(BUSINESS WIRE)--
JACKSONVILLE, Fla., Mar 08, 2007 (BUSINESS WIRE) -- ParkerVision, Inc. (Nasdaq NMS: PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, announced a net loss for the three months ended December 31, 2006 of $3.4 million, or $.14 per share compared to a net loss of $3.5 million or $.17 per share during the fourth quarter of 2005.
For the year ended December 31, 2006, ParkerVision reported a net loss of $15.8 million, or $0.68 per share, compared to a net loss of $23.1 million, or $1.14 per share for the year ended December 31, 2005.
The company has reported no revenue for 2006, having exited the retail business in June 2005 to concentrate on introducing its wireless technology into the OEM marketplace. Revenue from retail product sales for the year ended December 31, 2005 was $996,000.
The company's operating expenses for the year ended December 31, 2006 were $16.9 million, representing a $4.5 million, or 21% decrease from operating expenses of $21.4 million in 2005. This decrease is primarily due to savings resulting from exiting the retail business activities and narrowing the company's focus to OEM sales activities. The decrease was somewhat offset by a $1.4 million increase in stock-based compensation due to the adoption on January 1, 2006 of Statement of Financial Accounting Standard No. 123(R), "Share-Based Payment," which requires the recognition of compensation expense based on the estimated fair value of stock options granted to employees.
The company's use of cash in operating activities was $11.4 million for the year ended December 31, 2006 compared to $15.7 million for the same period in 2005. The Company ended the year with $13.2 million in cash and cash equivalents.
Subsequent to the end of the year, the Company completed a private placement of 992,441 shares of its common stock at a price of $8.50 per share for proceeds of approximately $8.4 million. In addition, the Company's first patent specifically related to its d2p(TM) transmit technology was recently granted by the U.S. patent office.
Chairman and Chief Executive Officer, Jeffrey Parker commented, "In 2006, we cultivated business relationships with our target customers while continuing to develop and deepen both our technology and the intellectual property portfolio behind it. As we approach our initial licensing wins, and continue our discussions with numerous OEMs, securing the protection of our intellectual property is an important element of our business strategy. The receipt of our first patent specifically related to our d2p technology is timely and is a welcome addition to our portfolio, along with the 24 other patents related to our RF technology that were granted in 2006."
The company will host a live broadcast of its year end 2006 financial results via conference call on March 8, 2007 at 4:30 PM Eastern time. The conference call will be accessible by telephone at (800) 946-0720 (no passcode 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 passcode 9597284 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 (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 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.
(PRKR-I)
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, 2006. 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)
Three Months Ended Year Ended
Dec. 31, Dec. 31,
-------------------- ---------------------
2006 2005 2006 2005
---------- --------- ---------- ----------
Revenue, net $ 0 $ 271 $ 0 $ 996
Cost of goods sold 0 52 0 786
Write down of inventory to
net realizable value 0 0 0 2,251
---------- --------- ---------- ----------
Gross margin 0 219 0 (2,041)
---------- --------- ---------- ----------
Research and development 2,160 1,982 9,521 10,284
Marketing and selling 527 307 2,118 3,141
General and administrative 1,028 1,316 5,233 6,038
Loss (gain) on disposal of
property and equipment 2 25 (5) 1,899
---------- --------- ---------- ----------
Total operating expense 3,717 3,630 16,867 21,362
---------- --------- ---------- ----------
Interest income and other 351 (91) 1,051 304
---------- --------- ---------- ----------
Net loss $ (3,366) $ (3,502) $ (15,816) $ (23,099)
========== ========= ========== ==========
Basic and diluted loss per
common share $ (0.14) $ (0.17) $ (0.68) $ (1.14)
========== ========= ========== ==========
Balance Sheet Highlights
Dec. 31, 2006 Dec. 31, 2005
------------- -------------
Cash, cash equivalents and short term
investments $ 13,226 $ 10,569
Other current assets 1,147 1,696
Property and equipment, net 2,094 1,868
Other assets, net 10,208 9,699
------------- -------------
Total assets $ 26,675 $ 23,832
============= =============
Current liabilities $ 1,059 $ 1,427
Deferred rent 433 5
Shareholders' equity 25,183 22,400
------------- -------------
Total liabilities and shareholders'
equity $ 26,675 $ 23,832
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SOURCE: ParkerVision, Inc.
Cameron Associates Paul Henning, 212-245-8800 paul@cameronassoc.com or ParkerVision, Inc. Carolyn Wrenn, 888-690-7110 cwrenn@parkervision.com