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30.03.2021 15:10
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PR Newswire
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ClearOne Reports Fourth Quarter 2020 Financial Results
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PR Newswire
SALT LAKE CITY, March 30, 2021
SALT LAKE CITY, March 30, 2021 /PRNewswire/ -- ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the three and twelve- month periods ended December 31, 2020.
"We finished 2020 with sterling fourth quarter revenue performance. This follows comparable strong revenue growth we reported in the third quarter. While 2020 was a challenging year for most companies amid the COVID-19 pandemic, ClearOne benefitted from the changes the pandemic created as hybrid work-and-learn environments created demand for our broad line-up of audio and video solutions."
"During the fourth quarter, we introduced our ClearOne Aura™, a suite of pre-packaged professional audio and video home office solutions for remote working professionals to meet market needs. Also during the quarter, we upgraded our Convergence AV Network Manager Software which provides real-time, at-a-glance monitoring and control of ClearOne Professional AV products to support our new, technologically disruptive Ceiling Tile Beamforming Microphone Array, the BMA 360."
"During the past year, market recognition and acceptance of the versatility, scalability, performance, and affordability of our recent audio and video product introductions, from large rooms requiring professional installations to plug-and-play solutions suited for work-and-learn in-home environments drove our revenue growth."
"We reported net income for 2020 resulting from a one-time recognition of an income tax refund receivable of $7.1 million due to our ability to carryback net operating losses to earlier profitable years, made possible by the CARES Act. This expected refund will further strengthen our cash position, enabling us to continue to focus on our strategic market imperatives and to continue to defend ClearOne from the harm inflicted on us by Shure's infringement of our intellectual property. We achieved significant victories in our litigation against Shure in 2020, and we look forward to prevailing on our patent claims against Shure at trial, which has been delayed by the COVID-19 pandemic," Hakimoglu concluded.
Financial Summary
The Company uses certain non-GAAP financial measures and reconciles those to GAAP measures in the attached tables.
- Q4 2020 revenue was $8.6 million, compared to $6.3 million in Q4 2019 and $8.4 million in Q3 2020. The year-over-year increase was mainly due to the increase in revenue from video products, personal audio conferencing products and beamforming microphone array products. Despite this revenue growth in Q4 2020, revenue from audio conferencing products and microphones are far below the levels prior to infringement of our patents.
- GAAP gross profit in Q4 2020 was $3.6 million, compared to $3.0 million in Q4 2019 and $3.5 million in Q3 2020. GAAP gross profit margin was 42% in Q4 2020, compared to 48% in Q4 2019 and 42% in Q3 2020. Gross Profit margin decreased year over year mainly due to increase in share of lower margin products in the revenue mix, increased freight and tariff costs and increased inventory obsolescence costs, partially offset by increased deferral of overhead costs added to the inventory.
- Operating expenses in Q4 2020 were $4.4 million, compared to $5.0 million in Q4 2019 and $4.7 million in Q3 2020. Non-GAAP Operating expenses in Q4 2020 were $3.9 million, compared to $4.6 million in Q4 2019 and $4.2 million in Q3 2020. The year-over-year decrease in operating expenses was mainly due to reductions in sales tax expense, employee travel expenses and legal expenses partially offset by an increase in commissions paid to employees and independent reps. The sequential decrease in operating expenses was mainly due to reductions in sales tax expense, legal expenses and employee headcount costs partially offset by an increase in commissions paid to employees and independent reps.
- GAAP net income in Q4 2020 was $5.5 million, or $0.29 per share, compared to net loss of $2.0 million, or $0.12 per share, in Q4 2019 and net loss of $1.3 million, or $0.07 per share, in Q3 2020. The change from net losses in Q4 2019 and Q3 2020 to net income in Q4 2020 is primarily due to recognition of income tax refund receivable of approximately $7.1 million arising out of the carryback of net operating losses that became possible due to the enactment of the CARES Act, as well as an increase in gross profit due to increase in revenues and decrease in operating costs.
| ($ in 000, except per share) | | Three months ended December 31, | | | Year ended December 31, | ||||||||||
| | | 2020 | | | 2019 | | Change% | | | 2020 | | | 2019 | | Change % |
| GAAP | | | | | | | | | | | | | | | |
| Revenue | $ | 8,566 | | $ | 6,325 | | 35% | | $ | 29,069 | | $ | 25,042 | | 16% |
| Gross profit | | 3,583 | | | 3,013 | | 19% | | | 12,559 | | | 11,193 | | 12% |
| Operating expenses | | 4,400 | | | 4,982 | | -12% | | | 18,126 | | | 19,755 | | -8% |
| Operating loss | | (817) | | | (1,969) | | -59% | | | (5,567) | | | (8,562) | | -35% |
| Net income (loss) | | 5,549 | | | (1,985) | | 380% | | | 505 | | | (8,408) | | 106% |
| Diluted income (loss) per share | | 0.29 | | | (0.12) | | 342% | | | 0.03 | | | (0.51) | | 106% |
| Non-GAAP | | | | | | | | | | | | | | | |
| Non-GAAP gross profit | $ | 3,583 | | $ | 3,015 | | 19% | | $ | 12,561 | | $ | 11,201 | | 12% |
| Non-GAAP operating expenses | | 3,919 | | | 4,595 | | -15% | | | 16,369 | | | 18,136 | | -10% |
| Non-GAAP operating loss | | (336) | | | (1,582) | | -79% | | | (3,810) | | | (6,943) | | -45% |
| Non-GAAP net income (loss) | | 6,030 | | | (1,598) | | 477% | | | 2,262 | | | (6,789) | | 133% |
| Non-GAAP Adjusted EBITDA Werbung Mehr Nachrichten zur Clearone Communications Aktie kostenlos abonnieren
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