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13.11.2018 14:05
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PR Newswire
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ClearOne Reports Third Quarter 2018 Financial Results
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PR Newswire
SALT LAKE CITY, Nov. 13, 2018
SALT LAKE CITY, Nov. 13, 2018 /PRNewswire/ -- ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the three months and nine months ended September 30, 2018.
"Our revenue and consequently our bottom line continues to be under assault due to infringement of our strategic patents," said Zee Hakimoglu, President and Chief Executive Officer. "We continue to emphasize the strategic priorities of product innovation, operational savings and legal defense of our strategic patents. The third quarter results show evidence of cost savings measures starting to yield results and inventory turning to cash. We also have embarked on a path to strengthen our cash position through a rights offering to our current shareholders. We believe our focused implementation of core initiatives will bring us back to the path towards profitability and growth."
Financial Summary
The Company uses certain non-GAAP financial measures and reconciles those to GAAP measures in the attached tables.
- Q3 2018 revenue was $6.7 million, compared to $10.6 million in Q3 2017 and $7.0 million in Q2 2018. The year-over-year decrease as well as sequential revenue decline reflect an impact of the on-going harm of infringement of ClearOne's patents resulting in slower adoption of our next generation professional audio-conferencing platform. The patent infringement has also negatively impacted revenue from ClearOne's other products that are sold with professional audio-conferencing systems.
- GAAP gross profit in Q3 2018 was $3.0 million compared to $6.5 million in Q3 2017 and $3.3 million in Q2 2018. GAAP gross profit margin was 45% in Q3 2018, compared to 62% in Q3 2017 and 47% in Q2 2018. Gross profit margin decrease was primarily due to an increase in inventory obsolescence costs, a decline in licensing revenues and due to reduced overhead absorption into inventory. The proportion of overhead costs absorbed into inventory has declined due to a sharp decline in our inventory purchasing activity causing increased amounts of overhead costs to be expensed.
- Operating expenses (excluding impairment of goodwill and intangibles) in Q3 2018 were $5.3 million, compared to $6.6 million in Q3 2017 and $6.2 million in Q2 2018. The majority of the decrease in operating expenses over Q3 2017 is attributable to reduced employee related costs, reduction in sales commissions and reduction in R&D related project expenses. Non-GAAP operating expenses in Q3 2018 were $4.9 million, compared to $6.0 million in Q3 2017 and $5.8 million in Q2 2018. The sequential decrease in Non-GAAP operating expenses was mainly due to reduced employee related costs, sales commissions and R&D related project costs.
- GAAP net loss in Q3 2018 was $10.1 million, or $1.22 per share, compared to net loss of $9.2 million, or $1.09 per share, in Q3 2017 and net loss of $2.2 million, or $0.26 per share, in Q2 2018. Net loss in Q3 2018 was largely caused by the non-cash write-off of deferred tax assets amounting to $7.8 million and reduction in revenue and associated gross profit. Non-GAAP net loss was $9.6 million, or $1.15 per share, in Q3 2018, compared to non-GAAP net profit of $0.8 million in Q3 2017 and net loss of $1.8 million, or $0.22 per share, in Q2 2018. Non-GAAP net loss in Q3 2018 was caused by lower revenues and reduction in associated gross margin.
| Financial Summary | | | | | | | | | | | | | | | |
| ($ in 000, except per share) | | Three months ended September 30, | | | Nine months ended September 30, | ||||||||||
| | | 2018 | | | 2017 | | Change | | | 2018 | | | 2017 | | Change |
| GAAP | | | | | | | | | | | | | | | |
| Revenue | $ | 6,683 | | $ | 10,560 | | -37% | | $ | 20,943 | | $ | 32,549 | | -36% |
| Gross Profit | | 2,980 | | | 6,509 | | -54% | | | 10,329 | | | 19,256 | | -46% |
| Operating loss | | (2,310) | | | (13,506) | | 83% | | | (7,724) | | | (15,141) | | 49% |
| Net loss | | (10,142) | | | (9,276) | | -9% | | | (14,151) | | | (10,564) | | -34% |
| Diluted loss per share | | (1.22) | | | (1.09) | | -12% | | | (1.70) | | | (1.22) | | -39% |
| Non-GAAP | | | | | | | | | | | | | | | |
| Non-GAAP Gross Profit | $ | 2,983 | | $ | 6,516 | | -54% | | $ | 10,341 | | $ | 19,277 | | -46% |
| Non-GAAP Operating Income (Loss) | | (1,915) | | | 526 | | -464% | | | (6,430) | | | 1,028 | | -725% |
| Non-GAAP Net Income (Loss) | | (9,554) | | | 760 | | -1357% | | | (12,857) | | | 807 | | -1693% |
| Non-GAAP Adjusted EBITDA | | (1,790) | | | 743 | | -341% | | | (5,975) | | | 1,742 | | -443% |
| Non-GAAP Earnings (Loss) per share (Diluted) | | (1.15) | | | 0.09 | | -1378% | | | (1.55) | | | 0.09 | | -1822% |
Balance Sheet Highlights
At September 30, 2018, cash, cash equivalents and investments were $10.3 million, as compared with $18.6 million at December 31, 2017. The Company continued to have no debt.
About ClearOne
ClearOne is a global company that designs, develops and sells conferencing, collaboration, and network streaming solutions for voice and visual communications. The performance and simplicity of its advanced comprehensive solutions offer unprecedented levels of functionality, reliability and scalability. More information about the Company can be found at www.clearone.com.
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