ClearOne Reports Fiscal 2007 Fourth Quarter and Full-Year Financial Results
Inc. (OTC Bulletin board: CLRO) today reported financial results for the
fiscal 2007 fourth quarter and full-year ended
For fiscal 2007, revenue increased to
the same period of fiscal 2006. Gross profit grew to
revenues, from
Income from continuing operations was
continuing operating of
discontinued operations of
compares with net income for the prior year period of
per diluted share, which included income from discontinued operations of
For the fiscal 2007 fourth quarter, revenue increased to
from
the prior year period. Income from continuing operations was
compared with a loss from continuing operations of
quarter last year. Net income was
which included income from discontinued operations of
diluted share. This compares with a net loss for the prior year period of
operations of
"We are pleased to report excellent growth to our topline and gross profit
without a corresponding increase in operating expenses for both the fourth
quarter and full year," said Zee Hakimoglu, president, chief executive officer
and chairman of ClearOne. "Our strong fourth quarter financial results
primarily reflected increased sales of our higher margin professional audio
conferencing products and enhanced operating efficiencies implemented
throughout the organization. The fiscal 2007 fourth quarter represents
ClearOne's fourth consecutive quarter of profitability from continuing
operations."
At
securities of
About ClearOne
ClearOne is a communications solutions company that develops and sells
audio conferencing systems and other related products for audio, video, and
web conferencing applications. The reliability, flexibility, and performance
of ClearOne's comprehensive solutions create a natural communications
environment, which saves organizations time and money by enabling more
effective and efficient communication. For more information, visit ClearOne's
website at http://www.clearone.com.
This release contains "forward-looking" statements that are based on
present circumstances and on ClearOne's predictions with respect to events
that have not occurred, that may not occur, or that may occur with different
consequences and timing than those now assumed or anticipated. Such
forward-looking statements, including statements regarding the company's
ability to successfully commercialize newer products and enter new markets,
are not guarantees of future performance or results and involve risks and
uncertainties that could cause actual events or results to differ materially
from the events or results described in the forward-looking statements. Such
forward-looking statements are made only as of the date of this release and
ClearOne assumes no obligation to update forward-looking statements to reflect
subsequent events or circumstances. Readers should not place undue reliance
on these forward-looking statements.
http://www.b2i.us/irpass.asp?BzID=509&to=ea&s=0
Contacts: ClearOne Communications, Inc.
Investor Relations
(801) 303-3555
Robert Jaffe
PondelWilkinson Inc.
(310) 279-5980
FINANCIAL TABLES FOLLOW
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 of $54 and $49,
respectively 8,025 7,784
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 Receivable - 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 Years Ended
June 30, 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
SOURCE ClearOne Communications, Inc.