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SALT LAKE CITY, March 29, 2012 /PRNewswire/ -- ClearOne (NASDAQ: CLRO) today reported its preliminary financial results for the year ended December 31, 2011.
For the 2011 full year, revenue increased 12% to $46.1 million from $41.3 million for 2010. Gross profit rose 12% to $27.6 million, or 60% of revenue, from $24.6 million, or 60% of revenue, for the prior year. Operating income climbed to $10.6 million from $1.8 million for the prior year. Net income more than doubled to $6.9 million, or $0.75 per diluted share, from $2.4 million, or $0.27 per diluted share, for 2010. Financial results for 2011 included a favorable judgment award of $3.7 million related to litigation against Biamp Systems Corp. for theft of ClearOne trade secrets. At December 31, 2011, the company had cash and cash equivalents of $16.7 million, and no debt.
On February 22, 2012, ClearOne announced that it had completed the acquisition of Israel-based VCON Video Conferencing, a leader in high-performance, end-to-end, software video conferencing. Due to the acquisition, additional time was required to complete the year-end review and audit. The company will file its 2011 Form 10-K on Friday, March 30, 2012 and issue a news release with its complete financial results for the 2011 fourth quarter and full year and conduct a related investor conference call on Monday, April 2.
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