ClearOne Reports 2013 Second Quarter Financial Results – Company Reports Fourth Consecutive Quarter of Year-over-Year Revenue Growth
SALT LAKE CITY, UTAH — July 31, 2013 - ClearOne (NASDAQ: CLRO) today reported its financial results for the three and six months ended June 30, 2013.
For the 2013 second quarter, revenue was $11.70 million, compared with $11.66 million for the second quarter of 2012. Gross profit was $6.9 million, or 59% of revenue, compared with $7.1 million, or 61% of revenue, for the second quarter of 2012. Non-GAAP operating income increased by 7% to $1.8 million from $1.7 million for the 2012 second quarter. Non-GAAP net income grew 40% to $1.2 million, or $0.13 per diluted share, from $885,000, or $0.10 per diluted share, last year. Non-GAAP Adjusted EBITDA for the 2013 second quarter increased 9% to $2.0 million, or $0.22 per diluted share, from $1.9 million, or $0.20 per diluted share, a year ago.
For the first half of 2013, revenue rose to $23.0 million from $21.8 million for the same period in 2012. Gross profit was $13.9 million, or 60% of revenue, compared with $13.2 million, or 61% of revenue, for the first half of 2012. Non-GAAP operating income for the first half of 2013 increased by 22% to $3.2 million from $2.6 million for the second half of 2012. Non-GAAP net income for the 2013 year-to-date period grew 46% to $2.2 million, or $0.23 per diluted share, from $1.5 million, or $0.16 per diluted share, last year. Non-GAAP Adjusted EBITDA for the first half of 2013 increased 18% to $3.6 million, or $0.38 per diluted share, from $3.1 million, or $0.33 per diluted share, for the corresponding period a year ago.
The reconciliation between GAAP and Non-GAAP measures is available in the tables attached to this release.
At June 30, 2013, the company had cash, cash equivalents, and investments of $41.6 million. The company continues to selectively evaluate modest acquisition and organic growth opportunities to complement its product portfolio.
“At the halfway mark for fiscal 2013, we are optimistic that our positive momentum will continue,” said Zee Hakimoglu, President, Chief Executive Officer and Chairman of ClearOne. “Although the company’s performance in the Asia and EMEA markets continues to reflect a slowdown in growth and lingering macroeconomic uncertainty, we remain confident that the best is yet to come, as the market continues to recognize the value of the lower-cost software-based solutions that define the future in video and are addressed by the strong ClearOne offering.”
- ClearOne made progress on an important strategic goal in the quarter by successfully signing major distribution partners in the EMEA region and the U.S. These new distribution partners expand the reach of ClearOne’s unified communications and video products.|
- The company continued to develop its unified media engine for its next-generation video products. This advanced technology will enhance the performance of the COLLABORATE® video conferencing and VIEW® multimedia streaming products, as well as contribute to stronger gross margins when the next-generation products launch.
- ClearOne took another leap ahead with the Pro Audio industry’s most powerful innovation, the Beamforming Microphone Array, by adding expanded support for tabletop and wall applications.
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