ClearOne Reports Decrease in Revenue and Profit
In the midst of a lawsuit that rAVe thinks may be distracting them, ClearOne reported a drop in both revenue and profit for their Q3 2009. For the fiscal 2009 third quarter, revenue decreased to $7.6 million from $9.2 million in the same quarter of last year. Gross profit was $4.0 million, or 53 percent of revenue, compared with $5.7 million, or 62 percent of revenue, for the prior year period. Gross profit as a percentage of revenue in the fiscal 2009 third quarter was lower due to an inventory obsolescence charge of $686,000. Net income was $339,000, or $0.04 per diluted share, which includes the reversal of a $1.1 million contingent legal liability. Net income for the third quarter of last year was $1.1 million, or $0.10 per diluted share.
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