ShoreTel eagerly awaits full integration of acquired M5 business
ShoreTel (Nasdaq: SHOR) beat analyst earnings and revenue estimates for its third quarter of 2012.
The company reported a non-GAAP net loss for the quarter of $1.5 million, or 3 cent a share, compared to a profit of $600,000 a year ago, or 1 cent per share.
Analysts had expected the company to lose 4 cents per share. Revenue for the quarter increased 9 percent from a year ago to $56.3 million, topping analyst estimates of $55.6 million.
CEO Peter Blackmore said that in the quarter the company added more than 1,000 new customers, including Brunswick Corporation and The Good Samaritan Lutheran Society, both of which are planning installations of more than 10,000 seats. Blackmore also said that the company had added to its U.S. and global market share in the quarter.
Blackmore pointed to the company's acquisition of M5 Networks, which closed March 23, as an "important milestone" for the company, that gave it entry into a rapidly developing market for cloud telephony.
He said early results from M5 and net booking were higher than expected, and said the company was starting to introduce cloud services to customers through ShoreTel's existing channel partners.
"We have seen a very high level of interest for our cloud based offering from our existing partner base, and will be accelerating the roll out to our channel," Blackmore said.
ShoreTel said that for the current quarter it expects overall revenue to be in the range of $72 million to $77 million; analysts forecast $64 million.
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