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ParkerVision Reports Second Quarter 2006 Results

JACKSONVILLE, Fla., Aug 08, 2006 (BUSINESS WIRE) -- ParkerVision, Inc. (Nasdaq NMS: PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, announced a net loss for the second quarter ended June 30, 2006 of $4.32 million, or $.18 per share compared to a net loss of $10.2 million or $.49 per share during the second quarter of 2005.

For the six month period ended June 30, 2006, ParkerVision reported a net loss of $8.66 million, or $0.38 per share, compared to a net loss of $15.7 million, or $0.80 per share for the same period in 2005.

The company reported no revenue for the first half 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 $0.3 million.

The company's operating expenses for the second quarter of 2006 were $4.6 million compared to $8.2 million for the same period in 2005. The $3.6 million decrease in operating expenses is primarily due to savings resulting from exiting the retail business activities and narrowing the company's focus to OEM sales activities, partially offset by a $0.6 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 and investing activities was $6.0 million for the first half of 2006 compared to $9.1 million for the same period in 2005 and the company ended the quarter with $20.7 million in cash and cash equivalents.

Chairman and Chief Executive Officer, Jeffrey Parker commented, "We continue to make progress towards the goal of driving the adoption of our technology in the mobile handset market. We measure this progress by a number of factors including the increase in OEM visits to our facilities and an increase in the level of confidential discussions by both parties. Our prospective partners are recognizing the potential of our d2p technology to simplify and enhance their own offerings.

"With over $20 million in cash on the balance sheet and our sharpened focus resulting in the reduced rate of cash usage since last year, the company continues to be well positioned to support negotiations with multiple OEMs as our technology moves closer to commercial adoption," Mr. Parker continued.

The company will host a live broadcast of its second quarter 2006 financial results via conference call on August 8, 2006 at 4:30 PM Eastern time. The conference call will be accessible by telephone at (877) 704-5384 (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 4427965 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.

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 Forms 10Q for the quarters ended March 31, 2006 and June 30, 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 per share amounts)

                                  Three months ended  Six months ended
                                       June 30,          June 30,
                                  ------------------  ----------------
                                    2006      2005      2006     2005

Product revenue                  $     -  $    122  $     - $     294
Cost of goods sold                     -       134        -       396
Writedown of inventory to net
 realizable value                      -     2,250        -     2,250
                                  -------  --------  -------  --------
   Gross margin                        -    (2,262)       -    (2,352)
                                  -------  --------  -------  --------

Research and development           2,530     3,192    5,088     6,114
Marketing and selling                522     1,283    1,077     2,273
General and administrative         1,551     1,806    2,940     3,333
Loss on disposal of property and
 equipment                             -     1,871        -     1,880
                                  -------  --------  -------  --------
   Total operating expense         4,603     8,152    9,105    13,600
                                  -------  --------  -------  --------

Interest and other income            284       223      442       257
                                  -------  --------  -------  --------

Net loss                         $(4,319) $(10,191) $(8,663) $(15,695)
                                  =======  ========  =======  ========

Basic and diluted loss per common
 share                           $ (0.18) $  (0.49) $ (0.38) $  (0.80)
                                  =======  ========  =======  ========

Balance Sheet Highlights (unaudited)
(in thousands)

                                                 June 30,     Dec 31,
                                                   2006        2005
                                                ----------  ----------

Cash and short term investments                 $  20,732   $  10,569
Other current assets                                1,050       1,696
Property and equipment, net                         2,225       1,868
Other assets, net                                   9,975       9,699
                                                 ---------   ---------
   Total assets                                 $  33,982   $  23,832
                                                 =========   =========

Current liabilities                             $   2,034   $   1,427
Deferred rent                                         466           5
Shareholders' equity                               31,482      22,400
                                                 ---------   ---------
   Total liabilities and shareholders' equity   $  33,982   $  23,832
                                                 =========   =========

SOURCE: ParkerVision, Inc.

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

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