Clearone, Inc. (NASDAQ:CLRO)

SALT LAKE CITY, Aug. 8, 2011 /PRNewswire/ -- The United States Court of Appeals for the Tenth Circuit issued an opinion today, affirming a November 2008 jury verdict issued by a federal district court in favor of ClearOne (NASDAQ: CLRO) against Biamp Systems Corp. ("Biamp"), for theft of ClearOne's trade secrets, including the federal district court's award of exemplary damages based upon the finding that Biamp's misappropriation was willful and malicious. In its ruling, the Tenth Circuit Court of Appeals reduced the amount of ClearOne's judgment on two categories of ClearOne's damages, but otherwise affirmed Biamp's liability to ClearOne on every component of ClearOne's judgments against Biamp for theft of ClearOne's trade secrets, including awards for lost profits, unjust enrichment, exemplary damages based upon Biamp's willful and malicious conduct, taxable costs, and attorney fees and costs.

The amount of ClearOne's judgment against Biamp is estimated to be $3.7 million, not including additional amounts that may be awarded. This amount reflects reductions by the Tenth Circuit Court of Appeals of approximately $1.1 million from the federal district court's previous judgment of about $4.8 million.

Pursuant to a prior order of the federal district court, Biamp had deposited in escrow the sum of approximately $3.7 million, to protect ClearOne and serve as a bond on appeal.  ClearOne will immediately seek release of these monies to satisfy judgment in its favor.

In earlier opinions dated June 27, 2011 and July 8, 2011, the Tenth Circuit affirmed in all respects the jury verdict and related awards against Andrew Chiang, Jun Yang, Lonny Bowers, WideBand Solutions, Inc., and Versatile DSP, Inc., and the federal district court's contempt and related findings against Donald Bowers.  ClearOne has not recovered any material amounts in satisfaction of its judgments against these parties.

The Tenth Circuit Court of Appeals is yet to rule upon ClearOne's request for additional awards of prejudgment interest and attorney fees against Biamp.

SALT LAKE CITY, Aug. 9, 2011 /PRNewswire/ -- ClearOne (NASDAQ: CLRO) today reported financial results for the second quarter ended June 30, 2011.

For the 2011 second quarter, revenues were a record $11.9 million, compared to $9.9 million for the 2010 second quarter.  Revenue for the 2011 second quarter increased year over year by 20%.  

Gross profit for the 2011 second quarter increased by 26% to a record $7.2 million, or 60% of revenue, from $5.7 million, or 57% of revenue, for the 2010 second quarter. Operating income increased by a record 260% to $1.9 million from $520,000 for the prior year period.

Net income increased by 274% to $1.3 million, or $0.14 per diluted share, from $353,000, or $0.04 per diluted share, for the 2010 second quarter.  Non-GAAP net income increased by 165% to $1.7 million, or $0.18 per diluted share, from $629,000, or $0.07 per diluted share, for the 2010 second quarter.

On August 8, 2011 the United States Court of Appeals for the Tenth Circuit issued an opinion, affirming a November 2008 jury verdict issued by a federal district court in favor of ClearOne against Biamp Systems Corp. ("Biamp"), for theft of ClearOne's trade secrets, including the federal district court's award of exemplary damages based upon the finding that Biamp's misappropriation was willful and malicious.  The amount of ClearOne's judgment against Biamp is estimated to be $3.7 million and has not been included in any of the financial statements included with this news release. The Tenth Circuit Court of Appeals is yet to rule upon ClearOne's request for additional awards of interest and attorney fees.

"ClearOne continued to achieve record breaking year-over-year financial performance in the second quarter," said Zee Hakimoglu, President, Chief Executive Officer and Chairman of ClearOne.  "Increase in revenue was propelled by strong growth in North America and Asia including India. Our outstanding revenue growth was the result of our ability to leverage our product and market strengths while our profitability was due to our commitment to financial discipline."

SALT LAKE CITY, May 12, 2011 /PRNewswire/ -- ClearOne today reported financial results for the first quarter ended March 31, 2011.

• For the 2011 first quarter, revenues were a record $10.7 million, compared to $8.4 million for the 2010 first quarter. The revenue for 2011 first quarter increased year over year at a record 28%.  Revenue increased year over year in all the major geographic regions including North America, Europe, Middle East and Africa (EMEA), China, India, Asia Pacific, and Latin America.
• Gross profit increased by 21% to a record $6.3 million from $5.2 million for the 2010 first quarter. Operating income increased by a record 165% to a record $1.2 million from $457,000 for the prior year period.
• Net income increased by 274% to $812,000, or$0.09 per diluted share, from $217,000, or $0.02 per diluted share, for the 2010 first quarter.  
• Non-GAAP net income increased by 122% to $1.1 million, or $0.12 per diluted share, from $510,000, or $0.06 per diluted share, for the 2010 first quarter.  The reconciliation between GAAP and Non-GAAP net income is available in the tables attached to this release.

"ClearOne carried strong momentum from 2010 into the first quarter of 2011," said Zee Hakimoglu, President, Chief Executive Officer and Chairman of ClearOne.  "Our record year over year revenue growth in the first quarter was fueled by demand for our technology, products and brand.