SUNNYVALE, Calif., October 30, 2013 – ShoreTel (NASDAQ: SHOR), the leading provider of brilliantly simple unified communications solutions, today announced financial results for the first quarter of its fiscal year 2014, which ended September 30, 2013.
For the first quarter of fiscal 2014, total revenue was $84.3 million, an increase of 12 percent compared to the first quarter of fiscal 2013. Non-GAAP net income, which excludes stock-based compensation charges, amortization of acquisition-related intangibles, other charges and related tax adjustments, for the first quarter of fiscal year 2014, was $4.0 million, or $0.07 per share. This compares with a non-GAAP net loss of $2.1 million, or $0.04 per share, in the first quarter of fiscal 2013. GAAP net loss was $1.0 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.
“Our first quarter results continued to reflect our focused execution and the strength of our business model,” said Don Joos, president and CEO of ShoreTel. “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. 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.”
First Quarter of Fiscal 2014 Financial Highlights
Recurring revenue, which consists of cloud monthly recurring revenue and premise support revenues, reached an annualized value of $121 million; an increase of 22 percent compared to the first quarter of fiscal 2013, and represented 36 percent of total revenues in the first quarter of fiscal 2014.
Non-GAAP gross margin, which excludes stock-based compensation charges, amortization of acquisition-related intangibles and other charges, for the first quarter of fiscal year 2014 was 62.3 percent, compared with 62.9 percent in the year-ago quarter. GAAP gross margin for the first quarter of fiscal year 2014 was 60.7 percent, compared with 61.2 percent in the first quarter of fiscal year 2013.
In the first quarter of fiscal 2014 the company generated $14.2 million in cash flow from operations, reduced its debt obligations by $11.0 million and had $56.0 million in cash, cash equivalents and short-term investments as of September 30, 2013.
For more details please visit ShorTel’s website.