000-17219
|
87-0398877
|
|
(Commission
File Number)
|
(I.R.S.
employer
identification
number)
|
5225 Wiley Post Way, Suite 500
Salt Lake City, Utah
|
84116
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Exhibit No.
|
Title of Document
|
Location
|
99.1
|
Press
Release dated January 29, 2009 captioned “ClearOne Reports Fiscal 2009
Second Quarter Results.”
|
This
Filing
|
CLEARONE
COMMUNICATIONS, INC.
|
||
Date: January
29, 2009
|
By:
|
/s/ Greg A. LeClaire
|
Greg
A. LeClaire
|
||
Chief
Financial Officer
|
||
CONSOLIDATED
BALANCE SHEETS
|
||||||||
(in
thousands of dollars)
|
||||||||
(unaudited)
|
(audited)
|
|||||||
December
31,
|
June
30,
|
|||||||
2008
|
2008
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 2,323 | $ | 3,327 | ||||
Marketable
securities
|
9,628 | 5,922 | ||||||
Accounts
receivable, net of allowance for doubtful accounts
|
7,532 | 7,238 | ||||||
of
$64 and $87, respectively
|
||||||||
Deposit,
bond for preliminary injunction
|
0 | 908 | ||||||
Note
Receivable
|
14 | 43 | ||||||
Inventories,
net
|
12,859 | 7,799 | ||||||
Income
tax receivable
|
592 | 0 | ||||||
Deferred
income taxes
|
3,124 | 2,828 | ||||||
Prepaid
expenses
|
627 | 820 | ||||||
Total
current assets
|
36,699 | 28,885 | ||||||
Long-term
marketable securities
|
0 | 11,168 | ||||||
Property
and equipment, net
|
2,768 | 2,554 | ||||||
Intangible
assets, net
|
42 | 47 | ||||||
Long-term
deferred tax asset
|
724 | 1,639 | ||||||
Other
assets
|
21 | 7 | ||||||
Total
assets
|
$ | 40,254 | $ | 44,300 | ||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 1,736 | $ | 2,187 | ||||
Accrued
taxes
|
0 | 72 | ||||||
Accrued
liabilities
|
3,463 | 3,600 | ||||||
Deferred
product revenue
|
4,881 | 4,547 | ||||||
Total
current liabilities
|
10,080 | 10,406 | ||||||
Deferred
rent
|
622 | 700 | ||||||
Other
long-term liabilities
|
1,372 | 1,054 | ||||||
Total
liabilities
|
12,074 | 12,160 | ||||||
Total
shareholders' equity
|
28,180 | 32,140 | ||||||
Total
liabilities and shareholders' equity
|
$ | 40,254 | $ | 44,300 |
CLEARONE
COMMUNICATIONS, INC. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
||||||||||||||||
(in
thousands of dollars, except per share amounts)
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
Three
Months Ended December 31,
|
Six
Months Ended December 31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenue
|
$ | 9,970 | $ | 10,787 | $ | 20,229 | $ | 20,229 | ||||||||
Cost
of goods sold
|
4,168 | 4,414 | 7,794 | 8,714 | ||||||||||||
Gross
profit
|
5,802 | 6,373 | 12,435 | 11,515 | ||||||||||||
Operating
expenses:
|
||||||||||||||||
Sales
& Marketing
|
1,934 | 1,578 | 3,911 | 3,180 | ||||||||||||
Research
and product development
|
1,844 | 1,678 | 3,620 | 3,433 | ||||||||||||
General
and administrative
|
1,257 | 1,198 | 2,329 | 4,093 | ||||||||||||
Total
operating expenses
|
5,035 | 4,454 | 9,860 | 10,706 | ||||||||||||
Operating
income
|
767 | 1,919 | 2,575 | 809 | ||||||||||||
Total
other income, net
|
96 | 311 | 161 | 653 | ||||||||||||
Income
from continuing operations before income taxes
|
863 | 2,230 | 2,736 | 1,462 | ||||||||||||
(Provision)
for income taxes
|
(259 | ) | (449 | ) | (998 | ) | (620 | ) | ||||||||
Income
from continuing operations
|
604 | 1,781 | 1,738 | 842 | ||||||||||||
Income
from discontinued operations
|
0 | 1 | 0 | 16 | ||||||||||||
Net
income
|
$ | 604 | $ | 1,782 | $ | 1,738 | $ | 858 | ||||||||
Basic
earnings per common share
|
$ | 0.07 | $ | 0.16 | $ | 0.18 | $ | 0.08 | ||||||||
Diluted
earnings per common share
|
$ | 0.07 | $ | 0.16 | $ | 0.18 | $ | 0.08 | ||||||||
Basic
weighted average shares outstanding
|
8,889,974 | 10,840,193 | 9,501,381 | 10,900,725 | ||||||||||||
Diluted
weighted average shares outstanding
|
8,989,283 | 10,941,491 | 9,600,291 | 11,012,239 |