ClearOne Communications sees fourth quarter profit rise 17%
ClearOne Communications (NASDAQ:CLRO), a provider of video and audio conferencing products, said Thursday its fourth quarter earnings were up 17% as revenues rose.
For the fourth quarter ended December 31, the company reported a net income of roughly $0.82 million or 9 cents per diluted share, compared with a net income of roughly $0.7 million, or 8 cents per diluted share, for the year-ago period. Revenue rose 37% year-over-year to $12.6 million.
Analyst estimates were not available for the firm.
"Increased demand for our products, both in domestic and international markets, combined with new product introductions significantly contributed to our strong financial performance," said CEO Zee Hakimoglu.
Full year net income was $2.4 million, or 27 cents per diluted share, compared with $0.38 million, or 4 cents per diluted share, for 2009. Revenues were $41.3 million, up from $31.5 million.
At quarter end, the company had cash and cash equivalents of $11.4 million and no long-term debt.
"Looking ahead, we are confident of sustaining the momentum and continuing our strong financial and operational performance into 2011," said CEO Hakimoglu, although the company did not provide any outlook for 2011.
The company's shares rose 5.2% to $4.62 as of 1:56 pm EST. Over the past year, the shares have rallied 49%.
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