$CLRO
CLEARONE INC

2018 Q1 Form 10-Q Financial Statement

#000143774918012158 Filed on June 20, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $7.289M $11.68M
YoY Change -37.58% -10.4%
Cost Of Revenue $3.190M $5.000M
YoY Change -36.2% 9.46%
Gross Profit $4.099M $6.678M
YoY Change -38.62% -21.11%
Gross Profit Margin 56.24% 57.18%
Selling, General & Admin $4.485M $4.847M
YoY Change -7.47% 14.78%
% of Gross Profit 109.42% 72.58%
Research & Development $2.056M $2.357M
YoY Change -12.77% 3.83%
% of Gross Profit 50.16% 35.29%
Depreciation & Amortization $380.0K $402.0K
YoY Change -5.47% -16.25%
% of Gross Profit 9.27% 6.02%
Operating Expenses $6.541M $7.204M
YoY Change -9.2% 10.95%
Operating Profit -$2.442M -$526.0K
YoY Change 364.26% -126.67%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $24.00K $102.0K
YoY Change -76.47% 920.0%
Pretax Income -$2.418M -$424.0K
YoY Change 470.28% -121.38%
Income Tax -$572.0K $44.00K
% Of Pretax Income
Net Earnings -$1.846M -$468.0K
YoY Change 294.44% -134.21%
Net Earnings / Revenue -25.33% -4.01%
Basic Earnings Per Share -$0.22 -$0.05
Diluted Earnings Per Share -$0.22 -$0.05
COMMON SHARES
Basic Shares Outstanding 8.307M 8.768M
Diluted Shares Outstanding 8.307M 8.768M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.710M $14.50M
YoY Change -39.93% -26.77%
Cash & Equivalents $5.577M $8.639M
Short-Term Investments $3.130M $5.860M
Other Short-Term Assets $1.960M $4.460M
YoY Change -56.05% 83.77%
Inventory $14.62M $14.44M
Prepaid Expenses
Receivables $6.247M $7.300M
Other Receivables $0.00 $0.00
Total Short-Term Assets $31.54M $40.71M
YoY Change -22.52% -12.03%
LONG-TERM ASSETS
Property, Plant & Equipment $1.481M $1.530M
YoY Change -3.2% 4.22%
Goodwill
YoY Change
Intangibles $7.640M
YoY Change
Long-Term Investments $7.420M $21.10M
YoY Change -64.83% 3.69%
Other Assets $316.0K $6.500M
YoY Change -95.14% 5018.11%
Total Long-Term Assets $32.65M $47.35M
YoY Change -31.06% -1.51%
TOTAL ASSETS
Total Short-Term Assets $31.54M $40.71M
Total Long-Term Assets $32.65M $47.35M
Total Assets $64.19M $88.06M
YoY Change -27.11% -6.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.295M $4.910M
YoY Change -12.53% 17.04%
Accrued Expenses $1.975M $2.050M
YoY Change -3.66% -4.38%
Deferred Revenue $282.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.552M $10.84M
YoY Change -39.56% 2.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $679.0K $1.360M
YoY Change -50.07% 18.06%
Total Long-Term Liabilities $679.0K $1.360M
YoY Change -50.07% 18.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.552M $10.84M
Total Long-Term Liabilities $679.0K $1.360M
Total Liabilities $7.312M $12.20M
YoY Change -40.07% 2.97%
SHAREHOLDERS EQUITY
Retained Earnings $9.367M
YoY Change
Common Stock $47.62M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $56.87M $75.86M
YoY Change
Total Liabilities & Shareholders Equity $64.19M $88.06M
YoY Change -27.11% -6.67%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$1.846M -$468.0K
YoY Change 294.44% -134.21%
Depreciation, Depletion And Amortization $380.0K $402.0K
YoY Change -5.47% -16.25%
Cash From Operating Activities -$299.0K -$1.363M
YoY Change -78.06% -165.34%
INVESTING ACTIVITIES
Capital Expenditures $62.00K $181.0K
YoY Change -65.75% 30.22%
Acquisitions
YoY Change
Other Investing Activities $1.140M -$530.0K
YoY Change -315.09% -312.0%
Cash From Investing Activities $1.013M -$768.0K
YoY Change -231.9% -798.18%
FINANCING ACTIVITIES
Cash Dividend Paid $583.0K $439.0K
YoY Change 32.8% -4.36%
Common Stock Issuance & Retirement, Net $147.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -719.0K -1.339M
YoY Change -46.3% -21.88%
NET CHANGE
Cash From Operating Activities -299.0K -1.363M
Cash From Investing Activities 1.013M -768.0K
Cash From Financing Activities -719.0K -1.339M
Net Change In Cash -5.000K -3.470M
YoY Change -99.86% -819.92%
FREE CASH FLOW
Cash From Operating Activities -$299.0K -$1.363M
Capital Expenditures $62.00K $181.0K
Free Cash Flow -$361.0K -$1.544M
YoY Change -76.62% -179.3%

Facts In Submission

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CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1339000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1013000
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-768000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-299000
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1363000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-1846000
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-468000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
6541000
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
7204000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2442000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-526000
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
316000
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
311000
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
22000
CY2017Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
12000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-70000
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
38000
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
679000
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
607000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
24000
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
102000
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
583000
CY2017Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
56000
CY2018Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
884000
CY2017Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
2437000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
62000
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
181000
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1963000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1862000
CY2018Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
11000
CY2017Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
28000
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
3304000
CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
1906000
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1481000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1549000
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18000
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-2000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2056000
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2357000
CY2018Q1 us-gaap Retail Related Inventory
RetailRelatedInventory
CY2017Q4 us-gaap Retail Related Inventory
RetailRelatedInventory
1555000
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9367000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9160000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7289000
CY2017Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11678000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
11
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
18012
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
764430
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
744936
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.78
CY2018Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
17549
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
56874000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
56567000
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2868000
CY2017Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2741000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
137000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
171000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
550509
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.02
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1482
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.72
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
10.84
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000000
CY2018Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
8652
CY2018Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
7019
CY2018Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1878
CY2018Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
62000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8307125
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8768112
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8307125
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8768112

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