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ClearOne Reports 2012 Third Quarter Financial Results

November 19, 2012 | Telepresence Options
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SALT LAKE CITY, Nov. 15, 2012 /PRNewswire/ --

ClearOne today reported its financial results for the three and nine months ended September 30, 2012.

For the 2012 third quarter, revenue was $11.6 million compared with $11.5 million for the third quarter of 2011.  Gross profit was $6.7 million, or 58% of revenue, compared with $7.0 million, or 61% of revenue, for the third quarter of 2011.  Operating income was $1.4 million and net income was $929,000, or $0.10 per diluted share.  For the third quarter of 2011, which included a favorable judgment award of $3.7 million, operating income was $5.4 million and net income was $3.4 million, or $0.36 per diluted share.  Non-GAAP net income, which excludes proceeds from litigation, share-based compensation and other non-operating items, rose to $1.3 million, or $0.14 per diluted share, from $1.2 million, or $0.13 per diluted share, for the third quarter of 2011.  Non-GAAP Adjusted EBITDA was $2.1 million, or $0.23 per diluted share, for third quarters of both 2012 and 2011.

For the first nine months of 2012, revenue was $33.4 million compared with $34.1 million for the same period in 2011.  Gross profit was $19.9 million, or 60% of revenue, compared with $20.4 million, or 60% of revenue, for the first nine months of 2011.  Operating income was $3.2 million and net income was $2.0 million, or $0.21 per diluted share.  For the first nine months of the prior year, which included the $3.7 judgment award, operating income was $8.4 million and net income was $5.5 million, or $0.59 per diluted share.  Non-GAAP net income was $2.8 million, or $0.30 per diluted share, compared to $3.8 million, or $0.41 per diluted share, for the nine-month period of 2011.  Non-GAAP Adjusted EBITDA was $5.2 million, or $0.56 per diluted share, compared with $6.6 million, or $0.71 per diluted share, for the first nine months of 2011.

The reconciliation between GAAP and Non-GAAP measures is available in the tables attached to this release.

"Revenue for the 2012 third quarter increased slightly over the same period last year, driven by increased sales in our EMEA region, offset by a decline in revenues from our Asia Pacific region," said Zee Hakimoglu, President, Chief Executive Officer and Chairman of ClearOne.  "During the quarter, we made solid progress strengthening our balance sheet as evidenced by our increased cash position and lower inventory levels.

"While the technology companies continue to be impacted by global economic headwinds, our business had performed better than many of our industry peers.  Looking ahead, we plan to launch several new products over the next three months, which will provide positive momentum as we enter 2013."

At September 30, 2012, the company had cash and cash equivalents of $14.3 million, up $3.9 million from June 30, 2012, and no debt.

Recent Highlights:
September 2012. The company launched an enhanced corporate website, which streamlines the user experience with new organization of the full breadth of ClearOne audio and video products and solutions. October 2012. The company's president, CEO and chairman, Zee Hakimoglu, received the 2012 InfoComm International Women in AV Award; created to raise awareness of the growing role of female professionals in the male-dominated field of audiovisual technology. October 2012. The company established a distribution agreement with Ingram Micro Inc. under which Ingram Micro will distribute ClearOne's new line of software-based video conferencing solutions and its USB, analog and VoIP conference phones to authorized technology resellers in the U.S. October 2012. The company launched the MagicBox on-premise Entry-Level Server (ELS) to extend its web-based, digital signage offering.  The ELS runs MagicBox WebSuite software applications for digital signage, including content creation and asset management inside a browser for a comprehensive content management experience -- from design to verification.

Non-GAAP Financial Measures

ClearOne provides non-GAAP financial information in the form of Non-GAAP net income, Adjusted EBITDA and corresponding earnings per share to investors to supplement GAAP financial information.  ClearOne believes that excluding certain items from GAAP results allows ClearOne's management to better understand ClearOne's consolidated financial performance from period to period as management does not believe that the excluded items are reflective of underlying operating performance.  Non-GAAP net income, Adjusted EBITDA and corresponding earnings per share excludes certain costs and expenses, the details of which are provided in the tables below containing the reconciliation between GAAP and Non-GAAP financial measures.  The exclusion of these items in the non-GAAP presentation should not be interpreted as implying that these items are non-recurring, infrequent, or unusual.  ClearOne believes non-GAAP financial measures will provide investors with useful information to help them evaluate ClearOne's operating results and projections.  This non-GAAP financial information is not meant to be considered in isolation or as a substitute for operating income, net income or other financial measures prepared in accordance with GAAP.  There are limitations to the use of non-GAAP financial measures.  Other companies, including companies in ClearOne's industry, may calculate non-GAAP financial measures differently than ClearOne does, limiting the usefulness of those measures for comparative purposes.  A detailed reconciliation of Non-GAAP net income to GAAP net income is included with this news release.

About ClearOne

ClearOne is a global company that designs, develops and sells conferencing, collaboration, streaming and digital signage solutions for audio, video and data multimedia communication.  The performance and simplicity of its advanced comprehensive solutions enhance the quality of life. ClearOne products offer unprecedented levels of functionality, reliability and scalability.  More information about the company can be found at www.clearone.com.







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