News | ClearOne Reports 2011 Fourth Quarter and Full Year Financial Results | ClearOne | Tech Electronics
  • Commercial
    Providing technology solutions for businesses of all shapes and sizes
  • Construction
    Bringing decades of experience to your construction project
  • Education
    Designing, installing and servicing technology for learning environments
  • Government
    Delivering technology solutions to all branches of government
  • Healthcare
    Meeting the demands of modern healthcare through technology solutions
  • Industrial
    Empowering facilities with technology for today and tomorrow
  • Religious
    Equipping faith-based organizations with the latest technology
  • Work Smarter
    Tech Electronics gives organizations the tools to work more efficiently
  • Feel Safer
    Protecting people and property through life safety and communication solutions
  • Collaborate More Effectively
    Increasing productivity through technology-based collaboration tools

Pro AV Catalog

Research Our AV Products

Pro AV Catalog

Research Our AV Products

Pro AV Catalog
5225 Wiley Post Way
Suite 500
Salt Lake City, UT 84116
United States

ClearOne

ClearOne is a global company that designs, develops and sells conferencing, collaboration, streaming and digital signage solutions for voice and visual communications. The performance and simplicity of its advanced comprehensive solutions offer unprecedented levels of functionality, reliability and scalability.

Model: Versa Lite CT

Versa Lite CT features a USB audio-enabled Beamforming Ceiling Tile microphone that brings cost-effective and superb professional conferencing audio to small-and mid-sized meeting rooms.
Featured Product
Project List
ClearOne Reports 2011 Fourth Quarter and Full Year Financial Results
Posted on Monday, April 2, 2012
SALT LAKE CITY, April 2, 2012 /PRNewswire/ -- ClearOne (NASDAQ: CLRO) today reported its financial results for the fourth quarter and full year ended December 31, 2011.
 
For the 2011 full year, revenue increased 12% to $46.1 million from $41.3 million for 2010.  Gross profit rose 12% to $27.5 million, or 60% of revenue, from $24.6 million, or 60% of revenue, for the prior year.  Operating expenses declined to $17.0 million from $22.8 million for 2010.  Operating income climbed to $10.6 million from $1.8 million for the prior year.  The company recorded a provision for income taxes of $3.7 million versus a benefit from income taxes of $681,000 for 2010.  Net income more than doubled to $6.9 million, or $0.75 per diluted share, from $2.4 million, or $0.27 per diluted share, for 2010.  Operating expenses, operating income and net income for 2011 were impacted by a favorable judgment award of $3.7 million related to litigation against Biamp Systems Corp. for theft of ClearOne trade secrets.  Operating expenses, operating income and net income for 2010 were affected by an unfavorable accrual of $2.2 million of legal expenses in connection with the indemnification of a former ClearOne Officer. Non-GAAP net income increased by 5% to $5.3 million, or $0.57 per diluted share, from $5.1 million, or $0.57 per diluted share, for 2010. Non-GAAP Adjusted EBITDA for 2011 increased by 37% to $9.0 million, or $0.97 per diluted share, from $6.6 million, or $0.74 per diluted share, for 2010. The reconciliation between GAAP and Non-GAAP measures is available in the tables attached to this release.
 
"Our strong 2011 financial results were primarily driven by increased demand for our portfolio of products in North America and Asia Pacific combined with consistent high gross margins," said Zee Hakimoglu, President, Chief Executive Officer and Chairman of ClearOne.  "Our continued stellar operational performance in 2011 is reflected in the 37% increase in adjusted EBITDA from a year ago.
 
"Looking ahead, we will leverage our technology acquisitions, benefit from the wealth of experience the retained management teams bring, and continue to develop our sales channels to enter significantly larger and higher growth markets."
 
For the 2011 fourth quarter, revenue was $12.0 million compared with $12.6 million for the fourth quarter of 2010.  Gross profit was $7.1 million, or 59% of revenue, compared with $7.5 million, or 60% of revenue, for the prior year fourth quarter.  Operating expenses declined to $5.0 million from $7.5 million in the prior year fourth quarter.  Operating income climbed to $2.1 million from $39,000 for the fourth quarter last year.  Net income grew to $1.4 million, or $0.15 per diluted share, from $817,000, or $0.09 per diluted share, for the 2010 fourth quarter. Operating expenses, operating income and net income for the prior year fourth quarter were affected by an unfavorable accrual of $2.2 million legal expenses in connection with the indemnification of a former ClearOne Officer. Non-GAAP net income decreased to $1.5 million, or $0.17 per diluted share, from $2.3 million, or $0.26 per diluted share, for 2010. Non-GAAP Adjusted EBITDA for 2011 decreased to $2.6 million, or $0.28 per diluted share, from $2.8 million, or $0.32 per diluted share, for 2010. The reconciliation between GAAP and Non-GAAP measures is available in the tables attached to this release.
 
At December 31, 2011, the company had cash and cash equivalents of $16.7 million, and no debt.
close