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 April 26, 2007 captioned “ClearOne Reports Fiscal 2007 Third
Quarter Financial Results.”
|
This
Filing
|
CLEARONE
COMMUNICATIONS, INC.
|
||
Date:
April 26, 2007
|
By:
|
/s/
Greg A. LeClaire
|
Greg
A. LeClaire
|
||
Vice
President of Finance
|
||
CLEARONE
COMMUNICATIONS, INC.
|
|||||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|||||||
(in
thousands of dollars, except per share amounts)
|
|||||||
Unaudited
|
|||||||
March
31,
|
June
30,
|
||||||
2007
|
2006
|
||||||
ASSETS
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
1,312
|
$
|
1,240
|
|||
Marketable
securities
|
20,650
|
20,550
|
|||||
Accounts
receivable
|
6,847
|
7,784
|
|||||
Note
receivable
|
160
|
-
|
|||||
Inventories,
net
|
6,953
|
6,614
|
|||||
Income
tax receivable
|
-
|
3,240
|
|||||
Deferred
income taxes, net
|
132
|
128
|
|||||
Prepaid
expenses
|
299
|
255
|
|||||
Net
assets of discontinued operations
|
-
|
565
|
|||||
Total
current assets
|
36,353
|
40,376
|
|||||
Property
and equipment, net
|
2,689
|
1,647
|
|||||
Note
receivable - long-term
|
85
|
-
|
|||||
Other
assets
|
13
|
15
|
|||||
Total
assets
|
$
|
39,140
|
$
|
42,038
|
|||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable
|
$
|
1,946
|
$
|
2,597
|
|||
Accrued
taxes
|
456
|
-
|
|||||
Accrued
liabilities
|
1,814
|
2,397
|
|||||
Deferred
product revenue
|
5,111
|
5,871
|
|||||
Total
current liabilities
|
9,327
|
10,865
|
|||||
Deferred
rent
|
894
|
-
|
|||||
Deferred
income taxes, net
|
132
|
128
|
|||||
Other
long-term liabilities
|
578
|
633
|
|||||
Total
liabilities
|
10,931
|
11,626
|
|||||
Shareholders'
equity:
|
|||||||
Common
stock, par value $0.001, 50,000,000 shares authorized,
|
|||||||
10,881,262
and 12,184,727 shares issued and outstanding, respectively
|
11
|
12
|
|||||
Additional
paid-in capital
|
47,578
|
52,764
|
|||||
Accumulated
deficit
|
(19,380
|
)
|
(22,364
|
)
|
|||
Total
shareholders' equity
|
28,209
|
30,412
|
|||||
Total
liabilities and shareholders' equity
|
$
|
39,140
|
$
|
42,038
|
CLEARONE
COMMUNICATIONS, INC.
|
|||||||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||||||||
(Unaudited)
|
|||||||||||||
(in
thousands of dollars, except per share amounts)
|
|||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
March
31,
|
March
31,
|
March
31,
|
March
31,
|
||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Product
Revenue:
|
$
|
9,355
|
$
|
8,278
|
$
|
28,873
|
$
|
26,158
|
|||||
Cost
of goods sold:
|
4,190
|
4,253
|
13,366
|
12,737
|
|||||||||
Gross
profit
|
5,165
|
4,025
|
15,507
|
13,421
|
|||||||||
Operating
expenses:
|
|||||||||||||
Marketing
and selling
|
2,004
|
1,920
|
5,711
|
5,542
|
|||||||||
General
and administrative
|
763
|
1,060
|
2,260
|
4,288
|
|||||||||
Settlement
in shareholders' class action
|
-
|
-
|
-
|
(1,205
|
)
|
||||||||
Research
and product development
|
1,848
|
2,201
|
5,782
|
5,778
|
|||||||||
Total
operating expenses
|
4,615
|
5,181
|
13,753
|
14,403
|
|||||||||
Operating
income (loss)
|
550
|
(1,156
|
)
|
1,754
|
(982
|
)
|
|||||||
Other
income (expense), net:
|
577
|
237
|
1,229
|
594
|
|||||||||
Income
(loss) from continuing operations before income taxes
|
1,127
|
(919
|
)
|
2,983
|
(388
|
)
|
|||||||
(Provision)
benefit from income taxes
|
(167
|
)
|
782
|
(303
|
)
|
1,150
|
|||||||
Income
(loss) from continuing operations
|
960
|
(137
|
)
|
2,680
|
762
|
||||||||
Discontinued
operations:
|
|||||||||||||
Income
from discontinued operations
|
-
|
50
|
495
|
268
|
|||||||||
Gain
(loss) on disposal of discontinued operations
|
420
|
1,030
|
(10
|
)
|
2,676
|
||||||||
Income
tax provision
|
(157
|
)
|
(403
|
)
|
(181
|
)
|
(1,098
|
)
|
|||||
Income
from discontinued operations:
|
263
|
677
|
304
|
1,846
|
|||||||||
Net
income
|
$
|
1,223
|
$
|
540
|
$
|
2,984
|
$
|
2,608
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
March
31,
|
March
31,
|
March
31,
|
March
31,
|
||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Basic
earnings per common share from continuing operations
|
$
|
0.09
|
$
|
(0.01
|
)
|
$
|
0.23
|
$
|
0.06
|
||||
Diluted
earnings per common share from continuing operations
|
$
|
0.09
|
$
|
(0.01
|
)
|
$
|
0.23
|
$
|
0.06
|
||||
Basic
earnings per common share from discontinued operations
|
$
|
0.02
|
$
|
0.06
|
$
|
0.03
|
$
|
0.16
|
|||||
Diluted
earnings per common share from discontinued operations
|
$
|
0.02
|
$
|
0.06
|
$
|
0.03
|
$
|
0.15
|
|||||
Basic
earnings per common share
|
$
|
0.11
|
$
|
0.04
|
$
|
0.25
|
$
|
0.22
|
|||||
Diluted
earnings per common share
|
$
|
0.11
|
$
|
0.04
|
$
|
0.25
|
$
|
0.21
|
|||||
Basic
weighted average shares
|
10,994,607
|
12,184,727
|
11,705,853
|
11,882,375
|
|||||||||
Diluted
weighted average shares
|
11,101,791
|
12,187,446
|
11,770,145
|
12,214,401
|