SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 28, 2005
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PARKERVISION, INC.
(Exact Name of Registrant as Specified in Charter)
Florida 0-22904 59-2971472
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(State or Other Jurisdiction of (Commission File (IRS Employer
Incorporation) Number) Identification No.)
8493 Baymeadow Way, Jacksonville, Florida 32256
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (904) 737-1367
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Item 2.05 -- Costs Associated with Exit or Disposal Activities
On June 23, 2005, the Company's Board of Directors unanimously approved
the Company's plan to exit its retail business activities and pursue an OEM
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business strategy as a pure-play fabless semiconductor company. On June 28,
2005, the Company issued a press release disclosing the facts and circumstances
leading up to the Company's decision to exit its retail business. A copy of the
press release is included as Exhibit 99.1 hereto.
The Company estimates a charge to operating results in the second quarter
of 2005 in the range of $4.45 to $5.65 million in connection with the exit of
its retail business activities. This charge consists of the following:
Write down of inventory to net realizable value $2,200,000 - $2,750,000
Write down of intangible and other assets
due to impairment $1,600,000 - $2,200,000
Accrued severance costs $ 650,000 - $ 700,000
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Total estimated charge $4,450,000 - $5,650,000
The Company anticipates that the cash impact of exiting its retail
activities will total approximately $1.4 million which will be incurred
predominantly in the third quarter of 2005. The $1.4 million cash impact
consists of payment of accrued severance costs as discussed above and cash
payments to retailers and distributors of approximately $700,000 which
represents refunds for inventory in the retail channel. The value of inventory
in the retail channel is currently recorded as deferred revenue in the Company's
balance sheet, therefore, this cash payment will have no impact on operating
results.
Item 2.06 - Material Impairments
We hereby incorporate by reference the discussion concerning material
impairments set forth in item 2.05 above.
Item 9.01 -- Financial Statement and Exhibits
99.1 Press release, dated June 28, 2005, announcing the Company's plan to
exit its retail business activities.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: June 28, 2005 PARKERVISION, INC.
By: /s/ Jeffrey L. Parker
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Jeffrey L. Parker
Chief Executive Officer
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