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ClearOne reports improved 3Q results

Published November 20, 2012 12:05 am

This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

ClearOne Communications Inc., a Utah-based maker of audio and video conferencing equipment, said its revenue for the third quarter of its 2012 fiscal year was $11.6 million, up from $11.5 million in the same period a year ago.

Net income for the period was $929,000, or 10 cents per share compared with net income of $3.4 million, or 36 cents per share, for the same quarter of the prior fiscal year. Results from the third quarter a year ago, however, included a favorable judgment award of $3.7 million.

"During the quarater, we made solid progress strengthening our balance sheet as evidenced by our increased cash position and lower inventory levels," Zee Hakimoglu, ClearOne's president and CEO, said in announcing the company's latest financial results.

She noted that as of Sept. 30, 2012, the company had cash and cash equivalents of $14.3 million, up from $3.9 million on June 30, 2012. The company also has no debt.