ShoreTel Reports Financial Results

blackmore peter

ShoreTel today announced financial results for its fiscal fourth quarter and fiscal year 2013.

For the fourth quarter of fiscal 2013, revenue was a record $85.6 million, an increase of 9 percent sequentially over the third quarter of fiscal 2013 and an increase of 9 percent from the fourth quarter of fiscal 2012. Non-GAAP net income for the fourth quarter of fiscal year 2013 was $3.4 million, or $0.06 per share which excludes stock-based compensation charges, amortisation of acquisition-related intangibles, other charges and related tax adjustments. This compares with a non-GAAP net loss of $0.2 million, or $0.00 per share, in the fourth quarter of fiscal 2012.

For the 2013 fiscal year, revenue was a record of $313.5 million, up 27 percent from fiscal year 2012. The non-GAAP net loss for fiscal year 2013 was $1.6 million, or $0.03 per share, which excludes stock-based compensation charges, amortisation of acquisition-related intangibles, litigation settlement costs, severance and other charges, and related tax adjustments. This compares with a non-GAAP net loss of $1.4 million, or $0.03 per share, in fiscal 2012.

“Fiscal year 2013 showcased the first full year of cloud revenues from our ShoreTel Sky offering, which have been growing steadily over the last six quarters and were up 35% year-over-year in the fourth quarter,” said Peter Blackmore, CEO of ShoreTel. “We reported a very strong and profitable quarter with record revenues of $85.6 million, up 9% sequentially, driven by record premise revenues and the addition of nearly 1,200 new customers in the fourth quarter.” Blackmore continued, “With our continued focus on improving operating efficiencies and sales productivity we drove our non-GAAP operating expenses to 57% of revenue in the fourth quarter. Coupled with the projected growth in our target markets, we are positioned for continued profitability in fiscal 2014.”

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