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ClearOne Communications Inc. (NASDAQ:CLRO)

The Wall Street Analyst Forum

November 28, 2007 9:10 am ET

Executives

Zeynep Hakimoglu - Chairman, President and CEO

Greg LeClaire - VP of Finance and Corporate Secretary

Zeynep Hakimoglu

Okay. Thank you. Again, I'm here to present ClearOne to you. Thank you for joining us. There will be some forward-looking statements in this presentation. So I just want to advice you that the safe harbor provisions will apply to what I have to say.

I'd like to talk about ClearOne, basically, three parts to this presentation. One, is to introduce you to the company, what we do; second part, I'd like to talk to you about where ClearOne thinks system market is going in our place in the marketplace; and third part would be how we plan to execute and capitalize in that emerging market.

So, ClearOne, as mentioned, we develop audio conferencing products. We are a products company. We're recognized in the conferencing marketplace as having the most comprehensive portfolio of audio conferencing products, expand its base of different application model, which I'll show you in a few minutes, and we have a broad portfolio of customers in channels that help us sell our products.

So just a little, a few tidbits about ClearOne. We are the global leader in installed audio products. We were recently listed on the NASDAQ back in August. We were founded in 1983. Our history is broadcast, and we moved from broadcast technology. We had equipment at Larry King, CNN, a lot of the old ABC, a lot of the old broadcast companies and got our place in audio that way, and moved on to conferencing.

We're headquartered in Salt Lake City, still there. We have a fiscal calendar that ends June 30th, and our revenues last fiscal year were about $40 million. We have about 100 employees. As I mentioned, we are a product company. That is our charter, and we have a very impressive Fortune 500 customer list.

I'm proud to say that ClearOne is one of the few companies, even though our market is not huge, smaller market, but we are, in fact, the global market leader for installed audio conferencing products. And very few companies can come up here and say at our side that we are, in fact, a global market leader with more than 50% global market share.

We introduced the tabletop products, tabletop conferencing [technical difficulty] to entry, I think it speaks to why we've maintained our 50% plus global market share.

First of all, our differentiator in terms of this product is our highly sophisticated digital signal processing technology. It is not purely a digital implementation. There are many analog aspects to the processing. So it's highly, highly specialized, very tough.

As you know, conferencing means that you've got to deploy it globally. Most companies that have conferencing have global deployment. Some of the larger Fortune 500 companies and today midsized companies have outsourced manufacturing, audit firms, etcetera. So, when you come out with a product, you absolutely have to have a global deployment. That takes money, lot of money, lot of time, lot of regulatory requirements when you go globally.

So that makes another barrier that is pretty tough. When we come out with a product, we go out global deployment. Without it, can't conference, not useful. A lot of small companies start with a conferencing product and they'll have US compliance, but US compliance isn't going to work. You've got to quickly come out.

Also audio is mission critical. You could look at video. We could have this presentation worst case with an audio presentation without data, without video. So in our deployments, which you'll see some of our customers are, it is mission critical. And when they have a problem, they know that they could pick up the phone and call and see what the issue is, unlike what we had experienced here.

You have a Board meeting. In fact, I had the pleasure of going to the board room of Boeing when they were using our equipment. And when the shuttle had its first episode, they couldn't get the video working and they got the audio working. And we had a team to make sure that they were online.

And audio is kind of, as I mentioned, an analog experience. Any startup, any new company that comes out and says, I'm going to go do this, it's tough, because every room is different. Some rooms have all glass, some rooms have domes, some rooms are long, some rooms have carpeting, some rooms are equipped chambers.

We have a very, very long history of data, which optimizes our digital signal processing so that we could basically go, build equipment that when you install the first time it works in any environment. So it's a tough business, but there are few strong players. We like to think of ourselves as one of them. We know who the others are.

We have an interesting product offering. You could see that while our 50% market share is over here on the right, which is the professional line, we have some legacy products there. In the last several years, we have made a decision that we really want to dominate the audio conferencing space as the market is emerging and we'll talk about that.

On the left you see our personal conferencing. This Chat 50 is about the size of a deck of card. It's foreign. It's for road warriors, small homes and offices desktops. It's basically a USB connection that you could plug into any phone.

I will tell you that, when that product came out a couple of years ago, I was over here in New York at the PC Magazine. And I'll tell you when the technical editor heard it, he said he had an "aha" moment twice in his life, one was when the TomTom came out and he saw that GPS driving system, and the other was the ClearOne Next on. And he gave it, if you'll see, the PC Magazine Award Product of the Year.

We have the Chat 150. That is another USB. I should also mention that Chat 50 connects to cell phones. I'm in a hotel room over here, and at night when I get back to my room, I want to conference back at the office, it's very portable, plug it in and you have beautiful full duplex conferencing equivalent to what you would get out of a regular conferencing phone. I'm sure you've all experienced what it’s like when you are on a cell phone and you can't get a word in (inaudible) because the other guy is talking.

It's really an amazing product. The Chat 150 is another interesting product, which basically converts any handset, Cisco, Avaya, Nortel. We have a lot of compliant of interoperability there and convert an enterprise handset into a conference phone.

Again, I was at an investment bank about a year ago, here where we had beta units out. And we were told by the IT guy that many of the bankers and traders and brokers didn't like the idea of dialing two phones. They wanted a conference phone. They wanted to use the rich features that their handset has, such as voice mail, call forwarding, address book, etcetera.

So, by plugging our Chat 150 into their handset, it gave them a wonderful solution to that. And you should know that there are many, many more applications for a handset to get a conference phone, lots of handsets in the world.

Next product is our MAXAttach Line. As I mentioned, we have VoIP, we have analog, we have wired, we have wireless. I will tell you that our wireless is unique because, again, you could put two wireless phones on a table and they wirelessly communicate, so that you absolutely have no wires in the room. It's quite a nice feature. Again, you could separate them.

The RAV Line is something that we created, the premium conferencing, audio conferencing line. It's a future proof solution. You could start in a small conference room without the full integration when you need more than a tabletop phone. You could start its audio and it has the capability to connect to video, so that if you add video to your system, it's ready for you. It comes with Bose speakers and mixer and some speakers and a wireless or wired remote and our legacy product is the Converge.

This is our next-generation audio conferencing product which is currently displacing the XAP line, which is the product that had 53% global market share. And here across all these lines, we've taken our advanced digital signal processing technology and basically executed it across all the product line. We sell these products because no one’s audio sounds better.

Again, I have been at a lot of companies, and getting awards are tough, and some of them are paid for. But I will tell you, that ClearOne has a very, very impressive list of awards, to get for its product. I mentioned to you the PC Editors' Choice Award we got on the Chat.

We have received two consecutive Frost & Sullivan Product Line Strategy Awards in the last few years. As I mentioned, we try to develop products that intercept the market, conferencing is changing and I will mention that but conferencing is more. It's not about sitting at one room anymore with one conference phone in the middle of your desk. It's everywhere and our product strategy award, to get that two years consecutively was quite a win for ClearOne.

We also have awards which price our channel relationship. We've won a lot of business several times. I have one award up here. That means that our relationships with our channel which sells our products have been awarded. We are loyal to our channel, without our channel we don't do business. And so, I would say our business practices are good and have also been awarded.

Our customer list is impressive. We could probably replace this slide over and over and over with Fortune 500 companies that have adopted our products. The bulk, as you know, as I mentioned, 50% is Pro conferencing. And when a Fortune 500, all these companies, when they adopt your product, they don't usually do it on a [one-off pick] basis. They have global deployments, Morgan Stanley is in all over APAC, as well as United States, Europe, all these, GSK was one of the first companies to adopt a global deployment of our MAX phone line, when it first came out.

Cisco has, I understand, 800 conference rooms and they are for all practical purposes on their Pro line work with ClearOne for those deployments. So, we have a very impressive list. With that list of global customers, we are trying to penetrate and anticipate that we will penetrate the MAX line and give them an alternative to what is currently used in most applications today.

How do we sell our products? Depending on the product, we have a slightly different sales model. We, at ClearOne, we sell through distribution. The distributors have a huge network of dealers. When it's on the pro side, they have AV integrators and IT specialists. When it's on the telephony line, you have digital marketing resellers, DMR.

You have other dealers that are in the telephony channel. So, the distributors themselves are resellers, who eventually sell it to end users. We do have a few end users that we sell to directly, but not significant.

Further, on the Pro line, consultants are key in specking our equipment. They put out tenders, due design, builds with an architect on most of these large office buildings, and they are instrumental in specking our equipments. So, we have very loyal consultants globally, some of the biggest in the world, that know that when they buy a ClearOne product it's going to work, they're going to get paid, no risk.

So, where are we going? Here, I'd like to talk about the conferencing market. You could see up at the top there are what we call traditional audio opportunities. There is tabletop, we know what that is. There is the installed business, which is a very big business. If I mention most of our equipment is in the back closet, you don't see it. And then, there is video conferencing.

But, some years ago, we could see that audio is getting big. Everyone wants to be in conferencing. You see Cisco in conferencing, you see HP in conferencing. Everyone is getting into conferencing because they know it's a fundamental element to doing business.

How is that played? Web collaboration. Web collaboration is huge. It's huge at the group level. It's huge at the desktop level, where one person may go collaborate with parties, distributed areas. Again, enterprise telephone endpoints, there are more handsets that could use a conference phone attachment than there are a market for actual tabletop telephones, and that's why we developed the Chat 150.

I will also mention, I should mention, that with enterprise telephone handsets, the beauty of attaching conferencing to that is that you don't have to pull extra cable. In many of these offices here, again, in New York City, to pull another analog line or a digital line into an infrastructure like that is very difficult. But if you could attach a conferencing endpoint, it's huge.

Instant messaging, as you know, is not just about text anymore. You have -- what is it -- Yahoo Talk, Google Talk, etcetera, and people are chatting. The Chat 50 product, again, is one of those products where at the home, teenagers -- it's really oriented towards enterprise, but at the home, through Google Talk or chat talk, it's full duplex. Again, full duplex means two people can talk and listen at the same time, unlike one person talks and they don't hear you. As the PC Editor Award said, it's an awesome experience.

Internet telephony, all the conference phones that are analog currently sitting on tabletop throughout the world are eventually going to be changed to VoIP. And cell phone peripherals, people take their cell phones, operate as much on their cell phone as they do any other tethered handset, and so there is an opportunity there for conferencing.

So we did an analysis, looked at different data, sources. And what we have here is a kind of a quick, rough market snapshot of the emerging total available endpoints that could be available for a conferencing endpoint. We came up with a number of about 500 million. All these applications, enterprise telephony, web enterprise, instant messaging, residential VoIP and Internet telephony are all opportunities where an endpoint can be attached.

Of course, the markets are huge. We don't claim that every endpoint is going to take a conferencing device, but we made some estimates and we could see fundamentally that the emerging applications are very big piece of the audio conferencing market.

And there you can see the blue down below is the traditional market. I will say that on the traditional market, the professional line is probably a $60 million market in '06. And the bigger part of that is the tabletop product, the traditional tabletop products that you are familiar with. Although for the professional line the gross margins are very, very good as opposed to the tabletop line where the gross margins are not as high.

So, how do we get there, how do we capitalize, how does ClearOne capitalize on these opportunities? Of course, what we never compromise is our audio signal quality. People often ask, what can we do to make something cheaper? We look at that and price is always a factor. But our differentiation in the market is our audio quality. People have stuck with ClearOne and continue to select ClearOne because they know our audio quality is not compromised. And audio conference, again, is mission critical, those who make the selections for audio want the absolute best audio in the world and no one tops ClearOne in terms of quality.

We made a bet sometime ago, early on, when we went to our MAX IP phones. We made a bet that we're going to go with SIP. At the time, SIP was not the standard protocol or was not the obvious protocol for voice. There was 323. There were lots of different choices, and we made a bet. I know in my wireless days standards based solutions is the trend. It always happens. You can't deny it. We made that bet and all our products are open and scalable. We have SIP-based MAX IP conference phones as well as other devices.

And the other thing that we thought was very, very important is the industrial design. People really care about what their equipment looks like in their hand, on their desks. I personally have gotten very tired of looking at what a tabletop conference phone looks like. And some of our newer designs and designs in development are very attractive designs that consumer user, boardrooms, offices want a nice look and feel. And so we are focused on that.

Again, on the VoIP, VoIP is huge. Its adoption has been slower than is anticipated. We have a market strategy. We're going obviously wide and deep. Small, medium and large enterprises adopt VoIP. Small enterprises are the quickest to adopt, often they go with hosted services. Large enterprises take long, long time to think through it. Most of our large Fortune 500 companies had not fully adopted VoIP and they're still contemplating it, looking at it, testing it's security, quality of service are all key issue in terms of audio conferencing and not mitigating quality.

The VoIP infrastructure providers are all opportunities for us to sell audio conferencing products into. They are carrier managed. They are softswitch companies which are named below. There is Tier II PBX manufacturers and there is Tier 1, we know who the Tier 1s are. And I would say for ClearOne's MAX IP phone, we have greater interoperability with more vendors both Tier 1 and Tier II than the big guys in present time. We've made that our focus. Again, that takes time and money, but it's very important that when you come out with the product, it has interoperability for all the major VoIP providers out there.

So, our growth strategy is clearly to expand it to non-traditional emerging audio conferencing market. It's in front of us. It takes time. It's not easy. But we believe, we have the right product set and we spend a considerable amount of money and effort in the last three years to put that, a product strategy together.

We're going to capitalize on the VoIP market transition. It's now entirely up to us, when that hits, but it's coming up, it's happening, it's slow, but it's happening, and again at the larger enterprises it happens later rather than earlier but it will be there.

We are going to further penetrate it, our legacy market, which is the Pro, we just came out with the Converge Pro, our latest platform that was announced a couple of months ago. We have a good demand for it. It will be placed to XAP, obviously, why do we do new, why do we do a new Pro. It offers us greater growth margins, more efficient manufacturing techniques that we use and it offers the market again another competitive piece of equipment.

And the other thing that we are going to be focusing and investing in is brand awareness. It's kind of sad; we have 50% plus global market share and all our equipment is back in the closet, no one even knows it's in there. That's not a good situation.

As we try to introduce some of our exposed equipment, the telephony products as we call them, we need that brand awareness. We need people to know that ClearOne is providing their best audio conferencing that they need and they are paying a premium price for it.

And then, we introduce our Chat products, or our MAX products, or our RAV products, they need to know they are going to get the best audio. So, it's an expensive enterprise, marketing as always, but we are going to focus on that as we go forward for the success of the products and the company.

So, we don't do anything fancier or promise to do anything fancy here but we're going to stick with the basics. We have a bolstered management team and we take, I take very close attention to the management team that we have to make sure that they are filling our needs as we are growing.

We focus on our core competencies. It's very easy to get distracted as a small company. It is easy to get distracted as a large company but we do focus on our core competencies conferencing products.

And I need to say that it's not just about the products, we have a very, very rich diverse, deep channel and that channel is our engine that takes our markets out into the street. So, if we focus on our core competencies the engine of our channel is what helps us thrust our products into the markets. So, it's critical that we introduce the right products.

We are looking always at strategic marketing and technology partnerships, you may or may not know we provide the Pro audio conferencing for the HP Halo system the telepresent system. They had a lot of choices and our audio is just the best in the world and they want the best telepresent system and we are their Halo partner in providing that.

And global customer services, that is critical a lot of our customers come to us and say, well, they could buy a cheaper product from the other guys there's other alternatives but we've a team of sales, engineers and technical folks globally deployed to support our Fortune 500 customers in our channel that's critical, it helped us succeed.

Now a little numbers. We've had some growth. There's always room for more growth. And we always like to see more growth. But we have been, what I call, inflating and deflating a balloon at the same time.

The company has undergone a lot of changes. We outsourced the manufacturing. We moved our facilities. We got all kinds of RoHS in the environmental green compliance that we were required to sell into Europe. But at the same time, we've been growing our revenue and we've had double-digit growth and that's a good thing. We'd like to see more, but I think we're hitting our stride. And with some of the new products, we hope to exceed this.

You could see that even though we have increased our revenue, our cost of goods have remained fairly steady. We have a good management team, and we pay attention to all our costs to make sure that our gross margins are holding steady. You could see that even though that our gross profit had a 23% increase, our gross margins were in the 50% range. And for a small company, I would say, and the two-tier model where we sell, that's pretty good.

We kept the operating expenses, and for a $40 million company generating $5 million of net income, I think we're undervalued. I think we could conclude that.

Now I will talk about this quarter. We had a peculiar set of circumstances last quarter. Our revenue looked flat. We have a special revenue recognition process at ClearOne where we do not recognize revenue until it's sold out of the distribution channel. And we had about $1 million of revenue that came in that we could not recognize last quarter, $1 million higher than normal.

The other thing, in terms of net income, was that we had $1.8 million contingent liability last quarter, pertaining to legal expenses on an ongoing DOJ matter related to former executives some years ago. So, while that was on our G&A last quarter, this quarter that $1.8 million contingent liability will go back to our balance sheet.

We have a very strong balance sheet. As you know, we generate cash. I'd like to say very well cash, cash machines. We have $23 million, $24 million as of last quarter, no long-term debt and just a very strong balance sheet.

In terms of company news, just recently we were relisted on the NASDAQ. That was a really long haul, went through a lot of process changes to get that. So, we're pleased to be back on the NASDAQ. We've gotten quite a few awards, Product of The Year from Technical Marketing Corporation, again, on the Chat 150. That was that product that plugs into handsets.

We announced interoperability to the Chat 150 for Cisco phones. We received our second consecutive Product Strategy Award this year. I was honored to be named a North American Audio Conferencing CEO of the Year by Frost & Sullivan this year for the improvements we made to the company. And we had a tender offer. We purchased about 1.1 million shares; even with that, kept growing our cash.

This is our team. I have a history in wireless and fiber optics. Greg is our VP of Finance, came from Utah Medical with a small, but successful company in terms of revenue and managing income.

Steve Anderson is our VP of Worldwide Sales. Again, he is little bit oriented towards some of the telephonic channels that we were looking at. Tracy Bathurst is our Chief Technology Officer. He is our astounding technical expert at ClearOne. Marthes recently joined us from Venture. Venture is one of the largest contract manufacturing firms in the world, happens to be in Singapore.

And we knew that negotiating with our contract manufactures mean that we needed an insight person who knew how it works on the insight. So we brought in, we like to bring an insight people, it's kind of like having your tax done by an IRS guy. You need someone who knows the system. And he has been pretty instrumental and helping us with our gross margin.

So that's what I have today, if there is any question I'd be happy to answer them. One at the back, first.

Question-and-Answer Session

Unidentified Audience Member

[Question Inaudible]

Zeynep Hakimoglu

In my mind there is always gross margin improvement that we had. We look at it perpetually and that comes through introducing new products with better gross margins, and as well as looking at our contract manufacturing.

Unidentified Audience Member

[Question Inaudible]

Zeynep Hakimoglu

Yeah. Greg, do you want to take that one?

Greg LeClaire

Yeah. Well, I need to talk into there but…

Zeynep Hakimoglu

Okay.

Greg LeClaire

Quickly the NOL that we have, we're able to fully take the credit for them on the federal side. The tax NOL's, we continue to have; we estimate or take a number of years and the years before we use up all those NOL's.

Unidentified Audience Member

[Question Inaudible]

Greg LeClaire

No.

Unidentified Audience Member

[Question Inaudible]

Zeynep Hakimoglu

Yeah. Sure.

Unidentified Audience Member

A couple of questions. First, who do you normally run against as a competitor?

Zeynep Hakimoglu

In terms of our Pro line, we run against Polycom, a little bit of [Bryant]. Tandberg doesn't make a comparable product. I should add that in most cases, obviously 53% of the cases, when you've got video conferencing, even though Polycom and Tandberg and Sony have video conferencing systems out there, they use ClearOne audio with those systems. In terms of the tabletop, SCT survives in (inaudible). No one else really is a player besides us, about 5% units.

Unidentified Audience Member

I came in a little bit late. In the terms of the global opportunities, can you give us a little more flavor of what they are and what the size of that market is?

Greg LeClaire

Can you repeat the question once again?

Zeynep Hakimoglu

The question was in terms of growth opportunities; can we talk a little bit more or give a little flavor on what might be?

Unidentified Audience Member

With economic parameters around the market size that...

Zeynep Hakimoglu

Well, yeah, the market size would be emerging -- the traditional this year was about, I would say, we saw that it's about $500 million market, the total available market for end point attachments for conferencing. That doesn't mean we're going to get all of that, but it's a good size market and it's growing.

Unidentified Audience Member

And in terms of how you want to expand, as you said outside of traditional markets, is that included in that 500 million?

Zeynep Hakimoglu

Yes, it is. Yes?

Unidentified Audience Member

[Question Inaudible]

Zeynep Hakimoglu

The question, is he noticed some accruals for this legal matter last year, why didn't we take more last year, why did this year?

Unidentified Audience Member

[Question Inaudible]

Zeynep Hakimoglu

Well. I'll start, and maybe, Greg, you can add it. But you take the accrual when we have a reasonable notion of what the actual cost would be until the DOJ matter came before us, official [anxietment], the world had a chance to look at the case, a trial date is set. At that point, you have a reasonable estimate from the attorneys and working back and forth on what the cost would be. At that point, you need to report it. If they were expenses or what not that we might have paid prior to that, then we report those separately.

Unidentified Audience Member

[Question Inaudible]

Zeynep Hakimoglu

Right. It's really when the trial date is set and the charges are in and the lawyers have had a chance to work out their strategy. Yes, sir?

Unidentified Audience Member

It seems to be you have a rather large jump in revenue between fourth quarter '06, first quarter '07, and then relatively flat across '07, could you just comment on what's happening in both those areas?

Zeynep Hakimoglu

Let see. I don't. You are asking about the revenue over the quarters in '07 versus with '06?

Unidentified Audience Member

No, no. Looking at '07,

Zeynep Hakimoglu

'07.

Unidentified Audience Member

Basically, it has been flat for the whole year, quarter-by-quarter, up and down a little bit but the year flat, but you had, what, almost a $2 million jump in '06 to '07, you had $8.7 million in the September '06, going to $10.9 million in -- well, I'm reading this backwards, but…

Zeynep Hakimoglu

Well, I would say that, normally our first and third quarters are weakest quarters. Now I would say that we don't deal with volatility in our revenue, deal with volatility. It's a relatively small revenue piece, $40 million, $35 million. And we don't manage it with backlog, we shipped what we have and try to get the orders out. Some quarters we have a better quarter than others, like, I really couldn't explain. I will say that last quarter we had $1 million that we could not report of deferred revenue and extra $1 million last quarter. And based on how the revenue comes in often, obviously, we can't report it. I would like to see more growth, it takes time.

Unidentified Audience Member

No, no. I am just trying to understand the company and it look like there was a jump from the end of '06 into the first quarter of '07, and then it looks relatively flat across '07.

Zeynep Hakimoglu

I see, okay.

Unidentified Audience Member

And that's what I am trying to…

Zeynep Hakimoglu

I see.

Unidentified Audience Member

And then that leads to the next question, which is, what gives you confidence that there will be an increase in '08?

Zeynep Hakimoglu

Well, one thing that you're asking me what gives us confidence that there will be an increase in '08. Well, that confidence is there is always uncertainty, but we are focusing on similar telephony products. We also have a new legacy XAP product, the Converge product that will be replacing the XAP. We see some pickup on VoIP and hope that that we will enjoy the benefits of that.

We have the Chat 150, which is still getting adopted and beta trialed, and we hope that through some of the interoperability that we have gotten that we will see grow through that. We're also adding additional channels for distribution of our telephony products so that we could get better coverage. So, we're working mostly on the telephony products and trying to grow those. That's really where our focus is, and hope to see that.

Unidentified Audience Member

[Question Inaudible]

Zeynep Hakimoglu

Well, I would say outside of this graph that I gave you, in terms of the potential, it takes time. The Chat was introduced a couple of years ago. It's a low cost product [$149] in SRP. It's going to take a large volume, but we are getting some adoption of that. Enterprises adopted slowly. They will buy a few, they test it, if they like it, it spreads. So, I couldn't give you more detail than that. But we have high hope for our telephony products as whole.

Moderator

Thank you.

Zeynep Hakimoglu

Thank you.

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