–Board Approves Plan to Initiate Regular Quarterly Dividend–
SALT LAKE CITY, UTAH — December 2, 2014 — ClearOne (NASDAQ: CLRO) today announced that its Board of Directors has declared the first annual dividend for 2014 of $0.10 per share of ClearOne common stock, payable on January 5, 2015 to shareholders of record on December 12, 2014. The company also said that the Board has approved a plan to initiate the payment of a regular quarterly cash dividend beginning in the first quarter of 2015 and discontinued the stock repurchase program. To date, the company has repurchased $5.4 million of the $10 million originally allocated for the program.
“Our strong financial position allows us to continue to invest in organic growth projects and pursue acquisitions, while also returning a portion of our free cash flow directly to our shareholders,” said Zee Hakimoglu, President and Chief Executive Officer of ClearOne. “We believe these actions reflect our confidence in the long-term value of ClearOne’s market position and financial performance.”
The company expects that it will maintain a program of paying dividends on a quarterly basis; however, the declaration of dividends in the future is subject to the discretion of the ClearOne Board of Directors, which will evaluate the company’s dividend program from time-to-time based on factors that the Board of Directors deem relevant.