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 August 2, 2007 captioned “ClearOne Reports Fiscal 2007
Fourth Quarter and Full-Year Financial Results.”
|
This
Filing
|
CLEARONE
COMMUNICATIONS, INC.
|
||
Date:
August 2, 2007
|
By:
|
/s/
Greg A. LeClaire
|
Greg
A. LeClaire
|
||
Vice
President of Finance
|
||
CLEARONE
COMMUNICATIONS, INC. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED
BALANCE SHEETS
|
|||||||
(in
thousands of dollars, except per share amounts)
|
|||||||
(unaudited)
|
|||||||
June
30,
|
|||||||
2007
|
2006
|
||||||
ASSETS
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
2,782
|
$
|
1,240
|
|||
Marketable
securities
|
19,871
|
20,550
|
|||||
Accounts
receivable, net of allowance for doubtful accounts
|
8,025
|
7,784
|
|||||
of
$54 and $49, respectively
|
|||||||
Note
Receivable
|
163
|
0
|
|||||
Inventories,
net
|
7,263
|
6,614
|
|||||
Income
tax receivable
|
0
|
3,240
|
|||||
Deferred
income taxes, net
|
119
|
128
|
|||||
Prepaid
expenses
|
213
|
255
|
|||||
Net
assets of discontinued operations
|
0
|
565
|
|||||
Total
current assets
|
38,436
|
40,376
|
|||||
Property
and equipment, net
|
2,694
|
1,647
|
|||||
Note
Receiveable - long-term
|
43
|
0
|
|||||
Other
assets
|
10
|
15
|
|||||
Total
assets
|
$
|
41,183
|
$
|
42,038
|
|||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable
|
$
|
1,745
|
$
|
2,597
|
|||
Accrued
taxes
|
660
|
0
|
|||||
Accrued
liabilities
|
1,874
|
2,397
|
|||||
Deferred
product revenue
|
4,872
|
5,871
|
|||||
Total
current liabilities
|
9,151
|
10,865
|
|||||
Deferred
rent
|
855
|
0
|
|||||
Deferred
income taxes, net
|
119
|
128
|
|||||
Other
long-term liabilities
|
619
|
633
|
|||||
Total
liabilities
|
10,744
|
11,626
|
|||||
Total
shareholders' equity
|
30,439
|
30,412
|
|||||
Total
liabilities and shareholders' equity
|
$
|
41,183
|
$
|
42,038
|
CLEARONE
COMMUNICATIONS, INC. AND SUBSIDIARIES
|
|||||||||||||
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|||||||||||||
(in
thousands of dollars, except per share amounts)
|
|||||||||||||
(unaudited)
|
|||||||||||||
Three
Months Ended
June
30,
|
Years
Ended
June
30,
|
||||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Revenue
|
$
|
10,988
|
$
|
9,206
|
$
|
39,861
|
$
|
35,362
|
|||||
Cost
of goods sold
|
4,357
|
4,639
|
17,723
|
17,375
|
|||||||||
Gross
profit
|
6,631
|
4,567
|
22,138
|
17,987
|
|||||||||
Operating
expenses:
|
|||||||||||||
Marketing
and selling
|
2,080
|
2,324
|
7,791
|
7,866
|
|||||||||
Research
and product development
|
1,753
|
2,521
|
7,535
|
8,299
|
|||||||||
General
and administrative
|
831
|
820
|
3,091
|
5,108
|
|||||||||
Settlement
in shareholders' class action
|
-
|
-
|
-
|
(1,205
|
)
|
||||||||
Total
operating expenses
|
4,664
|
5,665
|
18,417
|
20,068
|
|||||||||
Operating
income (loss)
|
1,967
|
(1,098
|
)
|
3,721
|
(2,081
|
)
|
|||||||
Total
other income (expense), net
|
293
|
422
|
1,523
|
1,016
|
|||||||||
Loss
from continuing operations before income taxes
|
2,260
|
(676
|
)
|
5,244
|
(1,065
|
)
|
|||||||
Provision
(benefit) for income taxes
|
(153
|
)
|
(145
|
)
|
(457
|
)
|
1,005
|
||||||
Income
(loss) from continuing operations
|
2,107
|
(821
|
)
|
4,787
|
(60
|
)
|
|||||||
Income
from discontinued operations
|
118
|
309
|
422
|
2,156
|
|||||||||
Net
income (loss)
|
$
|
2,225
|
($512
|
)
|
$
|
5,209
|
$
|
2,096
|
|||||
Diluted
earnings (loss) per common share from continuing
operations
|
$
|
0.19
|
($0.07
|
)
|
$
|
0.41
|
($0.00
|
)
|
|||||
Diluted
earnings per common share from discontinued operations
|
$
|
0.01
|
$
|
0.03
|
$
|
0.04
|
$
|
0.18
|
|||||
Diluted
earnings (loss) per common share
|
$
|
0.20
|
($0.04
|
)
|
$
|
0.45
|
$
|
0.17
|
|||||
Diluted
weighted average shares outstanding
|
10,975,220
|
12,209,749
|
11,575,721
|
12,206,618
|