SALT LAKE CITY, UTAH (August 9, 2011) — ClearOne (NASDAQ: CLRO) today reported financial results for the second quarter ended June 30, 2011.
For the 2011 second quarter, revenues were a record $11.9 million, compared to $9.9 million for the 2010 second quarter. Revenue for the 2011 second quarter increased year over year by 20%.
Gross profit for the 2011 second quarter increased by 26% to a record $7.2 million, or 60% of revenue, from $5.7 million, or 57% of revenue, for the 2010 second quarter. Operating income increased by a record 260% to $1.9 million from $520,000 for the prior year period. Net income increased by 274% to $1.3 million, or $0.14 per diluted share, from $353,000, or $0.04 per diluted share, for the 2010 second quarter. Non-GAAP net income increased by 165% to $1.7 million, or $0.18 per diluted share, from $629,000, or $0.07 per diluted share, for the 2010 second quarter. The reconciliation between GAAP and Non-GAAP net income is available in the tables attached to this release.
For the first six months of 2011, revenue increased 23% to $22.6 million from $18.3 million for the same period of 2010. Gross profit increased by 24% to $13.5 million, or 60% of revenue, from $10.9 million, or 59% of revenue, for the comparable prior year period. Operating income in the first half of 2011 tripled to $3.1 million from $1.0 million during the same six months of 2010. Net income grew by 274% to $2.1 million, or $0.23 per diluted share, versus net income of $570,000, or $0.06 per diluted share, for the comparable prior period. Non-GAAP net income for the 2011 first half increased by 146% to $2.8 million, or $0.30 per diluted share, from $1.1 million, or $0.13 per diluted share, for the 2010 first half. The reconciliation between GAAP and Non-GAAP net income is available in the tables attached to this release.
At June 30, 2011, the company had cash and cash equivalents of $12.4 million and no debt.
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