$CLRO
CLEARONE INC

2019 Q1 Form 10-Q Financial Statement

#000143774919010413 Filed on May 17, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $6.305M $7.289M
YoY Change -13.5% -37.58%
Cost Of Revenue $3.601M $3.190M
YoY Change 12.88% -36.2%
Gross Profit $2.704M $4.099M
YoY Change -34.03% -38.62%
Gross Profit Margin 42.89% 56.24%
Selling, General & Admin $3.508M $4.485M
YoY Change -21.78% -7.47%
% of Gross Profit 129.73% 109.42%
Research & Development $1.587M $2.056M
YoY Change -22.81% -12.77%
% of Gross Profit 58.69% 50.16%
Depreciation & Amortization $509.0K $380.0K
YoY Change 33.95% -5.47%
% of Gross Profit 18.82% 9.27%
Operating Expenses $5.095M $6.541M
YoY Change -22.11% -9.2%
Operating Profit -$2.391M -$2.442M
YoY Change -2.09% 364.26%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $42.00K $24.00K
YoY Change 75.0% -76.47%
Pretax Income -$2.349M -$2.418M
YoY Change -2.85% 470.28%
Income Tax -$572.0K
% Of Pretax Income
Net Earnings -$2.349M -$1.846M
YoY Change 27.25% 294.44%
Net Earnings / Revenue -37.26% -25.33%
Basic Earnings Per Share -$0.14 -$0.22
Diluted Earnings Per Share -$0.14 -$0.22
COMMON SHARES
Basic Shares Outstanding 16.63M shares 8.307M
Diluted Shares Outstanding 16.63M shares 8.307M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.210M $8.710M
YoY Change -17.22% -39.93%
Cash & Equivalents $4.326M $5.577M
Short-Term Investments $2.890M $3.130M
Other Short-Term Assets $1.880M $1.960M
YoY Change -4.08% -56.05%
Inventory $12.33M $14.62M
Prepaid Expenses
Receivables $6.435M $6.247M
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.86M $31.54M
YoY Change -11.66% -22.52%
LONG-TERM ASSETS
Property, Plant & Equipment $1.280M $1.481M
YoY Change -13.57% -3.2%
Goodwill
YoY Change
Intangibles $11.10M $7.640M
YoY Change 45.31%
Long-Term Investments $6.240M $7.420M
YoY Change -15.9% -64.83%
Other Assets $158.0K $316.0K
YoY Change -50.0% -95.14%
Total Long-Term Assets $30.07M $32.65M
YoY Change -7.88% -31.06%
TOTAL ASSETS
Total Short-Term Assets $27.86M $31.54M
Total Long-Term Assets $30.07M $32.65M
Total Assets $57.94M $64.19M
YoY Change -9.74% -27.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.326M $4.295M
YoY Change -45.84% -12.53%
Accrued Expenses $2.396M $1.975M
YoY Change 21.32% -3.66%
Deferred Revenue $259.0K $282.0K
YoY Change -8.16%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.981M $6.552M
YoY Change -23.98% -39.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $570.0K $679.0K
YoY Change -16.05% -50.07%
Total Long-Term Liabilities $570.0K $679.0K
YoY Change -16.05% -50.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.981M $6.552M
Total Long-Term Liabilities $570.0K $679.0K
Total Liabilities $7.957M $7.312M
YoY Change 8.82% -40.07%
SHAREHOLDERS EQUITY
Retained Earnings -$7.824M $9.367M
YoY Change -183.53%
Common Stock $57.94M $47.62M
YoY Change 21.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.98M $56.87M
YoY Change
Total Liabilities & Shareholders Equity $57.94M $64.19M
YoY Change -9.74% -27.11%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$2.349M -$1.846M
YoY Change 27.25% 294.44%
Depreciation, Depletion And Amortization $509.0K $380.0K
YoY Change 33.95% -5.47%
Cash From Operating Activities -$1.294M -$299.0K
YoY Change 332.78% -78.06%
INVESTING ACTIVITIES
Capital Expenditures $37.00K $62.00K
YoY Change -40.32% -65.75%
Acquisitions
YoY Change
Other Investing Activities -$5.550M $1.140M
YoY Change -586.84% -315.09%
Cash From Investing Activities -$5.591M $1.013M
YoY Change -651.92% -231.9%
FINANCING ACTIVITIES
Cash Dividend Paid $583.0K
YoY Change 32.8%
Common Stock Issuance & Retirement, Net $0.00 $147.0K
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $9.000K -719.0K
YoY Change -101.25% -46.3%
NET CHANGE
Cash From Operating Activities -$1.294M -299.0K
Cash From Investing Activities -$5.591M 1.013M
Cash From Financing Activities $9.000K -719.0K
Net Change In Cash -$6.876M -5.000K
YoY Change 137420.0% -99.86%
FREE CASH FLOW
Cash From Operating Activities -$1.294M -$299.0K
Capital Expenditures $37.00K $62.00K
Free Cash Flow -$1.331M -$361.0K
YoY Change 268.7% -76.62%

Facts In Submission

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CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-2349000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-1846000
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
5095000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
6541000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2391000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2442000
CY2019Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
171000
CY2018Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
246000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3101000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2954000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
548000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2406000
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
176000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2966000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2818000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.061
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y109D
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
158000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
196000
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-27000
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
22000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
70000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-70000
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
570000
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
571000
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
42000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
24000
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
147000
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
583000
CY2019Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
4764000
CY2018Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
884000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
62000
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1882000
CY2019Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
9000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
CY2018Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
11000
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
427000
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
3304000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1280000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1388000
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18000
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1587000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2056000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7824000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-5475000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6305000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7289000
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1953000
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2868000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
74000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
137000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
514438
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.63
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
53733
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
9.49
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
624256
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
570523
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.87
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.81
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
49979000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
52201000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
56874000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16630597
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8307125
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16630597
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8307125

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