ClearOne Has Best Quarter Ever
ClearOne today reported financial results for the three and six months ended June 30, 2014. For the 2014 second quarter, revenue increased by 21 percent to $14.1 million, compared with $11.7 million for the second quarter of 2013. Gross profit for the second quarter was $8.1 million, or 57 percent of revenue, compared with $6.9 million, or 59 percent of revenue, for the second quarter of 2013. Non-GAAP operating income for the second quarter decreased by 10 percent to $1.6 million from $1.8 million for the second quarter of 2013. Non-GAAP net income increased 10 percent to $1.4 million, or $0.14 per diluted share, from $1.2 million, or $0.13 per diluted share, for the second quarter of 2013. Non-GAAP adjusted EBITDA for the 2014 second quarter decreased 8 percent to $1.9 million, or $0.19 per diluted share, from $2.0 million, or $0.22 per diluted share, or the second quarter of 2013.
For the six months ended June 30, 2014, revenue increased 17 percent to $26.8 million from $23.0 million for the six months ended June 30, 2013. Gross profit increased by 14 percent to $15.8 million, or 59 percent of revenue, compared with $13.9 million, or 60 percent of revenue, for the six months ended June 30, 2013. Non-GAAP operating income for the six months ended June 30, 2014 decreased by 6 percent to$3.0 million from $3.2 million for the six months ended June 30, 2013. Non-GAAP net income for six months ended June 30, 2014remained flat at $2.2 million, or $0.23 per diluted share, from $2.2 million, or $0.23 per diluted share, for the six months endedJune 30, 2013. Non-GAAP adjusted EBITDA decreased 3 percent to $3.5 million, or $0.36 per diluted share, from $3.6 million, or $0.38per diluted share, for the six months ended June 30, 2013.
Cash, cash equivalents and investments totaled $32.3 million at June 30, 2014, down from $42.7 million on December 31, 2013. The decrease is primarily due to the acquisitions of Sabine and Spontania.
ClearOne continued its stock repurchase plan in the second quarter, bringing the total repurchase amount to approximately $4.0 million against an allocation of $10 million.
Gross margins in the quarter were within the lower end of the company’s expected range. Gross margins were impacted by the periodic revision of overhead allocations as well as the ongoing integration of Sabine manufacturing operations, which were acquired in March 2014.
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