Business
ClearOne Reports Fourth Quarter 2020 Financial Results
- Q4 year-over-year overall revenue up by 35% - Q4 year-over-year video revenue up by 241%, microphones up by 17% - Net income dramatically increases for full
About this update from Clearone, Inc.
[{"type":"text","content":"- Q4 year-over-year overall revenue up by 35%\n - Q4 year-over-year video revenue up by 241%, microphones up by 17%\n - Net income dramatically increases for full year 2020 driven by one-time income tax refund of $7.1 million\n\n\nSALT LAKE CITY, March 30, 2021 /PRNewswire/ -- ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the three and twelve- month periods ended December 31, 2020.\n\"We finished 2020 with sterling fourth quarter revenue performance. This follows comparable strong revenue growth we reported in the third quarter. While 2020 was a challenging year for most companies amid the COVID-19 pandemic, ClearOne benefitted from the changes the pandemic created as hybrid work-and-learn environments created demand for our broad line-up of audio and video solutions.\"\n\"During the fourth quarter, we introduced our ClearOne Aura™, a suite of pre-packaged professional audio and video home office solutions for remote working professionals to meet market needs. Also during the quarter, we upgraded our Convergence AV Network Manager Software which provides real-time, at-a-glance monitoring and control of ClearOne Professional AV products to support our new, technologically disruptive Ceiling Tile Beamforming Microphone Array, the BMA 360.\"\n\"During the past year, market recognition and acceptance of the versatility, scalability, performance, and affordability of our recent audio and video product introductions, from large rooms requiring professional installations to plug-and-play solutions suited for work-and-learn in-home environments drove our revenue growth.\"\n\"We reported net income for 2020 resulting from a one-time recognition of an income tax refund receivable of $7.1 million due to our ability to carryback net operating losses to earlier profitable years, made possible by the CARES Act. This expected refund will further strengthen our cash position, enabling us to continue to focus on our strategic market imperatives and to continue to defend ClearOne from the harm inflicted on us by Shure's infringement of our intellectual property. We achieved significant victories in our litigation against Shure in 2020, and we look forward to prevailing on our patent claims against Shure at trial, which has been delayed by the COVID-19 pandemic,\" Hakimoglu c...