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ClearOne Communications, Inc. (CLRO) Reports Fiscal 2009 Results

ClearOne Communications, Inc. reported revenues of $7.1 million for its fourth fiscal quarter ending 6/30/09. This was down sharply from the $9.6 million in the same quarter last year.

The company’s net loss was $402,000, or $0.04 per share, for the quarter. ClearOne Communications, Inc. earned $3.2 million, or $0.31 per share, in the same quarter last year.

The company blamed the loss on the global recession. Zee Hakimoglu, the CEO of ClearOne Communications, Inc., said, “Our revenue in fiscal 2009 was impacted by global economic conditions, including a worldwide decline in technology spending.”

Hakimolu was more optimistic about the current fiscal year. “Looking ahead, we are seeing signs of improvement. We are planning a number of key new product launches in fiscal 2010.”

ClearOne Communications, Inc. did manage to have a small profit in the full fiscal year, with net income of $2.2 million, or $0.24 per share. Revenues were $35.7 million. ClearOne Communications, Inc. had a solid balance sheet at the end of its fiscal year with cash of $11.9 million, and no long-term debt.

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