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ShoreTel posts first quarter revenue of $84m

ShoreTel posts first quarter revenue of $84m

The growth in revenue has helped reduce net loss to $1m

Unified communications firm ShoreTel has recorded first quarter revenue of $84.3m, a 12 per cent increase compared to the previous year.

The strong revenue growth has reined in a first quarter net loss of $8 million last year, to just $1 million

The company recorded a GAAP net loss $1 million, or $0.02 per share, in the first quarter of fiscal 2014, compared with a GAAP net loss of $8.0 million, or $0.14 per share, in the first quarter of fiscal 2013.

ShoreTel chief executive, Don Joos, said first quarter results reflected focused execution and the strength of the company's business model.

“In addition to the strong revenue growth and record non-GAAP profitability, I am also excited about the go-to-market and product roadmap initiatives on the horizon that we expect to be catalysts for growth going forward," Joos said.

"Our progress in the first quarter and our ability to execute our operational plan has set the foundation for the rest of our fiscal 2014.”

Recurring revenue, which consists of Cloud monthly recurring revenue and premise support revenues, reached an annualized value of $121 million.

This was an increase of 22 per cent compared to the first quarter of 2013, and represented 36 per cent of total revenues in the first quarter of fiscal of this year.

Non-GAAP gross margin, which excludes stock-based compensation charges, amortization of acquisition-related intangibles and other charges, for the first quarter of this financial year was 62.3 per cent, compared with 62.9 per cent in the previous year's first quarter.

The company also generated $14.2 million in cash flow from operations, reduced its debt obligations by $11 million and had $56 million in cash, cash equivalents and short-term investments as of September 30, 2013.

In August, ShoreTel announced the expansion of its partnership with Express Data into New Zealand as part of the company’s growth plans in the region.

Express Data will now extend its reach into New Zealand, offering ShoreTel’s unified communications, mobility and contact center applications to its resellers that have strong capabilities in the voice and data networking spaces, according to a company statement.

Its recently appointed channel reseller, Go Systems, also won two Unified Communications roll-outs in Australia with Cunninghams Real Estate, one of Sydney's largest independent property managers, and Lockley Land Titles, a leading Sydney surveying company.

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Tags ShoreTel chief executive Don JoosExpress Datafirst quarter resultsShoretel

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