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ParkerVision Reports First Quarter 2006 Results

ParkerVision Reports First Quarter 2006 Results

JACKSONVILLE, Fla.--(BUSINESS WIRE)--May 11, 2006--ParkerVision, Inc. (Nasdaq NMS: PRKR - News), a developer and marketer of semiconductor technology solutions for wireless applications, announced the net loss from continuing operations for the first quarter was $4.34 million, or $.19 per share compared to a net loss of $5.50 million or $.30 per share during the first quarter of 2005. The company reported no revenue for the first quarter of 2006, having exited the retail business in June 2005 to concentrate on introducing its technology into the OEM marketplace. Revenue for the comparable 2005 period was $171,982.

The company's operating expenses for the first quarter of 2006 were $4.5 million compared to $5.4 million for the same period in 2005. The $0.9 million decrease in operating expenses is primarily due to savings resulting from exiting the retail business activities, offset by a $0.4 million increase in stock-based compensation due to the adoption on January 1, 2006 of Statement of Financial Accounting Standard No. 123®, "Share-Based Payment," which requires the recognition of compensation expense based on the estimated fair value of stock options granted to employees.

Chairman and Chief Executive Officer, Jeffrey Parker commented, "We have experienced acceleration in the pace of our meetings with prospective OEM customers during the last two months. Recent meetings have included more detailed presentations of the underpinnings of our architecture, allowing for a necessary and critical review of both the theory and the practicality of our product from the inside out."

"Based on these discussions, some OEMs have expanded the scope of our meetings beyond the potential for initial implementation of our technology to include more strategic considerations on long-term relationships and broader adoption over a period of time."

"We are encouraged by the pace, manner and matter of the progress of our discussions. They not only provide verification and expert validation of our technology," concluded Mr. Parker, "but also point to its practical application in the marketplace."

During the first quarter, the Company completed a private placement of 2,373,335 shares of its common stock, at a price of $7.50 per share, and redeemable warrants to purchase an additional 593,335 shares, at an exercise price of $8.50 per share, for net proceeds of approximately $16.2 million. The company ended the quarter with $23.6 million in cash and cash usage for the first quarter of 2006 was $2.9 million.

The company will host a live broadcast of its first quarter 2006 financial results via conference call on Thursday, May 11, 2006 at 4:30 PM Eastern time. The conference call will be accessible by telephone at 800-822-4794 (no pass code 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 pass code 7248082 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™). 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.

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, 2005 and the Form 10Q for the quarter ended March 31, 2006. 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,
                                                 2006         2005
                                              -----------  -----------
Revenue, net                                 $         -  $   171,982
Cost of goods sold                                     -      261,724
                                              -----------  -----------
Gross margin                                           -      (89,742)
                                              -----------  -----------

Research and development                       2,557,768    2,921,674
Marketing and selling                            554,392      989,970
General and administrative                     1,389,240    1,527,739
Loss on disposal of property and equipment             -        8,707
                                              -----------  -----------
 Total operating expense                       4,501,400    5,448,090
                                              -----------  -----------

Interest and other                               157,826       33,591
                                              -----------  -----------

Net loss                                     $(4,343,574) $(5,504,241)
                                              -----------  -----------

Basic and diluted loss per common share      $     (0.19) $     (0.30)
                                              ===========  ===========

                       Balance Sheet Highlights

                                              March 31,      Dec 31, 
                                                 2006         2005   
                                             ------------ ------------
Cash and short term investments              $23,617,906  $10,569,190
Other current assets                           1,350,801    1,695,754
Property and equipment, net                    2,038,495    1,867,884
Other assets, net                              9,858,241    9,698,802
                                              -----------  -----------
 Total assets                                $36,865,443  $23,831,630
                                              ===========  ===========

Current liabilities                          $ 1,625,081  $ 1,426,883
Deferred rent                                    446,350        5,163
Shareholders' equity                          34,794,012   22,399,584
                                              -----------  -----------
 Total liabilities and shareholders' equity  $36,865,443  $23,831,630
                                              ===========  ===========

Cameron Associates
Paul Henning, 212-245-8800
ParkerVision, Inc.
Carolyn Wrenn, 888-690-7110