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ShoreTel revenue up in Q3 2012

ShoreTel revenue up in Q3 2012

Its consolidated revenue was $US56.3 million, up nine per cent from Q3 2011

Unified communications (UC) and IP telephony vendor, ShoreTel, has announced its financial results for Q3 2012, ending on March 31.

Its consolidated revenue was $US56.3 million, up nine per cent from the same time last year.

ShoreTel’s international business recorded 19 per cent revenue growth from the corresponding quarter in 2011, with Asia-Pacific and Canada named the best performing regions.

However, its Generally Accepted Accounting Principles (GAAP) net loss for the quarter increased from $US2.4 million, or $US0.05 per share, in the third quarter of fiscal year 2011 to $US8.5 million, or $0.17 per share (including a tax benefit of $1.0 million).

ShoreTel’s consolidated results include operating results from ShoreTel’s Cloud division, formerly operating as M5 Networks, as the acquisition closed on March 23.

GAAP gross margin for Q3 2012 was 66.2 per cent, as compared to 68.0 per cent in the third quarter of fiscal 2011.

Its Non-GAAP gross margin, excluding stock-based compensation expenses and amortisation of intangible assets, dropped to 67.2 per cent, from 68.6 per cent in Q3 2011.

As of March 31, the company had $US61.3 million in cash, cash equivalents and short-term investments, after using $US80.6 million in cash to fund a portion of the M5 acquisition.

ShoreTel president and CEO, Peter Blackmore, expects further growth from the acquisition of M5 Networks and the company’s partnership with Telstra in Australia.

The companies entered into a partnership agreement in February for Telstra to market and support ShoreTel’s IP telephony, unified communications (UC), contact center and mobility solutions in Australia.

“We are pleased to have completed the acquisition of M5 Networks during the quarter and are now focused on driving growth in our premise-based businesses and maximising the emerging opportunities within both the mobility and cloud markets.

“The pipeline in our premise-based business is growing nicely – indicating that we can expect solid growth in our fourth fiscal quarter,” Blackmore said.

ShoreTel is expecting revenue between $US72 million to $US77 million for the quarter-ending June 30.

GAAP gross margin is expected to be in the range of 60 to 61 per cent, including about $US1.3 million in amortisation of intangibles and stock-based compensation expenses. Non-GAAP gross margin is expected to be in the range of 62 to 63 per cent.


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