ClearOne Annouces Second Quarter Financial Results
ClearOne, a global company that designs, develops and sells conferencing, collaboration, streaming and digital signage solutions for audio, video and data multimedia communication, has announced its financial results for the three and six months, which ended on June 30, 2012.
The financial report showed that the company achieved $7.1 million of gross profit which is less than last year and operating expenses increased to $6.0 million from $5.3 million in the prior year second quarter.
Operating income declined to $1.1 million from $1.9 million for the second quarter of last year. Net income declined to $575,000, or $0.06 per diluted share, from $1.3 million, or $0.14 per diluted share, for the 2011 second quarter. Non-GAAP net income decreased to $905,000, or $0.10 per diluted share, from $1.7 million, or $0.18 per diluted share, for the second quarter of 2011. Non-GAAP Adjusted EBITDA decreased to $1.9 million, or $0.20 per diluted share, from $2.6 million, or $0.27 per diluted share, for the second quarter of 2011.
Speaking on this note, Zee Hakimoglu, president, CEO and chairman of ClearOne, said that its financial performance for the 2012 second quarter met its expectations but did not match last year's record-setting results, due to overall softness in all the markets in which it operates.
"We continue to build and align our sales channel and internal sales organization for the new video solutions we are bringing to the market. The new products from our acquisition of VCON are in production and will be shipping under the ClearOne brand at the end of this month. The introduction of these new software-based video conferencing products complements our industry-leading enterprise audio, expands our total available market and we believe will make immediate contributions to ClearOne's top-line," Hakimoglu added.
The company recently unveiled InfoComm CONNECT AVB and CONNECT CobraNet, its first network audio bridges to provide a modular approach for networked audio using ClearOne's flagship audio products.
In addition, the company was recognized by Frost & Sullivan with the 2012 Global Tabletop Audio Conferencing Endpoints Product Line Strategy Award.
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Edited by Brooke Neuman