ClearOne reports 9% fourth quarter year-over year growth
SALT LAKE CITY, UTAH — February 27, 2014
Fourth Quarter 2013 Highlights
- Record revenue of $14.2 million.
- Revenue increased by 9%.
- Non-GAAP net income increased by 49%.
Full Year 2013 Highlights
- Record revenue of $49.6 million.
- Revenue increased by 7%
- Non-GAAP net income increased by 44%.
ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, today reported financial results for the fourth quarter and the year ended December 31, 2013. Results reflect continuing growth from a strategically-built portfolio of innovative and profitable products.
For the 2013 fourth quarter, revenue increased by 9% to $14.2 million, compared with $13.0 million for the fourth quarter of 2012. Gross profit for the quarter was $8.5 million, or 60% of revenue, compared with $7.4 million, or 57% of revenue, for the fourth quarter of 2012. Non-GAAP operating income increased by 26% to $2.9 million from $2.3 million for the 2012 fourth quarter. Non-GAAP net income increased 49% to $1.8 million, or $0.19 per diluted share, from $1.2 million, or $0.13 per diluted share, for the fourth quarter of 2012. Non-GAAP adjusted EBITDA for the 2013 fourth quarter increased 11% to $3.2 million, or $0.34 per diluted share, from $2.9 million, or $0.31 per diluted share, a year ago.
For the year ended December 31, 2013, revenue increased 7% to $49.6 million from $46.4 million for the year ended December 31, 2012. Gross profit was $29.9 million, or 60% of revenue, compared with $27.3 million, or 59% of revenue, for the year ended December 31, 2012. Non-GAAP operating income for the year ended December 31, 2013 increased by 24% to $8.4 million from $6.8 million for the year ended December 31, 2012. Non-GAAP net income for year ended December 31, 2013 increased 44% to $5.7 million, or $0.60 per diluted share, from $4.0 million, or $0.43 per diluted share, for the year ended December 31, 2012. Non-GAAP adjusted EBITDA increased 17% to $9.3 million, or $0.99 per diluted share, from $8.0 million, or $0.87 per diluted share, for the year ended December 31, 2012.
Cash, cash equivalents and investments totaled $42.7 million at December 31, 2013, down from $55.5 million on December 31, 2012. These balances include the final net amount retained from the December 2012, $45 million favorable settlement relating to auction-rate securities, after paying $13.8 million of associated income taxes and $6.75 million in attorneys’ fees. The cash balance also includes $364,000, net of legal expenses received during the fourth quarter of 2013 as final settlement from escrow monies earlier deposited on account of our dispute with a former officer of the company.
ClearOne continued its stock repurchase plan in the fourth quarter, bringing the total repurchase amount to approximately $2.8 million against an allocation of $10 million.
“We are pleased to report record revenue for the last quarter of 2013 and our fourth consecutive year of revenue growth, combined with high margins and consistent profitability,” said Zee Hakimoglu, President, Chief Executive Officer and Chairman of ClearOne. “Strong demand, generated by our large and well-developed partner ecosystem in North America and EMEA, drove our revenue growth.”
“The recently announced strategic acquisition of Spontania completes our exceptional portfolio of technologies needed for a strong video solutions model. As the market transitions to software and services, ClearOne is the only company to offer an entirely software-based and standards-based video conferencing product line that provides on-premise and cloud-based Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions,” added Hakimoglu. “We look forward to gaining significant market share and establishing ClearOne as a recognized leader in on-premise and cloud-based visual communication solutions in the rapidly growing desktop and mobile visual communications markets.”
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