ClearOne Reports 11 Percent Revenue Increase
ClearOne today reported its financial results for the first quarter ended March 31, 2013.
For the 2013 first quarter, revenue for the first time in the first quarter surpassed $11 million, totaling $11.3 million compared with $10.2 million for the first quarter of 2012, an increase of 11 percent. Gross profit was $7.0 million, or 62 percent of revenue, compared with $6.1 million, or 60 percent of revenue, for the first quarter of 2012. Non-GAAP operating income increased by 48 percent to $1.4 million compared with $953 thousand during the first quarter of 2012. Non-GAAP net income grew 54 percent to $966 thousand, or $0.10 per diluted share, from $626 thousand, or $0.07 per diluted share. Non-GAAP Adjusted EBITDA increased 34 percent to $1.6 million, or $0.17 per diluted share compared with $1.2 million, or $0.13 per diluted share in the first quarter of 2012.
The reconciliation between GAAP and Non-GAAP measures is available in the tables attached to this release.
At March 31, 2013, the company had cash and cash equivalents of $42.6 million, down from $55.5 million on December 31, 2012. The cash position at the end of the quarter reflects the final net amount retained from the December 2012 $45 million favorable settlement relating to auction-rate securities, after paying $13.8 million of associated income taxes and $6.75 million in attorneys’ fees.
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