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.