ClearOne Q4 Profit Falls - Quick Facts

(RTTNews) - ClearOne (CLRO), a provider of audio and visual communication solutions, said that its fourth quarter of 2013 net income fell to $1.74 million from $24.51 million in the year ago quarter. Earnings per common share were $0.19 down from $2.67 last year.

Non-GAAP net income increased to $1.8 million, or $0.19 per share, from $1.2 million, or $0.13 per share, for the fourth quarter of 2012.

GAAP operating income increased by 26% to $2.9 million from $2.3 million for the 2012 fourth quarter.

Quarterly revenue increased by 9% to $14.2 million, from $13.0 million in the fourth quarter of 2012.

Cash, cash equivalents and investments totaled $42.7 million at December 31, 2013, down from $55.5 million on December 31, 2012. These balances include the final net amount retained from the December 2012, $45 million favorable settlement relating to auction-rate securities, after paying $13.8 million of associated income taxes and $6.75 million in attorneys' fees. The cash balance also includes $364,000, net of legal expenses received during the fourth quarter of 2013 as final settlement from escrow monies earlier deposited on account of its dispute with a former officer of the company.