This is huge-->"Our WLAN chip is currently going through semiconductor fabrication. We expect that there will be significant gains in wireless LAN industry shipments next year as the 802.11b standard expands into more mainstream use, such as enterprise-wide PC applications. Wireless LAN is a very good first application for our chips, which we expect to start shipping to customers in 2001."
ParkerVision Reports Record Revenue for Third Quarter
Sharply Higher Revenues Lead to Smaller Loss Positive Cash Flow from Video Business Offsets Increased Investment in Wireless
JACKSONVILLE, Fla., Nov 6, 2000 /PRNewswire via COMTEX/ -- ParkerVision, Inc. (Nasdaq: PRKR chart, msgs) today reported financial results for the three months ended September 30, 2000. Revenues were $5.6 million, versus $3.1 million in the third quarter of 1999. The company's net loss was $2.0 million, versus a $2.4 million loss in the third quarter of 1999. Net loss per share declined to $.15 versus $.21 a year ago. Third quarter results also showed improvement sequentially versus the second quarter of 2000. These results were achieved even as the company substantially increased R&D spending to commercialize its Direct2Data(TM) wireless technology, which the company anticipates will generate revenue in 2001.
ParkerVision Financial Highlights:
Numbers in 9 months 9 months
$ millions 3Q 2000 3Q 1999 2Q 2000 2000 1999
Revenues 5.6 3.1 3.0 11.3 8.2
R&D Expense 3.3 1.9 3.7 9.0 4.4
Net Profit
(Loss) (2.0) (2.4) (5.8) (10.7) (6.2)
Earnings
per Share ($.15) ($.21) ($.47) ($.86) ($.53)
Cash &
Investments 41.5 19.7 44.0
The company remains confident in its ability to fund its current business plan, with $46 million in working capital and $41.5 million in cash and investments in U.S. government-backed securities at the end of the third quarter. The company used $2.5 million in cash during the third quarter. As previously forecast by the company, the video business was cash flow positive for the third quarter, and contributed to offsetting the investment the company is making in its wireless business. The video business is expected to continue to generate positive cash flow.
"We are making good progress towards bringing our first commercially available D2D(TM) based radio chip to market for use in the 802.11b wireless LAN application," commented Jeffrey Parker, Chairman and Chief Executive Officer of ParkerVision. "Our WLAN chip is currently going through semiconductor fabrication. We expect that there will be significant gains in wireless LAN industry shipments next year as the 802.11b standard expands into more mainstream use, such as enterprise-wide PC applications. Wireless LAN is a very good first application for our chips, which we expect to start shipping to customers in 2001."
ParkerVision's Direct2Data direct conversion technology enables highly integrated radio chips, eliminating much of the circuitry required using conventional heterodyne based radio technology. The company believes the D2D technology is broadly applicable to both wireless and wired radio-based communication systems and will result in communications devices which are smaller, less costly, use less power, and deliver better performance than today's conventional counterparts. The company announced its first agreement late last year to commercialize the technology in the wireless LAN market place. ParkerVision is initially focusing on 802.11b wireless LAN, and CDMA mobile phone applications.
ParkerVision has been awarded four patents from the United States Patent and Trademark office for its D2D technology, and has over 70 additional patents pending. Direct2Data technology can be deployed in any semiconductor process, including standard CMOS, and represents a unique radio architecture that enables practical true Zero IF radio systems.
The video division is engaged in the design, development and marketing of automated video camera control systems and automated live production systems.
ParkerVision, headquartered in Jacksonville, Florida, designs, develops and manufactures communications technology platforms and products for wireless and video industries. Additional information about ParkerVision and its Direct2Data (D2D) technology is available at www.parkervision.com and www.D2D.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, 1999 and the Forms 10Q for the quarters ended March 31, 2000 and June 30, 2000. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
Summary of Results of Operations
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Revenue, net $ 5,581,440 $ 3,069,483 $11,343,290 $ 8,166,203
Cost of Goods Sold 2,464,620 1,920,277 6,561,106 5,317,632
Gross Margin 3,116,820 1,149,206 4,782,184 2,848,571
Research and
Development 3,254,384 1,872,834 9,031,599 4,383,290
Marketing and
Selling 1,324,536 1,025,940 3,919,161 2,765,200
General and
Administrative 1,117,127 1,021,685 3,660,080 2,899,437
Other Expense 0 1,700 44,216 71,573
Total Operating
Expense 5,696,047 3,922,159 16,655,056 10,119,500
Loss From
Operations (2,579,227) (2,772,953) (11,872,872) (7,270,929)
Interest Income 570,916 331,688 1,161,283 1,075,973
Net Loss $(2,008,311) $(2,441,265) $(10,711,589) $(6,194,956)
Basic Loss per
Common Share $(0.15) $(0.21) $(0.86) $ (0.53)
Balance Sheet Highlights
September 30, December 31,
2000 1999
(unaudited)
Current Assets $50,579,963 $25,337,510
Property and Equipment, Net 6,325,887 3,284,755
Other Assets, Net 7,134,331 4,149,153
Total Assets $64,040,181 $32,771,418
Current Liabilities $ 4,544,475 $2,604,951
Deferred Income Taxes 30,144 30,144
Shareholders' Equity 59,465,562 30,136,323
Total Liabilities and Shareholders'
Equity $64,040,181 $32,771,418
Source: ParkerVision, Inc.
Contact:
Carolyn Wrenn, Director of Investor Relations of ParkerVision,
888-690-7110, or fax, 904-731-0958
URL: parkervision.com |
