ClearOne Announces Sales (and Profits) Are Down: But, Strong Financial Position

ClearOne Communications, Inc. last week reported financial results for the second quarter and first six months of fiscal 2009 ended December 31, 2008.

For the fiscal Q2 2009, revenue decreased to $10 million from $10.8 million in the same quarter of last year. Gross profit was $5.8 million, or 58% of revenue, compared with $6.4 million, or 59% of revenue, for the prior year period. Net income was $604,000, or $0.07 per diluted share, compared with net income of $1.8 million, or $0.16 per diluted share, for the same period last year. During the first fiscal quarter of 2009, ClearOne repurchased 1.3 million shares of its common stock in a tender offer. As a result, shares outstanding used to calculate earnings per share decreased to 9.0 million for the fiscal 2009 second quarter from 10.9 million for the fiscal 2008 second quarter.

At December 31, 2008, the company had cash, cash equivalents, and investments of $12 million and no long-term debt. In addition, inventory levels of certain key products were higher to buffer against potential disruptions in the supply chain.

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