PARKERVISION
[LOGO]
8493 Baymeadows Way [direct2data LOGO]
Jacksonville, Florida 32256
888-690-7110 FAX 904-731-0958
Contact: Carolyn Wrenn [PVTV LOGO]
Director of Investor Relations
FOR IMMEDIATE RELEASE
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PARKERVISION REPORTS FOURTH QUARTER AND YEAR END RESULTS
Complete D2D(TM) Wireless Networking System Available
JACKSONVILLE, FLORIDA, MARCH 11, 2004 - PARKERVISION, INC. (Nasdaq NMS: PRKR)
today reported its financial results for the fourth quarter and the year ended
December 31, 2003.
ParkerVision, Inc. designs, develops and manufactures communications technology
for the wireless and video industries. The company has entered into a definitive
agreement with Thomson Broadcast & Media Solutions Inc. and affiliates, to sell
its video business. The sale to Thomson is expected to close in the second
quarter of 2004, subject to shareholder approval and normal closing conditions.
ParkerVision's future focus will be based upon its comprehensively patented
Direct2Data(TM) wireless technology and related opportunities.
For the fourth quarter of 2003, ParkerVision achieved revenues of $1.2 million,
and incurred a net loss of $5.8 million ($.35 per share), as compared to the
fourth quarter of 2002 with revenues of $3.6 million and a net loss of $4.9
million ($.35 per share). For the full year 2003, revenues were $6.7 million and
the net loss was $22.0 million ($1.43 per share). For 2002, revenues were $11.9
million and the net loss was $17.3 million ($1.24 per share).
Although the company started selling its initial wireless networking products
late in 2003, revenues in the fourth quarter were primarily generated from the
video division. The video division experienced a decline in sales revenue over
the last several quarters. The company attributes this to the uncertainty among
broadcasters as to the company's plans for its video division as well as
economic conditions facing broadcasters early in the year.
The company will continue to invest working capital in its wireless product
development programs and expects to increase its investment in sales and
marketing programs in 2004. The company ended 2003 with a cash position of $20.5
million and no long-term debt.
Chairman and CEO Jeffrey L. Parker commented, "During the past year the company
has progressed on many fronts. A decision was made to focus all our human and
financial resources on the exciting opportunities we saw evolving from the
wireless division. We have now entered into a definitive agreement to sell the
video business for approximately $14 million to affiliates of the French
electronics company, Thomson.
The first product line introduced by our wireless division is a complete
wireless networking system designed for wireless Internet access solutions. To
our knowledge, our product delivers superior wireless performance compared to
other offerings currently available. Even though wireless networking has become
commonplace, it is still plagued by many constraints such as dead zones, lack of
range, unreliable connectivity and high power consumption. The consumer has
accepted these limitations as "frustrating" but normal as they often experience
little performance difference regardless of which product they purchase. They
will sometimes try to eliminate the problems by using repeaters, boosters,
external antennas, or they will hire an IT installer to tell them where to put
their access point to optimize coverage and connectivity. ParkerVision's
complete networking system eliminates these issues without the need for any
additional equipment. Our products allow the customer to put the access point in
convenient locations while guaranteeing full coverage. The company will be
marketing through Internet retailers, resellers, network installers, selective
regional and national storefronts, and co-branding.
The company's current WLAN products are for wireless Internet data networking
applications. The company's product development plans over the next twelve to
eighteen months include expanding its WLAN applications to products that also
incorporate audio, video and voice, through wireless networking. In addition,
the company is currently researching the use of its D2D(TM) technology for
cordless phone applications.
As the company begins marketing efforts through public relations, increased
distribution channels, and by introducing new product lines, we would expect
wireless revenues to grow significantly throughout the year, primarily in the
second half," continued Parker.
ParkerVision, Inc., headquartered in Jacksonville, with additional facilities in
Orlando, Florida, was incorporated in 1989 and designs, develops and
manufactures communications technology platforms and products for the wireless
and video industries. The video division is engaged in the design, development
and marketing of automated live production systems for broadcasting, webcasting,
and automated video camera control systems. ParkerVision is a leader in direct
conversion radio technology. Its patented D2D(TM) radio communications
technology enables the development of advanced, highly integrated products for a
wide range of wireless and wired radio-based devices. D2D(TM)'s innovative RF
technology simplifies wireless electronics, resulting in smaller,
cost-effective, high-performance wireless communications products. Additional
information about ParkerVision is available at www.parkervision.com and about
D2D(TM) technology at www.Direct2Data.com.
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 10K for the year ended December 31, 2002 and the Forms 10Q
for the quarters ended March 31, 2003, June 30, 2003 and September 30, 2003.
These risks and uncertainties could cause actual results to differ materially
from those currently anticipated or projected.
TABLE TO FOLLOW
SUMMARY OF RESULTS OF OPERATIONS
(UNAUDITED)
IN THOUSANDS (EXCEPT BASIC LOSS PER COMMON SHARE)
Three Months Ended Year Ended
December 31, December 31,
------------------------- ------------------------
2003 2002 2003 2002
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Revenue, net $ 1,237 $ 3,581 $ 6,738 $ 11,912
Cost of Goods Sold 973 2,029 4,666 7,209
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Gross Margin 264 1,552 2,072 4,703
Research and Development 3,413 3,746 15,026 13,939
Marketing and Selling 884 1,040 3,679 3,568
General and Administrative 1,856 1,894 5,774 5,321
Other Expense 0 0 84 52
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Total Operating Expense 6,153 6,680 24,563 22,880
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Loss From Operations (5,889) (5,128) (22,491) (18,177)
Interest Income 109 181 476 905
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Net Loss $ (5,780) $ (4,947) $ (22,015) $ (17,272)
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Basic Loss per Common Share $ (0.35) $ (0.35) $ (1.43) $ (1.24)
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BALANCE SHEET HIGHLIGHTS
December 31, December 31,
2003 2002
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Current Assets $ 26,309 $ 22,691
Property and Equipment, Net 4,860 6,183
Other Assets, Net 11,314 8,871
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Total Assets $ 42,483 $ 37,745
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Current $ 3,084 $ 3,699
Liabilities
Shareholders' Equity 39,399 34,046
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Total Liabilities and Shareholders' Equity $ 42,483 $ 37,745
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