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ShoreTel, Inc. (SHOR) announced its financial results for the second quarter ended December 31, 2008.
For the second quarter of fiscal year 2009, revenue was $35.3 million, a 16 percent increase over the second quarter of fiscal year 2008 and comparable to the record-high of $35.9 million in the prior quarter. Non-GAAP net income for the second quarter of fiscal year 2009 was $226,000, or $0.01 per diluted share, compared to non-GAAP net income of $3.8 million, or $0.08 per diluted share, reported in the second quarter of fiscal year 2008.
John W. Combs, Chairman, President and CEO of ShoreTel, commented in a conference call, "We are pleased with our revenue performance, in light of the current economic environment and recent difficulties experienced by some of our competitors. We continue to make significant progress with many new enterprise customers with nearly 800 signed during the second quarter. At our current pace, we will surpass 10,000 enterprise customers during the current quarter, and we expect to achieve our one million end-user milestone by the end of June. We also saw a double-digit increase in large add-on orders from existing customers during the quarter."
Mr. Combs continued, "We believe our traction in the market continues to grow. We are pleased to expand our market share in a number of new customer segments such as city goverment, financials and utilities."
He added, "I am also extremely pleased with our international performance during Q2. We increased revenues by 15% sequentially to 7.3% of our total Q2 revenues. This represents significant progress in this area. We had a a number of strong sales to multinational customers. We also continue to expand our product portfolio."
The Company expects Q3 revenue in the range of $30 to $35 million. Non-GAAP gross margins are expected to be in the range of 63 to 64 percent, and non-GAAP operating expenses are expected to be in the range of $21.5 to $22.5 million.
Mr. Combs explained, "From a macro economic perspective, the news and industry data lead us to believe that 2009 will not be an easy year. However, we have been very pleased with our recent performance under difficult conditions. We remain cautiouslyoptimistic. Our strong financial performance and solid balance sheet, with zero debt, provides justified confidence that we will flourish despite any economic challenges."
ShoreTel was named to Deloitte's Technology Fast 50 Program for Silicon Valley Internet, media, entertainment and communications companies. This program highlights the 50 fastest growing technology companies in the region, with rankings based on the percentage of revenue growth over five years.
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