ClearOne Announces Record Earnings

clearone-logo-0811ClearOne told rAVe today that for the 2011 second quarter, revenues were a record $11.9 million, compared to $9.9 million for the 2010 second quarter.  Revenue for the 2011 second quarter increased year over year by 20 percent.

In addition, gross profit for the 2011 second quarter increased by 26 percent to a record $7.2 million, or 60 percent of revenue, from $5.7 million, or 57 percent of revenue, for the 2010 second quarter. Operating income increased by a record 260 percent to $1.9 million from $520,000 for the prior year period. Net income increased by 274 percent to $1.3 million, or $0.14 per diluted share, from $353,000, or $0.04 per diluted share, for the 2010 second quarter. Non-GAAP net income increased by 165 percent to $1.7 million, or $0.18 per diluted share, from $629,000, or $0.07 per diluted share, for the 2010 second quarter.

For the first six months of 2011, revenue increased 23 percent to $22.6 million from $18.3 million for the same period of 2010. Gross profit increased by 24% to $13.5 million, or 60 percent of revenue, from $10.9 million, or 59 percent of revenue, for the comparable prior year period. Operating income in the first half of 2011 tripled to $3.1 million from $1.0 million during the same six months of 2010. Net income grew by 274 percent to $2.1 million, or $0.23 per diluted share, versus net income of $570,000, or $0.06 per diluted share, for the comparable prior period. Non-GAAP net income for the 2011 first half increased by 146 percent to $2.8 million, or $0.30 per diluted share, from $1.1 million, or $0.13 per diluted share, for the 2010 first half. The reconciliation between GAAP and Non-GAAP net income is available in the tables attached to this release.