SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): April 23, 2002


                          ClearOne Communications Inc.
                          ----------------------------
             (Exact Name of Registrant as Specified in its Charter)


               UTAH                 0-17219                   87-0398877
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(State or Other Jurisdiction      (Commission               (IRS Employer
      of Incorporation)           File Number)          Identification Number)


                  1825 Research Way, Salt Lake City, Utah 84119
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               (Address of Principal Executive Offices) (Zip Code)


                                 (801) 975-7200
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              (Registrant's Telephone Number, Including Area Code)



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          (Former Name or Former Address, if Changed Since Last Report)



Item 5. Other Events. On April 23, 2002, ClearOne Communications Inc., (the "Company" or "ClearOne"), issued a press release reporting the Company's financial results for the fiscal quarter ended March 31, 2002. Set forth below is certain financial information reported by ClearOne in the press release. Financial Highlights From Continuing Operations (unaudited) Three Months Ended 3/31/02 3/31/01 Change ------------------------------------------------------------------------------------------- Sales $ 14,171,156 $ 10,212,333 +39% Net income $ 2,070,946 $ 1,359,032 +52% Diluted earnings per share $ 0.20 $ 0.15 +33% Nine Months Ended 3/31/02 3/31/01 Change - -------------------------------------------------------------------------------------------- Sales $ 37,973,838 $ 29,225,712 +30% Net income $ 4,974,533 $ 3,905,397 +27% Diluted earnings per share $ 0.51 $ 0.43 +19% For the third quarter ended March 31, 2002, ClearOne reported net income from continuing operations of $2.1 million, or $0.20 per fully diluted share, on sales of $14.2 million. This represents a 52 percent increase in net income and a 39 percent increase in sales over the same quarter last year, for which the company reported net income from continuing operations of $1.4 million, or $0.15 per fully diluted share, on sales of $10.2 million. Gross margins for the quarter were 61 percent compared to 58 percent for the same quarter last year. For the first nine months of fiscal 2002, ClearOne reported net income from continuing operations of $5.0 million, or $0.51 per fully diluted share, on sales of $38.0 million. Comparatively, the company reported net income from continuing operations of $3.9 million, or $0.43 per fully diluted share, on sales of $29.2 million for the same period last year. Year-to-date gross margins were 60 percent, up slightly from 59 percent last year.

ClearOne Communications Inc. Condensed Statement of Continuing Operations (unaudited) Three Months Ended Nine Months Ended 3/31/02 3/31/01 3/31/02 3/31/01 - ---------------------------------------------------------------------------------------------------------------- Sales $ 14,171,156 $ 10,212,333 $ 37,973,838 $ 29,225,712 Cost of goods sold 5,586,839 4,327,987 15,225,933 12,064,698 ---------------------------------------------------------------------- Gross profit 8,584,317 5,884,346 22,747,905 17,161,014 Sales & marketing expenses 2,763,581 1,932,327 7,995,734 5,755,898 General & administrative expenses 1,542,983 1,133,525 4,101,769 3,630,578 Research & development expenses 1,122,973 720,426 3,044,497 1,760,921 ---------------------------------------------------------------------- Total expenses 5,429,537 3,786,278 15,142,000 11,147,397 Operating Income 3,154,780 2,098,068 7,605,905 6,013,617 Other items (71,370) 69,277 139,188 252,083 Income tax expense (1,012,464) (808,313) (2,770,560) (2,360,303) ---------------------------------------------------------------------- Net income $ 2,070,946 $ 1,359,032 $ 4,974,533 $ 3,905,397 ====================================================================== Basic earnings per share $ 0.20 $ 0.16 $ 0.54 $ 0.46 Fully diluted earnings per share $ 0.20 $ 0.15 $ 0.51 $ 0.43 Basic shares outstanding 10,158,894 8,610,375 9,246,512 8,581,738 Fully diluted shares outstanding 10,614,839 9,047,289 9,755,909 9,026,182

ClearOne Communications Inc. Balance Sheet 3/31/02 6/30/01 ----------------------------------------------------------------------------------------------- (unaudited) (audited) ASSETS Current assets: Cash and cash equivalents $ 23,168,321 $ 6,852,243 Accounts receivable 14,192,043 7,284,393 Inventory 5,792,134 4,132,034 Deferred taxes 246,000 247,402 Other current assets 420,868 779,648 -------------- -------------- Total current assets 43,819,366 19,295,720 Property and equipment, net 3,992,612 3,696,615 Other assets, net 10,037,281 4,605,288 -------------- -------------- Total assets $ 57,849,259 $ 27,597,623 ============== ============== LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,578,877 $ 568,782 Accrued expenses 1,320,052 1,129,528 Accrued income taxes 472,192 421,749 Current portion of capital leases 60,614 181,827 -------------- -------------- Total current liabilities 3,431,735 2,301,886 Capital lease obligations 15,772 48,227 Deferred tax liability 746,000 746,000 -------------- -------------- Total liabilities 4,193,507 3,096,113 Shareholders' equity: Common stock 10,179 8,618 Additional paid-in capital 33,140,847 8,962,699 Retained earnings 20,504,726 15,530,193 -------------- -------------- Total shareholders' equity 53,655,752 24,501,510 -------------- -------------- Total liabilities and equity $ 57,849,259 $ 27,597,623 ============== ==============

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CLEARONE COMMUNICATIONS INC. (The Registrant) By: Randall J. Wichinski ----------------------------------------- Its: Chief Financial Officer