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.

ClearOne is here: http://www.clearone.com