ClearOne Communications Inc., a global communications solutions company, today reported financial results for the fourth quarter and full year ended December 31, 2010.
Fourth quarter 2010 revenue increased 37 percent to $12.6 million from $9.2 million in the same quarter of last year. Gross profit during the fourth quarter of 2010 rose to $7.5 million, or 60 percent of revenue, from $5.6 million, or 61 percent of revenue, for the prior year period. Net income during the fourth quarter of 2010 was $817,000, or $0.09 per diluted share, compared with $699,000, or $0.08 per diluted share, reported for the comparable period in 2009.
Full year 2010 revenue increased 31 percent to $41.3 million from $31.5 million for 2009. Gross profit rose to $24.6 million, or 60 percent of revenue, from $16.8 million, or 53 percent of revenue, for the prior year. The company reported net income for 2010 at $2.4 million, or $0.27 per diluted share, compared with $384,000, or $0.04 per diluted share, for 2009.
At December 31, 2010, the company had cash and cash equivalents of $11.4 million and no long-term debt.
“ClearOne had an outstanding quarter and an outstanding year on all fronts,” Zee Hakimoglu, president, CEO and chairman of ClearOne stated in the press release. “We established a beach head with new products for the Unified Communications market. We grew strategic partner relationships in these markets. We acquired strategic technology for networked multimedia streaming solutions through the acquisition of NetStreams to complement our conferencing and collaboration solutions. And, we achieved record revenue and profitability growth for the quarter and for the year.”
Hakimoglu said the company anticipates continued strength through 2010 stemming from increased demand for its products both domestically and internationally, as well as from new product introductions.
“Looking ahead, we are confident of sustaining the momentum and continuing our strong financial and operational performance into 2011,” Hakimoglu stated. “We are particularly encouraged by the potential for our recently launched Collaborate™, an all-in-one voice, video and data collaboration console for users of Unified Communications or popular cloud based web services. We believe this innovative solution has many applications for organizations of any size and promises to be a strategic product in our solutions portfolio.”
For more information visit www.clearone.com