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Follow on Google News | ShoreTel Reports Financial Results for the Third Quarter Fiscal Year 2013Company delivers 28 per cent year-over-year growth in cloud, solid performance in premise and returns to non-GAAP operating profit
By: www.shoretel.com/ Revenue of US$78.3 million for the third quarter of fiscal year 2013 was up 39 per cent from the third quarter of fiscal year 2012. The non-GAAP net loss for the third quarter was US$0.3 million, or a loss of US$0.01 per share, which excludes stock-based compensation charges, amortisation of acquisition- “Rapid expansion in the cloud market this quarter was complemented by steady growth in our premise business. With both of our business lines thriving, we delivered non-GAAP operating profitability for the company,” said Peter Blackmore, CEO of ShoreTel. “ShoreTel Sky generated a 28 per cent year-over-year increase in revenue, signed a record number of new customers, and continues to have a best-in-class customer retention rate.” “Our premise business generated nine per cent year-over-year revenue growth, delivered strong improvement in gross margins and added nearly 1,100 new customers in the quarter. As the result of the actions we took in early January to streamline our sales team, our sales productivity increased to its highest level in over two years. These changes, as well as other actions to reduce costs in the premise business, contributed to our non-GAAP operating profit. Looking forward, we remain committed to delivering a profitable fourth quarter and fiscal 2014,” continued Blackmore. Third Quarter of Fiscal 2013 Financial Highlights GAAP gross margin for the third quarter of fiscal year 2013 was 60.6 per cent, compared with 66.2 per cent in the third quarter of fiscal year 2012. This year-over-year decline was primarily due to the addition of the ShoreTel Sky® line of business, which was only included for eight days of operating results in the prior year. Non-GAAP gross margin for the third quarter of fiscal year 2013, which excludes stock-based compensation charges, amortisation of acquisition- As of 31 March 2013, the company had US$48.4 million in cash, cash equivalents and short-term investments. Line of Business Results ShoreTel Sky ShoreTel Sky revenues of US$18.2 million were up seven per cent sequentially over the second quarter of fiscal 2013. The total number of installed customer seats increased 45 per cent over the third quarter of fiscal 2012. Additionally, a number of previously cloud-only partners added the ShoreTel premise solution to their portfolio during the quarter, giving their end customers additional choice in UC systems. Premise Revenues from the premise business were US$60.1 million for the third quarter of fiscal 2013, up nine per cent from the prior year. Premise business non-GAAP gross margin improved 100 basis points sequentially to 68.3 per cent. The premise business rebounded well with a number of all-time highs, including highest-ever service margins, record revenues from service providers and its best sales productivity in more than two years. Select Operational Metrics http://apconnections.com/ Business Highlights Introduced Newest Version of Contact Centre with Enterprise Contact Centre 8 The company introduced ShoreTel Enterprise Contact Centre 8 (http://www.shoretel.com/ Launched ShoreTel Mobility 6 and Newest ShoreTel Conferencing Products With the introduction of ShoreTel Mobility 6 and the latest release of ShoreTel Conferencing, customers can make the Apple iPad into a business communications tool. ShoreTel Mobility 6 enables iPad users to place and receive calls with their business persona, exchange instant messages, listen to voicemail messages and create multi-party calls. ShoreTel Conferencing for iOS further extends the communications experience with application collaboration capabilities – allowing users to share presentations controlled by their iPad or iPhone with remote participants as well as view shared desktops of their colleagues’ PCs and Macs. ShoreTel Sky Awarded Telephony Product of the Year by TMC TMC (http://www.tmcnet.com/ Business Outlook ShoreTel is providing the following outlook for the quarter ending 30 June 2013: § Revenue is expected to be in the range of US$80 million to US$86 million. § GAAP gross margin is expected to be in the range of 60 per cent to 61 per cent, including approximately US$1.2 million in stock-based compensation charges and amortisation of acquisition- § GAAP operating expenses are expected to be in the range of US$52 million to US$53 million, including approximately US$3.0 million in stock-based compensation charges, amortisation of acquisition- Read full article http://apconnections.com/ End
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