EXHIBIT 99.1
PRESS RELEASE
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Contacts:
Paul Henning
Cameron Associates
212-245-8800
paul@cameronassoc.com
Carolyn Wrenn
ParkerVision, Inc.
888 690-7110
cwrenn@parkervision.com
PARKERVISION REPORTS FOURTH QUARTER AND YEAR END 2005 RESULTS
JACKSONVILLE, FLORIDA, MARCH 7, 2006 - ParkerVision, Inc. (Nasdaq NMS: PRKR), a
developer and marketer of semiconductor technology solutions for wireless
applications, announced today net revenues from the sale of retail products of
approximately $271,000 for the three month period ended December 31, 2005,
compared to $19,000 for the same period in 2004. Revenues from continuing
operations for the year ended December 31, 2005 and 2004 were approximately
$996,000 and $441,000, respectively.
The net loss from continuing operations for the fourth quarter was $3.5 million,
or $.17 per share compared to $9.7 million or $.53 per share in 2004. The year's
net loss from continuing operations was $23.1 million, or $1.14 per share
compared to $22.6 million or $1.25 per share for the full year's period in 2004.
Subsequent to the end of the year, the Company completed a private placement of
2,373,335 shares of its common stock, at a price of $7.50 per share, and
redeemable warrants to purchase an additional 593,335 shares, at an exercise
price of $8.50 per share, for gross proceeds of approximately $17.8 million.
"2005 marked the start of an exciting new phase for our company," said Jeff
Parker, President and Chief Executive Officer. "We exited the retail business,
advanced our Energy Signal Processing (ESP(TM)) technology, strengthened our
balance sheet, and engaged in continuing and progressive business discussions
with OEMs who represent over 50% of the worldwide mobile handset marketplace.
"We are beginning 2006 with demonstrations of our first fully-integrated d2p(TM)
circuits ("ICs"). We believe these initial ICs are an important milestone for
the company as they enable our potential customers to proceed through the
technology due diligence at a faster pace. Our target customer base has expanded
to now include many of the established component manufacturers who provide ICs
to the mobile handset OEM's. These developments, combined with the results of
recent OEM meetings, have only strengthened my confidence in our near-term goal
of securing initial design wins.
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"The progress we have made since our initial technology demonstrations in the
second quarter of 2005 reflects a uniform commitment to our strategy, belief in
our technology, and dedication of our team here at ParkerVision," concluded Mr.
Parker.
The company will host a live broadcast of its fourth quarter and year end 2005
financial results via conference call on Tuesday, March 7, 2006 at 4:30 PM
Eastern time. The conference call will be accessible by telephone at
800-810-0924 (no pass code required) and participants are advised to dial-in at
least five minutes before the scheduled start time. The replay of the conference
call will be available for seven days by telephone at 888-203-1112 or
719-457-0820 using pass code 2393448 and accessible by webcast via the Internet
at www.parkervision.com for a period of 90 days.
About ParkerVision
ParkerVision is focused on the commercialization of its proprietary RF
communication technologies that enable significant advancements in wireless
products and services. These technologies are described collectively as Energy
Signal Processing(TM) (ESP(TM)). ESP optimally processes RF waveform energy,
eliminating costly and inefficient circuit processes inherent in traditional RF
designs.
ParkerVision's solutions will initially address key needs for extended battery
life, reduced cost and higher performance in mobile handsets as the cellular
industry migrates to next generation 3G networks. The company's extended
business strategy targets additional market opportunities in communications and
networking where it can leverage its ESP technologies for products and services
in an increasingly wireless world.
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 10K for the year ended December 31, 2004 and the Forms 10Q
for the quarters ended March 31, 2005, June 30, 2005 and September 30, 2005.
These risks and uncertainties could cause actual results to differ materially
from those currently anticipated or projected.
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SUMMARY OF RESULTS OF OPERATIONS
IN THOUSANDS (EXCEPT FOR PER SHARE AMOUNTS)
Three Months Ended Full Year Ended
Dec. 31, Dec. 31,
-------------------------- ---------------------------
2005 2004 2005 2004
-------- -------- -------- --------
Revenue, net $271 $19 $996 $441
Cost of goods sold 52 314 786 526
Write down of inventory to net
realizable value 0 2,769 2,251 2,769
-------- -------- -------- --------
Gross margin 219 (3,064) (2,041) (2,854)
-------- -------- -------- --------
Research and development 1,982 3,262 10,284 11,423
Marketing and selling 307 1,217 3,141 2,484
General and administrative 1,316 2,206 6,038 6,044
Loss on disposal of property and equipment 25 0 1,899 0
-------- -------- -------- --------
Total operating expense 3,630 6,685 21,362 19,951
-------- -------- -------- --------
Interest and other (91) 62 304 217
-------- -------- -------- --------
Loss from continuing operations (3,502) (9,687) (23,099) (22,588)
Net gain from discontinued operations 0 65 0 7,773
-------- -------- -------- --------
Net loss $(3,502) $(9,622) $(23,099) $(14,815)
======== ======== ======== ========
Basic and diluted loss per common share
Continuing operations $(0.17) $(0.53) $(1.14) $(1.25)
Discontinued operations 0.00 0.00 0.00 0.43
Total $(0.17) $(0.53) $(1.14) $(0.82)
======== ======== ======== ========
BALANCE SHEET HIGHLIGHTS
Dec 31, 2005 Dec 31, 2004
------------ ------------
Cash, cash equivalents and short term investments $10,569 $7,798
Inventories and other current assets 1,696 5,996
Property and equipment, net 1,868 3,373
Other assets, net 9,699 10,914
------- -------
Total assets $23,832 $28,081
======= =======
Current liabilities $1,432 $3,323
Shareholders' equity 22,400 24,758
------- -------
Total liabilities and shareholders' equity $23,832 $28,081
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