ShoreTel Fourth Quarter and Fiscal Year 2012 Earnings Results
For the fourth quarter of fiscal 2012, consolidated revenue was $78.5 million, an increase of 39 percent sequentially over the third quarter of fiscal 2012 and an increase of 39 percent from the fourth quarter of fiscal 2011. Fourth quarter revenue includes a full quarter of revenue from the Cloud division, formerly M5 Networks, which was acquired on March 23, 2012. The non-GAAP net loss for the fourth quarter of fiscal year 2012 was $(0.2) million, or $(0.00) per share which excludes stock-based compensation charges, amortization of acquisition-related intangibles, other charges and related tax adjustments. This compares with non-GAAP net income of $1.3 million, or $0.03 per share, in the fourth quarter of fiscal 2011.
For the 2012 fiscal year, consolidated revenue was an all-time record of $246.6 million, up 23 percent from fiscal year 2011. The non-GAAP net loss for fiscal year 2012 was $(1.4) million, or $(0.03) per share, which excludes stock-based compensation charges, amortization of acquisition-related intangibles, litigation settlement costs, other charges and related tax adjustments. This compares with non-GAAP net income of $0.7 million, or $0.01 per share, in fiscal 2011.
“This year we took an important step to position ShoreTel for long-term market leadership through the acquisition of the unified communications cloud pioneer M5 Networks. With this addition, ShoreTel can offer customers a full range of premise, cloud or hybrid solutions. Despite economic headwinds, ShoreTel once again improved our market share in the March quarter, growing from 6.5 percent to 7.7 percent in the United States Enterprise IP Telephony market, according to Synergy Research, further extending our position as the third largest vendor in the United States.
Our premise business is strong and continues to grow. We were pleased to deliver a solid operating profit in this part of our business in the fourth quarter and for our fiscal year. With growth in fourth quarter cloud bookings of over 40 percent year-over-year, we are convinced that it is the right time to press for a market leadership position. We plan to make appropriate investments in our cloud infrastructure to support the strong bookings growth we expect as we move forward into fiscal 2013.”
- Peter Blackmore, president and CEO of ShoreTel.