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ShoreTel Reports Financial Results for Fourth Quarter and Fiscal Year 2014 - Record Revenue and Non-GAAP Profits in Fourth Quarter and Fiscal 2014; 27 Per Cent Hosted Revenue Growth in Fiscal 2014 [NASDAQ: SHOR] - ShoreTel.com
ShoreTel Reports Financial Results for Fourth Quarter and Fiscal Year 2014

 

NewswireToday - /newswire/ - Singapore, Singapore, 2014/08/08 - Record Revenue and Non-GAAP Profits in Fourth Quarter and Fiscal 2014; 27 Per Cent Hosted Revenue Growth in Fiscal 2014 [NASDAQ: SHOR] - ShoreTel.com.

   
 
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ShoreTel® (shoretel.com), the leading provider of brilliantly simple phone systems and unified communications (UC) solutions, today announced financial results for its fiscal fourth quarter and fiscal year 2014, which ended 30 June 2014.

For the fourth quarter of fiscal 2014, total revenue was a record US$88.6 million, an increase of 4 per cent compared to the fourth quarter of fiscal 2013. Non-GAAP net income, which excludes stock-based compensation charges, amortisation of acquisition-related intangibles, other charges and related tax adjustments, for the fourth quarter of fiscal year 2014, was a record US$4.9 million, or US$0.08 per diluted share. This compares with a non-GAAP net income of US$3.4 million, or US$0.06 per share, in the fourth quarter of fiscal 2013. GAAP net income was US$2.1 million, or US$0.03 per diluted share, in the fourth quarter of fiscal 2014, compared with a GAAP net loss of US$2.3 million, or US$0.04 per share, in the fourth quarter of fiscal 2013.
“Fiscal 2014 was a great year for ShoreTel as we delivered on our commitments relating to business integration, product launches and infrastructure investments whilst delivering a record level of non-GAAP profitability,” said Don Joos, President and CEO of ShoreTel. “Furthermore, the growth actions we initiated in January are beginning to show results and our fourth-quarter metrics demonstrate our early success.”

Fourth Quarter of Fiscal 2014 Financial Highlights

• Recurring revenues, which consist of cloud monthly recurring revenues and support revenues, represented 38 per cent of total revenue in the fourth quarter of fiscal 2014 and reached an annualised value of US$136 million; an increase of 19 per cent compared to the fourth quarter of fiscal 2013.
• Non-GAAP total gross margin, which excludes stock-based compensation charges, amortisation of acquisition-related intangibles and other charges, for the fourth quarter of fiscal year 2014, was 61.1 per cent, compared with 61.4 per cent in the year-ago period. GAAP gross margin for the fourth quarter of fiscal year 2014 was 59.6 per cent, compared with 59.9 per cent in the fourth quarter of fiscal year 2013.
• Hosted revenues of US$24.1 million were up 25 per cent year-over-year and 6 per cent sequentially. Non-GAAP hosted gross margin was 43.7 per cent in the fourth quarter of fiscal 2014, compared with 39.1 per cent in the fourth quarter of fiscal 2013. GAAP hosted gross margin for the fourth quarter of fiscal year 2014 was 39.4 per cent, compared with 34.9 per cent in the fourth quarter of fiscal year 2013. The total number of installed customer seats increased 30 per cent over the fourth quarter of fiscal 2013 to approximately 151,000. Revenue churn was approximately 5 per cent annualised in the fourth quarter of fiscal 2014 and continued to reflect an industry low metric.
• Product revenues of US$47.3 million were down 7 per cent year-over-year, but up 9 per cent sequentially. Non-GAAP product gross margin was 64.6 per cent in the fourth quarter of fiscal 2014, compared with 65.9 per cent in the fourth quarter of fiscal 2013. GAAP product gross margin for the fourth quarter of fiscal year 2014 was 64.0 per cent, compared with 65.4 per cent in the fourth quarter of fiscal year 2013.
• Support and services revenues of US$17.2 million were up 13 per cent year-over-year and 5 per cent sequentially. Non-GAAP support and service gross margin was 75.9 per cent in the fourth quarter of fiscal 2014, compared with 74.3 per cent in the fourth quarter of fiscal 2013. GAAP support and service gross margin for the fourth quarter of fiscal year 2014 was 75.4 per cent, compared with 73.2 per cent in the fourth quarter of fiscal year 2013.
• As of 30 June 2014, the company had US$56.1 million in cash, cash equivalents and short-term investment and no outstanding debt.

Fiscal Year 2014 Financial Highlights

• Recurring revenues, which consist of cloud monthly recurring revenues and support revenues, represented 38 per cent of total revenue in fiscal 2014 compared to 34 per cent in fiscal 2013.
• Non-GAAP total gross margin, which excludes stock-based compensation charges, amortisation of acquisition-related intangibles and other charges, for the fiscal year 2014, was 61.1 per cent, compared with 62.0 per cent in fiscal year 2013. GAAP total gross margin for the fiscal year 2014 was 59.4 per cent, compared with 60.1 per cent in the fiscal year 2013.
• Hosted revenues for fiscal 2014 were US$89.1 million, up 27 per cent compared to fiscal 2013. Non-GAAP hosted gross margin was 42.0 per cent in fiscal 2014, compared with 42.5 per cent in fiscal 2013. GAAP hosted gross margin for the fiscal year 2014 was 37.7 per cent, compared with 36.6 per cent in the fiscal year 2013.
• Product revenues for fiscal 2014 were US$185.0 million, down 1 per cent compared to fiscal 2013. Non-GAAP product gross margin was 65.2 per cent in fiscal 2014, compared with 66.3 per cent in fiscal 2013. GAAP product gross margin for the fiscal year 2014 was 64.6 per cent, compared with 65.7 per cent in the fiscal year 2013.
• Support and services revenues for fiscal 2014 were US$65.7 million, up 15 per cent compared to fiscal 2013. Non-GAAP support and service gross margin was 75.2 per cent in fiscal 2014, compared with 72.2 per cent in fiscal 2013. GAAP support and service gross margin for the fiscal year 2014 was 74.3 per cent, compared with 70.9 per cent in the fiscal year 2013.
• Non-GAAP net income for the fiscal year 2014, which excludes stock-based compensation charges, amortisation of acquisition-related intangibles, other charges and related tax adjustments, was a record US$14.7 million, or US$0.23 per diluted share. This compares with a non-GAAP net loss of US$1.6 million, or US$0.03 per share, in fiscal 2013. GAAP net loss in fiscal 2014 was US$1.0 million, or US$0.02 per share, compared with a GAAP net loss of US$25.7 million, or US$0.44 per share in fiscal 2013.

 
 
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ShoreTel Reports Financial Results for Fourth Quarter and Fiscal Year 2014

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