ShoreTel Reports Q2 Financial Results for 2011

By Jim Vassallo
Updated: February 25, 2011

ShoreTel Reports Q2 Financial Results for 2011

ShoreTel saw an eight percent increase in profits, with $47.7 million, for the second quarter of the fiscal year for 2011, which ended on December 31, 2010. The company's revenue also increased 35 percent from the second quarter of fiscal year 2010, with a GAAP net loss of $3.7 million for the second quarter of fiscal year 2011 compared to $2.5 million in the second quarter of 2010. One of the biggest highlights for ShoreTel during the second quarter of fiscal year 2011 was the company naming a new president and CEO. Peter Blackmore was named the company's new president and CEO in December. Blackmore is the former president, CEO, and member of the board of directors of UTStarcom, Inc.

As the third quarter gets underway, ShoreTel has outlined the following goals for the quarter: The company's revenue is estimated to be between $48 and $51 million; the GAAP gross margin is estimated to be between 65 and 66 percent with the non-GAAP gross margin should be between 66 and 67 percent; and finally the operating expenses for GAAP should fall in the $36 to $37 million range for the third quarter and non-GAAP expenses will fall in the range of $33.5 to $34.5 million. The second quarter also saw ShoreTel be named number 327 on the Deloitte Technology Fast 500 list, which is the list of the fastest growing technology companies in North America.

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