ShoreTel Posts 5% Annual Growth

ShoreTel reported quarterly revenue of $32.4 million, an increase of 4 percent over the previous quarter. GAAP gross margin was 63.3 percent and the GAAP net loss was $(0.7) million, or $(0.02) per share.


For its fiscal year 2009, Shoretel's revenue reached a company record at $134.8 million, an increase of 5 percent compared to fiscal year 2008 revenue of $128.7 million. GAAP net loss for the fiscal year was $(11.8) million, or $(0.27) per diluted share, compared to GAAP net income of $2.6 million, or $0.06 per diluted share, in fiscal year 2008.


The company added nearly 3,000 customers during the year, including AT&T Park, home of the San Francisco Giants, and the Verizon Center, home of the Washington Wizards and Washington Capitals. The company has now sold to nearly 11,000 customers worldwide and has granted user licenses to more than 1 million end users.


"Very few technology companies have been able to grow revenue during what is arguably the worst economy since the Great Depression. Our annual revenue growth of 5 percent clearly demonstrates ShoreTel's ability to sustain growth despite the weak economic environment," said John W. Combs, chief executive officer of ShoreTel. "Other positive indicators in the fourth quarter included a substantial increase in order volume, our newly announced agreement with IBM, our ability to achieve the highest levels of customer satisfaction in ShoreTel's history while at the same time efficiently cutting cost out of our business, and most importantly, the expansion of our distribution channel with the addition of two new telecommunications carriers. With these new additions, ShoreTel products and services are now being sold by all of the top three U.S. wireline telecommunications providers."http://www.shoretel.com