ShoreTel sees loss widen on legal charge, stock comps

ShoreTel, Inc., a desktop unified communications provider, reported fiscal third quarter 2009 results Thursday, posting revenue of $31.2 million and a net loss of $7 million. ShoreTel's revenue was down 1 percent compared to the same fiscal quarter in 2008. The company's net loss was only $1.7 million in that period, and it attributed the larger loss now to legal settlement fees and stock compensation expenses.

"In spite of the worldwide recession and declining growth in our industry, ShoreTel continues to gain market share," said ShoreTel CEO John W. Combs. "Our first-place market share ranking in UC desktop solutions for small and medium-sized businesses worldwide, exceptionally high win rate against our competitors, world-class customer satisfaction levels and growing distribution network all validate that ShoreTel is making the right strategic and operational moves to build the foundation for long-term success and increased shareholder value."

ShoreTel ended its fiscal third quarter with $108.1 million in cash and marketable securities. The company predicted revenues of $29 million to $34 million for the upcoming quarter.

For more:
- see the ShoreTel press release here [1]