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ClearOne Communications Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 14, 2011 07:57PM
ClearOne Communications Inc. (CLRO) filed Quarterly Report for the period ended 2011-09-30. Clearone Communications Inc. has a market cap of $41 million; its shares were traded at around $4.53 with a P/E ratio of 5 and P/S ratio of 1.
Highlight of Business Operations:Our revenues were $11.5 million and $34.1 million during the three and nine months ended September 30, 2011 compared to $10.4 million and $28.7 million during the three and nine months ended September 30, 2010. Revenues increased by 11% and 19% during the three and nine months ended September 30, 2011, respectively, over the
Revenue for the nine months ended September 30, 2011 (2011 YTD) increased by approximately 19% over the nine months ended September 30, 2010 (2010 YTD). The increase was caused by an overall increase in revenue from our professional, personal and premium conferencing products due to increased demand for our products in North America, Asia and Australia due to the continued strength in these economies and higher penetration of our products introduced last year. Revenues from Europe remained about the same. Revenues from tabletop conferencing and NetStreams products did not change significantly while revenues from media carts declined.
During 2011 Q3 and 2010 Q3, the net change in deferred revenue was net recognition of revenue of $49,000 and $334,000 respectively. During 2011 YTD and 2010 YTD, the net change in deferred revenue was net recognition of revenue of $602,000 and $8,000 respectively. See Critical Accounting Policies and Estimates under Revenue and Associated Allowance for Revenue Adjustments and Doubtful Accounts below for a detailed discussion of deferred revenue.
Our gross profit margin (GPM), which is gross profit as a percentage of revenue, was 61% and 60% in 2011 Q3 and 2010 Q3, respectively. GPM for both 2011 YTD and 2010 YTD remained at 60%.
S&M expenses during 2011 Q3 decreased by approximately $59,000, or 3%, when compared to 2010 Q3. The decrease in S&M expenses during 2011 Q3 was primarily due to reduction in employee-related costs, tradeshow costs and marketing costs partially offset by increases in consulting expenses and commissions to independent sales agents.
Stocks Discussed: CLRO,