ClearOne Reports Fiscal 2007 Second Quarter Financial Results.SALT LAKE CITY -- ClearOne Communications, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : CLRO CLRO Corporation of London Record Office .OB) today reported financial results for the second quarter of fiscal 2007 ended December 31, 2006. For the fiscal 2007 second quarter, revenue increased to $10.1 million from $9.1 million in the same quarter of last year. Gross profit grew to $5.2 million from $4.6 million for the prior year period. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $915,000 compared with an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $413,000 in the same quarter last year. Net income was $1.1 million, or $0.09 per diluted share, compared with net income for the prior year period of $81,000, or $0.01 per diluted share, which included income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $157,000. "During the second quarter, higher revenues and enhanced gross margins led to a significantly improved bottom line," said Zee Hakimoglu, president and chief executive officer of ClearOne. "We also successfully completed a tender offer, repurchasing more than one million shares of the company's common stock, and took an important step to facilitate future growth by moving to a new corporate headquarters that has increased space for product development." For the first six months of fiscal 2007, revenue increased to $19.5 million from $17.9 million in the same period of fiscal 2006. Gross profit grew to $10.3 million from $9.4 million for the prior year period. Operating income was $1.2 million compared with operating income of $174,000 in the same period last year. Net income was $1.8 million, or $0.15 per diluted share, compared with net income for the prior year period of $2.1 million, or $0.17 per diluted share, which included income from discontinued operations of $1.2 million. At December 31, 2006, the company had cash, cash equivalents, and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $18.3 million and no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . About ClearOne ClearOne is a communications solutions company that develops and sells audio conferencing See audioconferencing. systems and other related products for audio, video, and web conferencing A videoconferencing session via the Internet. In order to interact with other participants, attendees use either a Web application or an application downloaded into their client machines. applications. The reliability, flexibility, and performance of ClearOne's comprehensive solutions create a natural communications environment, which saves organizations time and money by enabling more effective and efficient communication. For more information, visit ClearOne's website at www.clearone.com. This release contains "forward-looking" statements that are based on present circumstances and on ClearOne's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements, including statements regarding the company's ability to successfully commercialize newer products and enter new markets, are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements. Such forward-looking statements are made only as of the date of this release and ClearOne assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. http://www.b2i.us/irpass.asp?BzID=509&to=ea&s=0 FINANCIAL TABLES FOLLOW [TABLE OMITTED] [TABLE OMITTED] |
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