JACKSONVILLE, Fla., May 16, 2005 (BUSINESS WIRE) -- ParkerVision, Inc. (Nasdaq NMS: PRKR), a developer and marketer of semiconductor technology solutions for wireless applications today announced its financial results for the first quarter, ended March 31, 2005. The company's financial results exclude ParkerVision's broadcast video division, which was sold in its entirety during the second quarter of 2004.
The company's reported net product revenues for the first quarter of 2005 were $171,982 compared to $45,775 in the prior year's period and the reported net loss for the quarter was $5,504,241, or $0.30 per basic and diluted share, compared to $5,362,261, or $0.30 per basic and diluted share in the first quarter in 2004. During the quarter, the company successfully completed a private placement for net proceeds of $20.2 million. Cash on hand at the quarter's end was approximately $22 million.
ParkerVision Chairman and CEO, Jeffrey Parker commented "The most significant accomplishments for the company this past quarter include the announcement of our new RF power amplifier technology which we believe opens up significant OEM opportunities for the company. To achieve the best and most prudent use of our capital we will continue to maintain a narrow distribution channel at retail while concentrating on converting OEM indications of interest into meaningful business for our company. Our goal for the wireless technologies that we've developed is to achieve the broadest adoption of our technology, both with our transceivers and power amplifiers."
About ParkerVision
ParkerVision, Inc. is headquartered in Jacksonville, Fla. with additional facilities in Orlando, Florida. The company's new RF power amplifier products provide chip and technology solutions to manufacturers of wireless RF products. The company designs, develops, and manufactures complete semiconductor system solutions for wireless products based on the enabling, patented D2D? technology. D2D, which is applicable to all wireless applications, utilizes digital radio circuitry that eliminates the negative attributes inherent to products that use legacy analog processes. ParkerVision also offers wireless networking products that incorporate the D2D technology to provide superior reliability, distance, and interference immunity and are available at select national and regional retail partner locations. Additional information about ParkerVision is available at www.parkervision.com.
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 10Q ending March 31, 2005. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
Summary of Results of Operations
(unaudited)
In thousands (except for per share amounts)
Three Months Ended
March 31,
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2005 2004
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Revenue, net $ 172 $ 296
Cost of goods sold 262 48
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Gross margin (90) 248
Research and development 2,922 2,977
Marketing and selling 990 262
General and administrative and other 1,536 1,035
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Total operating expenses 5,448 4,274
Investment income 34 53
--------- ---------
Loss from continuing operations (5,504) (3,973)
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Loss from discontinued operations 0 (1,390)
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Net Loss $ (5,504) $ (5,363)
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Basic and Diluted Loss per Common Share
$ (0.30) $ (0.22)
0.00 (0.08)
$ (0.30) $ (0.30)
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Balance Sheet Highlights
March
31, 2005 December
(unaudited) 31, 2004
----------- ----------
Current Assets $ 28,685 $ 13,794
Property and Equipment, Net 3,110 3,373
Other Assets, Net 10,631 10,914
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Total Assets $ 42,426 $ 28,081
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Current Liabilities $ 2,939 $ 3,323
Shareholders' Equity 39,487 24,758
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Total Liabilities and Shareholders' Equity $ 42,426 $ 28,081
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SOURCE: ParkerVision, Inc.
ParkerVision, Inc. Carolyn Wrenn (IR), 888-690-7110 cwrenn@parkervision.com or Cameron Associates Peter Seltzberg, 212-245-8800 peter@cameronassoc.com