JACKSONVILLE, Fla.--(BUSINESS WIRE)--Nov. 7, 2005--PARKERVISION, INC. (Nasdaq NMS: PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, today reported net product revenue of $430,000 for the third quarter ended September 30, 2005, compared to $63,000 for the third quarter ended September 30, 2004. The net loss from continuing operations during the current quarter was $3.9 million, or $0.19 per share, compared to a loss of $5.1 million, or $0.28 per share in 2004.
For the nine month period ended September 30, 2005, ParkerVision reported total revenues of $725,000, compared to $422,000 for the corresponding period in 2004. The year to date net loss from continuing operations was $19.6 million or $0.97 per share compared to a loss of $12.9 million, or $0.72 per share for the nine months ended September 30, 2004. The nine month period ended September 30, 2005 includes approximately $4.7 million in charges related to the company's previously announced exit from retail business activities.
Chairman and CEO Jeffrey L. Parker commented, "In concert with our focus to secure top tier OEM business relationships, we had a number of follow up discussions as well as initial meetings with new prospective OEM business partners this quarter. A cadence of continuing dialog has resulted from companies learning how our technology improves efficiency and performance for the next generation of products that they are developing."
"Some of our OEM discussions have progressed beyond technology demonstrations and into substantive and more specific discussions on fashioning business relationships," continued Parker. "We are encouraged by this progress and the interest we are receiving towards establishing initial business relationships on a number of fronts. Our entire company is encouraged and energized by our focus, progress and the scope of opportunities for our Energy Signal Processing? technology in the wireless arena."
The company will host a live broadcast of its third quarter 2005 financial results via conference call on Monday November 7th at 4:30 pm. Eastern time. The conference call will be accessible by telephone at 800-901-5226 or 617-786-4513, with the pass code of 42702404 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 888-286-8010 or 617-801-6888 using pass code 27252380 and accessible by web cast 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? (ESP?). 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.
Summary of Results of Operations
in thousands (except for per share amounts)
unaudited
Three Months Ended Nine Months Ended
September 30, September 30,
----------------- ------------------
2005 2004 2005 2004
-------- -------- --------- --------
Revenue, net $430 $63 $725 $422
Cost of goods sold 339 83 734 212
Write down of inventory to net
realizable value 0 0 2,251 0
-------- -------- --------- --------
Gross margin 91 (20) (2,260) 210
-------- -------- --------- --------
Research and development expenses 2,188 2,785 8,302 8,161
Marketing and selling expense 562 589 2,834 1,267
General and administrative
expenses 1,387 1,669 4,721 3,838
Impairment loss and (gain) loss
on disposal of property and
equipment (6) 0 1,874 0
-------- -------- --------- --------
Total operating expenses 4,131 5,043 17,732 13,266
-------- -------- --------- --------
Interest and other income 138 56 395 156
-------- -------- --------- --------
Loss from continuing operations (3,902) (5,007) (19,597) (12,900)
Net gain (loss) from discontinued
operations 0 (81) 0 7,708
-------- -------- --------- --------
Net loss $(3,902) $(5,088) $(19,597) $(5,192)
======== ======== ========= ========
Basic and diluted net loss per
common share
Continuing operations $(0.19) $(0.28) $(0.97) $(0.72)
Discontinued operations 0.00 0.00 0.00 0.43
-------- -------- --------- --------
Total $(0.19) $(0.28) $(0.97) $(0.29)
======== ======== ========= =======
Balance Sheet Highlights (in thousands)
September 30, Dec 31,
2005 2004
(unaudited)
-------------- --------
Cash, cash equivalents and short term
investments $14,564 $7,798
Accounts and other receivables 293 1,588
Inventories, net 153 2,626
Prepaid expenses and other current assets 1,262 1,782
-------------- --------
Total current assets 16,272 13,794
Property and Equipment, net 2,298 3,373
Other Assets, net 9,371 10,914
-------------- --------
Total Assets 27,941 28,081
============== ========
Current Liabilities 2,423 3,323
Shareholders' Equity 25,518 24,758
-------------- --------
Total Liabilities and Shareholders' Equity $27,941 $28,081
============== ========
CONTACT:
Cameron Associates
Paul Henning, 212-245-8800
paul@cameronassoc.com