ClearOne Communications Inc. (CLRO, Financial) filed Quarterly Report for the period ended 2010-06-30.
Clearone Communications Inc. has a market cap of $26.9 million; its shares were traded at around $3.01 with a P/E ratio of 150.5 and P/S ratio of 0.8. CLRO is in the portfolios of Chuck Royce of Royce& Associates.
During 2010 Q2 and 2009 Q2, the net change in deferred revenue was a net deferral of revenue of $196,000 and $98,000, respectively. During 2010 H1 and 2009 H1, the net change in deferred revenue was a net deferral of revenue of $326,000 and net recognition of revenue of $611,000, respectively. See “Critical Accounting Policies” under “Revenue and Associated Allowance for Revenue Adjustments and Doubtful Accounts” below for a detailed discussion of deferred revenue.
2010 Q2 operating expenses were approximately $5.1 million, an increase of approximately $1.0 million from $4.1 million in 2009 Q2 or an increase of 25% over 2009 Q2 expenses. Operating expenses during 2010 H1 were $9.9 million compared to $8.8 million during 2009 after excluding insurance settlement proceeds.
G&A expenses increased approximately by $843,000 during 2010 H1 in comparison to G&A expenses in 2009 H1. During 2009 H1, G&A expenses were reduced by approximately $1.1 million for reversal of accrued legal expenses and $145,000 for receipt of an insurance settlement. After excluding the above said reversal in 2009 Q1 and receipt of an insurance settlement mentioned above, G&A expenses during 2010 H1 decreased approximately by $449,000 compared to 2009 H1. The decrease was primarily due to reduction in legal expenses and compensation cost partially offset by increases in the allowance for doubtful accounts, accounting services and amortization of intangibles. We continue to incur high legal expenses due to litigation to protect our intellectual property and to defend ourselves from indemnification claims made by former officers.
Other income, net during 2010 Q2 was reduced approximately by $225,000 compared to 2009 Q2 due to reduction in interest income. Other expense, net during 2010 H1 was ($132,000) compared to other income, net of approximately $285,000 during 2009 H1. The difference was due to reduction in interest income by $240,000, a loss of approximately $111,000 incurred on disposal of fixed assets and interest expense of approximately $50,000.
Net cash used in investing activities during the six months ended June 30, 2010 was approximately $192,000, made up of the receipt of $350,000 of final working capital adjustment from sellers of NetStreams, Inc. and purchase of equipment of approximately $542,000. Net cash provided by investing activities in the six months ended June 30, 2009 was $7.0 million primarily due to proceeds realized on sale of marketable securities partially offset by the purchase of equipment.
Read the The complete Report
Clearone Communications Inc. has a market cap of $26.9 million; its shares were traded at around $3.01 with a P/E ratio of 150.5 and P/S ratio of 0.8. CLRO is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Our revenues were $9.9 million and $18.3 million during the three and six months ended June 30, 2010, compared to $7.1 million and $14.7 million during the three and six months ended June 30, 2009. Our gross profit also increased by $2.5 million and $3.6 million during the three and six months ended June 30, 2010. Net income rose to $353,000 during the three months ended June 30, 2010 (“2010 Q2”) compared to a net loss of $402,000 during the three months ended June 30, 2009 (“2009 Q2”). Net income for the six months ended June 30, 2010 (“2010 H1) also improved to $570,000 compared to a loss of $42,000 during the six months ended June 30, 2009 (“2009 H1”). The increase in revenues and profits were the result of positive stabilization in the global economy. Nevertheless, we will continue our existing measures to control costs and monitor future trends closely in response to our observation of our customers deliberate selective spending. A detailed discussion of our results of operations follows below.During 2010 Q2 and 2009 Q2, the net change in deferred revenue was a net deferral of revenue of $196,000 and $98,000, respectively. During 2010 H1 and 2009 H1, the net change in deferred revenue was a net deferral of revenue of $326,000 and net recognition of revenue of $611,000, respectively. See “Critical Accounting Policies” under “Revenue and Associated Allowance for Revenue Adjustments and Doubtful Accounts” below for a detailed discussion of deferred revenue.
2010 Q2 operating expenses were approximately $5.1 million, an increase of approximately $1.0 million from $4.1 million in 2009 Q2 or an increase of 25% over 2009 Q2 expenses. Operating expenses during 2010 H1 were $9.9 million compared to $8.8 million during 2009 after excluding insurance settlement proceeds.
G&A expenses increased approximately by $843,000 during 2010 H1 in comparison to G&A expenses in 2009 H1. During 2009 H1, G&A expenses were reduced by approximately $1.1 million for reversal of accrued legal expenses and $145,000 for receipt of an insurance settlement. After excluding the above said reversal in 2009 Q1 and receipt of an insurance settlement mentioned above, G&A expenses during 2010 H1 decreased approximately by $449,000 compared to 2009 H1. The decrease was primarily due to reduction in legal expenses and compensation cost partially offset by increases in the allowance for doubtful accounts, accounting services and amortization of intangibles. We continue to incur high legal expenses due to litigation to protect our intellectual property and to defend ourselves from indemnification claims made by former officers.
Other income, net during 2010 Q2 was reduced approximately by $225,000 compared to 2009 Q2 due to reduction in interest income. Other expense, net during 2010 H1 was ($132,000) compared to other income, net of approximately $285,000 during 2009 H1. The difference was due to reduction in interest income by $240,000, a loss of approximately $111,000 incurred on disposal of fixed assets and interest expense of approximately $50,000.
Net cash used in investing activities during the six months ended June 30, 2010 was approximately $192,000, made up of the receipt of $350,000 of final working capital adjustment from sellers of NetStreams, Inc. and purchase of equipment of approximately $542,000. Net cash provided by investing activities in the six months ended June 30, 2009 was $7.0 million primarily due to proceeds realized on sale of marketable securities partially offset by the purchase of equipment.
Read the The complete Report
