ShoreTel 3rd Quarter Results, Better Than Expected
Revenues Increase 39%
ShoreTel, known as SHOR in the NASDAQ, has released better than anticipated financial results for the third quarter of 2011. ShoreTel, a leading producer of IP based phone systems, reported revenues at 51.6 million -- an increase of 39% on year-over-year basis. Wall Street had predicted revenues at $49.8 million, which ShoreTel surpassed.
The company has forecasted revenues for the fourth quarter between $53 and 56 million, while Wall Street originally had estimated revenues at $53.6 million. CEO Peter Blackmore in an interview with Forbes Magazine on April 2011 pointed out that ShoreTel achieved profitability a quarter earlier than expected. He said that the firm will continue on a profitable mode through 2012 with revenue growth of at least 20%.
Blackmore talked about a small decline in gross margins in the near future due to expansion with distribution partners and steady growth in foreign business. He noted that ShoreTel has been investing in its own growth, increasing the number of quota-sales people by 39% over the last three quarters. The plan is to increase this area by 50% at the end of June. The firm also plans to keep investing in R&D to remain competitive in the market.
It's interesting to note that the earthquake in Japan has increased the demand for ShoreTel's components, which had been purchased earlier, when a higher revenue level was forecasted. Blackmore indicated that the supply situation is very stable through September with no disruptions foreseen.
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