParkerVision has talked about some new IP in its portfolio, but we haven't seen any evidence of it working," he said.

Parker said in a statement that ParkerVision continues "to actively pursue commercialization opportunities for our technologies as well as additional funding commitments for our current and future enforcement actions.”

Shares of ParkerVision plunged 40% on Friday after a hearing before the Court of Appeals for the Federal Circuit on the appeal of a federal district court ruling throwing out the Qualcomm verdict.

Indeed, ParkerVision shares plunged 27 cents to 39 cents Friday in trading. The shares gained 0.0064 cents, or 1.62%, to 40.05 cents today. They’ve traded between 33 cents and $5.32 cents over the past year.

The attorneys for ParkerVision “did not handle the technical questions of the court well” and that’s why the stock was down, said Greg Lewin, who manages money for Lewin Capital Partners in Stamford, Conn. on Friday “It’s terribly disappointing. Certainly not a good day.”

The poor performance of ParkerVision’s attorneys “may not be fatal” for the licensing company because hearings typically last only about an hour and the great majority of decisions by the Federal Circuit are based on legal briefs, Lewin said.

During a conference call today with investors, Parker played down the importance of the hearing and emphasized that the case the company made in its briefs was far more important and compelling.

Lewin is still holding on to his investment in ParkerVision because it has many other potentially valuable infringement claims. He said he doesn’t stand to lose much more if it goes to zero, and, if ParkerVision gets lucky in its other cases, it could soar to $7.

As of December 31, 2014, ParkerVision had 179 U.S. and 88 foreign patents related to RF technologies, and approximately 45 U.S. and foreign patent applications pending.

The plunge in ParkerVision’s stock price comes two weeks after the company said it was facing delisting from the Nasdaq because its stock price was below the minimum requirements. The latest plunge will make it even more challenging for the company to avoid being delisted.

To reach the reporter responsible for this story please contact Dan Lonkevich at 707 318-7899 or at dan@thepatentinvestor.com