ParkerVision has the dubious honor of being one of the companies with the highest number of consecutive unprofitable quarters (or years) on the NASDAQ.  Over the past 12 years of fully reported annual financials, from 1994 to 2006, ParkerVision has generated negative operating income, net income, and cash flow every year throughout the entire period, and revenue performance has worsened over the past 5 years. 
A brief summary of ParkerVision revenue and net income from the last decade is shown below:

In the last 12 years, ParkerVision accumulated losses exceeding $150M.  From 1996 through 2003, ParkerVision was able to demonstrate meaningful revenue from its video division.   However, this division was sold in May 2004, so for the past three years, ParkerVision has only held the promise of “future revenue”. 

The company has had three phases of operation:

• Early stage –Prior to 1998, the losses did not exceed $5M, with revenue growth from $1M to $10M. 
• Middle stage –1999 to 2003, the losses increased from year to year, but the company maintained annual revenues averaging $10M.
• Late stage –Since 2004, ParkerVision has had minimal revenue and its annual losses have ranged from $15 to about $23M. Note also that the sale of the video division offset 2004 losses by $7.8M, so that the actual operating losses were $22.6M, which correlates to the increased spending on bringing the D2D technology to market.

Clearly, the financials from 2004 through 2006 indicate that D2D and D2P have so far failed to generate any meaningful revenue for the company or significant traction in the wireless marketplace.  With no announced D2P design wins or publicly available datasheets for D2P or D2D products, we anticipate that 2007 revenue will remain relatively small, namely below $1M.

Assuming that the company is able to control its spending, which was predicted to be reduced by 30% over previous year in 2006, we expect to see a best case negative 2007 net income of about $14M. However, the losses could increase back to over $20M if the company begins chip prototype tape outs and ramps its semiconductor production line.  As a consequence, we predict that the company will continue to strengthen its position in having the most consecutive unprofitable quarters on the NASDAQ.