ShoreTel Beats on Top and Bottom Line
Unified communications solutions provider ShoreTel reported fiscal year 2014 first-quarter results yesterday after the markets closed, showing that it posted total revenues of $84.3 million, a healthy 12% increase from the same period in the previous year, and ahead of the $80.9 million Capital IQ consensus estimate. Shares were up 20% this morning.
Adjusted net income came in at $4 million, or $0.07 per share, a complete reversal of fortunes from the net loss of $2.1 million, or $0.04 per share, in the same period in 2012, and far better than the break-even CapIQ estimates.
ShoreTel says it found traction as "cloud monthly recurring revenue and premise support revenues" jumped 22% as the total number of installed customer seats in its Sky division increased 44%.
The unified communications provider said it expects Q2 2014 revenues to range between $80 million and $86 million, which puts analyst expectations of $83 million right at the midpoint. They also figure ShoreTel will break-even again on adjusted earnings.
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