JACKSONVILLE, Fla., Aug. 10 /PRNewswire-FirstCall/ -- PARKERVISION, INC. (Nasdaq: PRKR), announced today its financial results for the second quarter ended June 30, 2004. ParkerVision completed the sale of its video business to Thomson in the second quarter of 2004. As a result, the operating results of the video division, including the gain from the sale, are included as "Gain (loss) from discontinued operations" in the company's Statement of Operations for both the current and prior periods reported. The company's operating results solely represent the operations of the company's wireless division.
For the three and six month periods ended June 30, 2004, ParkerVision reported revenues from continuing operations of approximately $101,000 and $419,000, respectively. The company reported no revenue from continuing operations for the same periods in 2003. The net loss from continuing operations for the second quarter was $3.9 million, ($.22 per share) as compared to $4.3 million ($.33 per share) in 2003. The year to date net loss from continuing operations was $7.9 million ($.44 per share) for 2004 as compared to $9.0 million ($.61 per share) for the same period in 2003.
The company reported a net gain from discontinued operations of $9.2 million ($.51 per share) for the quarter ended June 30, 2004, compared to a net loss of $.8 million ($.05 per share) for the same period in 2003. For the six month period ended June 30, 2004, the company reported a net gain from discontinued operations of $7.8 million ($.43 per share) compared to a net loss of $1.6 million ($.11 per share) for the same period in 2003.
Chairman and CEO Jeffery L. Parker commented, "During the second quarter, we focused our attention on closing the sale of the video division and building our infrastructure to support second half growth in our wireless business. The operating revenues in the second quarter represent limited sales of wireless networking products through ParkerVision's own website, Internet retailer TigerDirect.com, and through initial VAR (value-added reseller) sales. We had previously stated that we expected significant revenue growth in the second half of the year and we continue in that belief. We will achieve increasing distribution of our products in the second half and into 2005 as we add additional wireless products and distribution over that period. Retail storefronts, acceleration of our VAR program, and entering into OEM and strategic alliances will all play a role in our growth. Although the process of entry into the retail channel has taken longer than anticipated, we are confident that shareholders will see retail storefronts offering our complete wireless networking system starting in the third quarter. We also plan to introduce additional networking products geared to the enterprise and VAR markets and our first cordless telephony products during the second half of 2004.
We have begun to increase our inventory volumes in order to support revenue growth. In addition, the company has added new personnel that increase the depth and expertise in the organization in sales and marketing, engineering and management. In the second quarter we were awarded Laptop Magazine's "Ultimate Mobility Award for 2004" for our wireless laptop card. We expect to have an acceleration of media coverage as we expand our distribution channels. We believe all of these factors are in place to enable us to achieve revenue growth in the second half of this year and into 2005.
In July, the company acquired a cordless phone product including high volume production tooling from Consumerware, Incorporated. This acquisition will allow us to integrate the company's superior D2D™ radio technology into an existing cordless phone with a high-quality feature set, thus shortening the time to market for this product. We plan initial production of our cordless phone product in the fourth quarter of 2004."
ParkerVision, Inc., headquartered in Jacksonville, with additional facilities in Orlando, Florida, designs, develops and manufactures complete solutions for wireless products based on the enabling, patented D2D™ technology. This technology, along with the system engineering, enables the development of wireless products that offer the highest performance and reliability while consuming low power and are at a competitive cost. Additional information about ParkerVision is available at http://www.parkervision.com and about D2D™ technology at http://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, 2003 and the Forms 10Q for the quarters ended March 31, 2004 and June 30, 2004. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
SOURCE ParkerVision, Inc.
CONTACT: Carolyn Wrenn, Director of Investor Relations, ParkerVision,
Inc., 1-888-690-7110, fax - +1-904-731-0958