ClearOne Communications Inc. is a global communications solutions company that develops, manufactures and sells conferencing, collaboration, streaming media and connectivity systems for audio, video and web applications. The company occupies the number one position in the professional audio conferencing market with more than 50 percent of the global market share.
The company today reported financial results for the second quarter ended June 30, 2010. For the first six months of 2010, revenue increased 25% to $18.3 million from $14.7 million for the same period of 2009. Net income was $570,000, or $0.06 per diluted share, versus a net loss of $42,000 for the comparable prior year’s period.
Revenue for the 2010 second quarter increased 41% to $9.9 million from $7.1 million in the same quarter of last year. Net income was $353,000, or $0.04 per diluted share, versus a net loss of $402,000, or $0.04 per diluted share, in the same period of fiscal 2009. Gross profit rose to $5.7 million as compared to $3.2 million for the prior year period.
ClearOne Communications also strengthened its balance sheet during the second quarter of 2010. It grew its cash position by $1.5 million to $10.9 million, while still remaining debt free. This occurred despite the company’s acquisition of NetStreams, which distributes high definition audio and video over TCP/IP networks. For more information on ClearOne Communications, please visit the company’s website at www.clearone.com.