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ShoreTel(R)
(SHOR), the leading provider of brilliantly simple phone and
Unified Communication (UC) systems for both premise and cloud-based
solutions, today announced financial results for its fiscal fourth
quarter and fiscal year 2012.
For the fourth quarter of fiscal 2012, consolidated revenue was $78.5
million, an increase of 39 percent sequentially over the third quarter
of fiscal 2012 and an increase of 39 percent from the fourth quarter of
fiscal 2011. Fourth quarter revenue includes a full quarter of revenue
from the Cloud division, formerly M5 Networks, which was acquired on
March 23, 2012. The non-GAAP net loss for the fourth quarter of fiscal
year 2012 was $(0.2) million, or $(0.00) per share which excludes
stock-based compensation charges, amortization of acquisition-related
intangibles, other charges and related tax adjustments. This compares
with non-GAAP net income of $1.3 million, or $0.03 per share, in the
fourth quarter of fiscal 2011.
For the 2012 fiscal year, consolidated revenue was an all-time record of
$246.6 million, up 23 percent from fiscal year 2011. The non-GAAP net
loss for fiscal year 2012 was $(1.4) million, or $(0.03) per share,
which excludes stock-based compensation charges, amortization of
acquisition-related intangibles, litigation settlement costs, other
charges and related tax adjustments. This compares with non-GAAP net
income of $0.7 million, or $0.01 per share, in fiscal 2011.
"This year we took an important step to position ShoreTel for long-term
market leadership through the acquisition of the unified communications
cloud pioneer M5 Networks. With this addition, ShoreTel can offer
customers a full range of premise, cloud or hybrid solutions," said
Peter Blackmore, president and CEO of ShoreTel. "Despite economic
headwinds, ShoreTel once again improved our market share in the March
quarter, growing from 6.5 percent to 7.7 percent in the United States
Enterprise IP Telephony market, according to Synergy Research, further
extending our position as the third largest vendor in the United States."
Blackmore added, "Our premise business is strong and continues to grow.
We were pleased to deliver a solid operating profit in this part of our
business in the fourth quarter and for our fiscal year. With growth in
fourth quarter cloud bookings of over 40 percent year-over-year, we are
convinced that it is the right time to press for a market leadership
position. We plan to make appropriate investments in our cloud
infrastructure to support the strong bookings growth we expect as we
move forward into fiscal 2013."
Fourth Quarter 2012 Financial Highlights
GAAP gross margin for the fourth quarter of fiscal year 2012 was 60.9
percent, compared with 65.6 percent in the fourth quarter of fiscal year
2011. The year-over-year decline was the result of the inclusion of a
full quarter of the Cloud division, which has lower gross margins.
Non-GAAP gross margin for the fourth quarter of fiscal year 2012, which
excludes stock-based compensation charges, amortization of
acquisition-related intangibles, and related tax adjustments, was 62.6
percent, compared with 66.3 percent in the year-ago quarter.
GAAP net loss was $(5.0) million, or $(0.09) per share, in the fourth
quarter of 2012, compared with a GAAP net loss of $(1.7) million, or
$(0.04) per share, in the fourth quarter of fiscal 2011.
As of June 30, 2012, the company had $55.5 million in cash, cash
equivalents and short-term investments after paying down its line of
credit by $5.0 million during the quarter. For fiscal year 2012, the
company generated over $10.0 million in cash flow from operations.
Fiscal Year 2012 Financial Highlights
GAAP gross margin for the 2012 fiscal year was 64.3 percent, compared
with 66.7 percent for the 2011 fiscal year.
Non-GAAP gross margin, which excludes stock-based compensation charges,
amortization of acquisition-related intangibles, and related tax
adjustments, was 65.4 percent for the 2012 fiscal year, compared with
67.3 percent for the 2011 fiscal year.
Non-GAAP operating income for fiscal year 2012 was $0.2 million,
compared with $0.1 million for the 2011 fiscal year.
GAAP net loss for fiscal 2012 was $(20.7) million, or $(0.41) per share,
which included non-cash stock-based compensation charges of $12.6
million, acquisition related deal costs of $4.5 million, amortization of
acquisition-related intangibles of $2.8 million as well as other
charges, and compared to a GAAP net loss of $(11.5) million, or $(0.25)
per share, in fiscal 2011.
Line of Business Results
Premise
The company’s premise business was strong in the fourth quarter of
fiscal 2012, delivering 17 percent sequential revenue growth from the
third fiscal quarter. Non-GAAP gross margins in the premise business
were 67.1 percent in the fourth quarter of fiscal 2012, up from 66.3
percent in the fourth quarter of fiscal 2011. Revenue from the company’s
international sites represented 13 percent of its premise business in
the fourth quarter of fiscal 2012, and increased 20 percent over the
year-ago quarter. Additionally, according to Synergy Research, the
company’s share of the United States Enterprise IP Telephony market
increased from 6.5 percent in the December quarter of 2011 to 7.7
percent in the March quarter of 2012.
Cloud
The cloud segment represents a rapidly growing portion of the VoIP
market. Industry forecasts show cloud solutions will grow at more than a
30 percent compound annual growth rate. Today cloud solutions represent
six percent of the market and are expected to reach between 15 and 20
percent of the market by 2016. Based on strong bookings, the company
plans to make incremental investments in its cloud business
infrastructure and operations to capitalize on the expected segment
growth.
Select Operational Metrics
Three Months Ended
June 30, 2012
------------------
Cloud Monthly Average Revenue Per User (ARPU) $ 62
Cloud Average # of Seats per Subscriber 34
Cloud Monthly Revenue Churn Rate 0.3%
Total Company Headcount 933
Non-GAAP Gross Margins-Premise 67.1%
Non-GAAP Gross Margins-Cloud 42.2%
Business Highlights
Partnership with Polycom and HP to Provide Bundled Solutions
In May, the company announced that it is providing a promotional
incentive for bundled offerings that include ShoreTel, Polycom and HP
solutions, which allow implementation of complete UC solutions on a
secure, resilient and flexible network infrastructure. The combination
of ShoreTel, Polycom and HP allows organizations to simplify design and
management, deliver a consistent user experience (including video,
voice, instant messaging (IM) and presence), and increase reliability
and resiliency with uninterrupted availability.
Introduction of ShoreTel 13
The company recently announced the global availability of ShoreTel 13,
its latest software release, which includes enhanced capabilities for
video communications and IM for overall employee productivity.
New Head of World-wide Sales
In July, the company announced it hired David Petts as senior vice
president of worldwide sales reporting directly to ShoreTel CEO Peter
Blackmore. The recently
announced new sales leadership team which includes Joe Vitalone in
channel management, Tim Gaines as head of North America sales, and Mark
Arman as head of international sales and worldwide distribution, report
to Petts.
Mobility Solution for Cloud Customers
In June, the company released ShoreTel Mobility for
customers of ShoreTel’s Cloud division. The solution further extends the
popular voice and UC applications to the smartphone. The initial launch
supports iPhones and subsequent releases over the summer will add
support for other smartphone and tablet devices, including Android and
Blackberry.
Business Outlook
ShoreTel is providing the following outlook for the quarter ending Sept.
30, 2012:
--
Revenue is expected to be in the range of $69.0 million to $75.0
million.
--
GAAP gross margin is expected to be in the range of 60 percent to 61
percent, including approximately $1.4 million in stock-based
compensation charges and amortization of acquisition-related
intangibles. Non-GAAP gross margin, which excludes stock-based
compensation and other charges, is expected to be in the range of 62
percent to 63 percent.
--
GAAP operating expenses are expected to be in the range of $51.5
million to $52.5 million, including approximately $4.0 million in
stock-based compensation charges and amortization of
acquisition-related intangibles. Non-GAAP operating expenses, which
exclude stock-based compensation and other charges, are expected to be
in the range of $47.5 million to $48.5 million.
Conference Call Information
The company will host a corresponding conference call and live webcast
today at 2:00 p.m. Pacific Daylight Time. To access the conference call,
dial +1-888-401-4689 for callers in the U.S. or Canada and
+1-719-325-2310 for international callers and provide the operator with
the conference identification number of 6334894. A live webcast will be
available in the Investor Relations section of the company’s corporate
web site at www.shoretel.com
and an archived recording will be available beginning approximately two
hours after the completion of the call until the company’s announcement
of its financial results for the next quarter. An audio telephonic
replay of the conference call will also be available beginning at
approximately 4:00 p.m. Pacific Daylight Time today until approximately
4:00 p.m. Pacific Daylight Time on August 21, 2012 by dialing
+1-888-203-1112 or +1-719-457-0820 for callers outside the U.S. and
Canada and providing the conference identification number of 6334894.
Use of Non-GAAP Financial Measures
ShoreTel reports all required financial information in accordance with
generally accepted accounting principles in the United States ("GAAP"),
but it believes that evaluating its ongoing operating results may be
difficult to understand if limited to reviewing only GAAP financial
measures. Many investors have requested that ShoreTel disclose this
non-GAAP information because it is useful in understanding the company’s
performance as it excludes non-cash charges, other non-recurring
adjustments and related tax adjustments, that many investors feel may
obscure the company’s true operating performance. Likewise, management
uses these non-GAAP measures to manage and assess the profitability of
its business and does not consider stock-based compensation charges and
amortization charges related to acquisition-related intangible assets,
which are non-cash charges, or other non-recurring items in managing its
core operations. ShoreTel has provided a reconciliation of non-GAAP
financial measures following the text of this press release. Investors
are encouraged to review the related GAAP financial measures and the
reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP financial measure.
Legal Notice Regarding Forward-Looking Statements
ShoreTel assumes no obligation to update the forward-looking statements
included in this release. This release contains forward-looking
statements within the meaning of the "safe harbor" provisions of the
federal securities laws, including, without limitation, statements by
Peter Blackmore, statements regarding future products and statements in
the "Business Outlook" section regarding ShoreTel’s anticipated future
revenues, gross margins, operating expenses and other financial
information. The forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from
those projected. The risks and uncertainties include global economic
uncertainty, the pace of economic recovery in the U.S., and the impact
thereof on information technology spending, the intense competition in
our industry, our reliance on third parties to sell and support our
products, supply and manufacturing risks, our ability to control costs
as we expand our business, increased risk of intellectual property
litigation by entering into new markets, our ability to attract, retain
and ramp new sales personnel, uncertainties inherent in the product
development cycle, uncertainty as to market acceptance of new products
and services, the potential for litigation in our industry, risks
related to our recently-completed acquisition of M5 Networks, including
technology and product integration risks, ability to retain key
personnel and customers and the risk of assuming unknown liabilities,
and other risk factors set forth in ShoreTel’s Form 10-K for the year
ended June 30, 2011, and in its Form 10-Q for the quarter ended March
31, 2012.
About ShoreTel, Inc.
ShoreTel, Inc. (SHOR) brings unmatched flexibility, choice and
value to brilliantly simple business
phones systems and unified
communications (UC). With its award-winning premise-based IP
phone system with integrated unified communications, contact
center capabilities, and its proven hosted
VoIP services, organizations of all sizes can select the best option
for their needs. ShoreTel’s ongoing mission is to eliminate costly
complexity and give customers the 24/7 freedom to leverage rich voice,
video, data and mobile
unified communications capabilities they need. ShoreTel is based in
Sunnyvale, California, and has regional offices in Austin, Texas;
Rochester and New York, N.Y.; Chicago, Ill.; Maidenhead, United Kingdom;
Sydney, Australia; and Singapore. For more information, visit www.shoretel.com.
SHORETEL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts
in thousands)
(Unaudited)
As of As of As of
June 30, March 31, June 30,
2012 2012 2011
------------ -------------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 37,120 $ 40,328 $ 89,695
Short-term investments 18,375 20,994 16,057
Accounts receivable - net 34,198 32,746 33,812
Inventories 20,212 23,176 19,062
Prepaid expenses and other current assets 5,275 5,807 3,540
-------- -------- --------
Total current assets 115,180 123,051 162,166
Property and equipment - net 12,811 12,578 8,236
Goodwill 120,212 119,273 7,415
Intangible assets 45,304 47,651 8,570
Other assets 1,925 1,240 714
-------- -------- --------
Total assets $ 295,432 $ 303,793 $ 187,101
== ======== === ======== == ========
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 9,747 $ 11,289 $ 6,394
Accrued liabilities and other 17,094 19,976 8,533
Accrued employee compensation 12,151 9,379 11,022
Contingent consideration 9,398 9,132 -
Deferred revenue 35,829 36,509 26,362
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Total current liabilities 84,219 86,285 52,311
Line of credit - net 19,946 24,947 -
Long-term deferred revenue 13,683 12,962 11,321
Long-term contingent consideration 3,305 3,368 -
Other long-term liabilities 4,047 4,998 2,045
-------- -------- --------
Total liabilities 125,200 132,560 65,677
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Stockholders’ equity:
Common stock 310,648 306,604 241,103
Accumulated deficit (140,416 ) (135,371 ) (119,679 )
-------- -- -------- --- -------- --
Total stockholders’ equity 170,232 171,233 121,424
-------- -------- --------
Total liabilities and stockholders’ equity $ 295,432 $ 303,793 $ 187,101
== ======== === ======== == ========
SHORETEL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts
in thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
June 30, June 30,
-------------------- ----------------------
2012 2011 2012 2011
------------- ------------- -------------- --------------
Revenue:
Product $ 51,108 $ 45,306 $ 182,009 $ 159,693
Hosted and related services 14,253 - 15,547 -
Support and services 13,097 11,221 49,076 40,419
------ ------ ------- -------
Total revenues 78,458 56,527 246,632 200,112
Cost of revenue:
Product 17,166 15,364 61,884 52,957
Hosted and related services 9,024 - 9,804 -
Support and services 4,477 4,072 16,465 13,688
------ ------ ------- -------
Total cost of revenue 30,667 19,436 88,153 66,645
------ ------ ------- -------
Gross profit 47,791 37,091 158,479 133,467
Gross profit % 60.9 % 65.6 % 64.3 % 66.7 %
Operating expenses:
Research and development 14,719 12,152 51,909 45,548
Sales and marketing 29,413 20,422 94,797 74,859
General and administrative 7,949 6,112 27,468 24,890
Acquisition-related costs 36 - 4,524 340
------ ------ ------- -------
Total operating expenses 52,117 38,686 178,698 145,637
------ ------ ------- -------
Loss from operations (4,326 ) (1,595 ) (20,219 ) (12,170 )
Other income (expense) - net (866 ) (140 ) (1,465 ) 640
------ -- ------ -- ------- -- -------
Loss before provision for income tax (5,192 ) (1,735 ) (21,684 ) (11,530 )
Provision for (benefit from) income tax (147 ) 10 (947 ) (67 )
------ -- ------ ------- -- ------- --
Net loss $ (5,045 ) $ (1,745 ) $ (20,737 ) $ (11,463 )
== ====== == == ====== == == ======= == == ======= ==
Net loss per share:
Basic $ (0.09 ) $ (0.04 ) $ (0.41 ) $ (0.25 )
== ====== == == ====== == == ======= == == ======= ==
Diluted $ (0.09 ) $ (0.04 ) $ (0.41 ) $ (0.25 )
== ====== == == ====== == == ======= == == ======= ==
Shares used in computing net loss per share:
Basic 57,932 47,126 50,591 46,177
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Diluted 57,932 47,126 50,591 46,177
====== ====== ======= =======
SHORETEL, INC.
GAAP to Non-GAAP Reconciliation
(Amounts in
thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
June 30, 2012 June 30, 2012
----------------------------------------- --------------------------------------------
GAAP Excludes Non-GAAP GAAP Excludes Non-GAAP
------------- ------------- ------------- -------------- -------------- --------------
Revenue:
Product $ 51,108 $ - $ 51,108 $ 182,009 $ - $ 182,009
Hosted and related services 14,253 - 14,253 15,547 - 15,547
Support and services 13,097 - 13,097 49,076 - 49,076
------ ------ ------ ------- ------- -------
Total revenues 78,458 - 78,458 246,632 - 246,632
Cost of revenue:
Product 17,166 (286 ) (a),(b) 16,880 61,884 (1,022 ) (a),(b) 60,862
Hosted and related services 9,024 (786 ) (a),(b) 8,238 9,804 (850 ) (a),(b) 8,954
Support and services 4,477 (218 ) (a) 4,259 16,465 (836 ) (a) 15,629
------ ------ -- ------ ------- ------- -- -------
Total cost of revenue 30,667 (1,290 ) 29,377 88,153 (2,708 ) 85,445
------ ------ -- ------ ------- ------- -- -------
Gross profit 47,791 1,290 49,081 158,479 2,708 161,187
Gross profit % 60.9 % 62.6 % 64.3 % 65.4 %
Operating expenses:
Research and development 14,719 (790 ) (a) 13,929 51,909 (3,614 ) (a) 48,295
Sales and marketing 29,413 (1,776 ) (a),(b) 27,637 94,797 (5,043 ) (a),(b) 89,754
General and administrative 7,949 (1,003 ) (a),(b),(c) 6,946 27,468 (4,534 ) (a),(b),(c) 22,934
Acquisition-related costs 36 (36 ) (d) - 4,524 (4,524 ) (d) -
------ ------ -- ------ ------- ------- -- -------
Total operating expenses 52,117 (3,605 ) 48,512 178,698 (17,715 ) 160,983
------ ------ -- ------ ------- ------- -- -------
Income (loss) from operations (4,326 ) 4,895 569 (20,219 ) 20,423 204
Other income (expense) - net (866 ) 203 (e) (663 ) (1,465 ) 203 (e) (1,262 )
------ -- ------ ------ -- ------- -- ------- ------- --
Income (loss) before provision for income tax (5,192 ) 5,098 (94 ) (21,684 ) 20,626 (1,058 )
Provision for (benefit from) income tax (147 ) 263 (f) 116 (947 ) 1,315 (f) 368
------ -- ------ ------ ------- -- ------- -------
Net income (loss) $ (5,045 ) $ 4,835 $ (210 ) $ (20,737 ) $ 19,311 $ (1,426 )
== ====== == == ====== == ====== == == ======= == == ======= == ======= ==
Net income (loss) per share:
Basic $ (0.09 ) $ 0.09 $ (0.00 ) $ (0.41 ) $ 0.38 $ (0.03 )
== ====== == == ====== == ====== == == ======= == == ======= == ======= ==
Diluted (g) $ (0.09 ) $ 0.09 $ (0.00 ) $ (0.41 ) $ 0.38 $ (0.03 )
== ====== == == ====== == ====== == == ======= == == ======= == ======= ==
Shares used in computing net income (loss) per share:
Basic 57,932 57,932 50,591 50,591
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Diluted (g) 57,932 57,932 50,591 50,591
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(a) Excludes stock-based compensation included in:
Cost of product revenue $ 26 $ 132
Cost of hosted and related services 37 37
Cost of support and services revenue 218 836
Research and development 790 3,614
Sales and marketing 925 4,031
General and administrative 965 3,993
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$ 2,961 $ 12,643
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(b) Excludes amortization of acquisition-related intangibles included in:
Cost of product revenue $ 260 $ 890
Cost of hosted and related services 749 813
Sales and marketing 851 1,012
General and administrative 38 41
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$ 1,898 $ 2,756
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(c) Excludes litigation settlement included in:
General and administrative $ - $ 500
== ====== == =======
(d) Excludes direct acquisition costs included in:
Acquisition-related costs $ 36 $ 4,524
== ====== == =======
(e) Excludes interest charge from change in fair value of contingent
consideration included in:
Other expense $ 203 $ 203
== ====== == =======
(f) Excludes the deferred tax benefit arising from acquisition and tax
impact of the items which are excluded in (a) to (e) above.
(g) Potentially dilutive securities were not included in the
calculation of diluted net loss per share for the periods which
had a net loss because to do so would have been anti-dilutive.
SHORETEL, INC.
GAAP to Non-GAAP Reconciliation
(Amounts in
thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
June 30, 2011 June 30, 2011
------------------------------------- ----------------------------------------
GAAP Excludes Non-GAAP GAAP Excludes Non-GAAP
------------- ------------- ------------- -------------- -------------- --------------
Revenue:
Product $ 45,306 $ - $ 45,306 $ 159,693 $ - $ 159,693
Support and services 11,221 - 11,221 40,419 - 40,419
------ ------ ------ ------- ------- -------
Total revenues 56,527 - 56,527 200,112 - 200,112
Cost of revenue:
Product 15,364 (204 ) (a),(c) 15,160 52,957 (614 ) (a),(c) 52,343
Support and services 4,072 (206 ) (a) 3,866 13,688 (678 ) (a) 13,010
------ ------ -- ------ ------- ------- -- -------
Total cost of revenue 19,436 (410 ) 19,026 66,645 (1,292 ) 65,353
------ ------ -- ------ ------- ------- -- -------
Gross profit 37,091 410 37,501 133,467 1,292 134,759
Gross profit % 65.6 % 66.3 % 66.7 % 67.3 %
Operating expenses:
Research and development 12,152 (809 ) (a) 11,343 45,548 (3,497 ) (a) 42,051
Sales and marketing 20,422 (939 ) (a),(c) 19,483 74,859 (3,170 ) (a),(c) 71,689
General and administrative 6,112 (955 ) (a) 5,157 24,890 (4,266 ) (a),(b) 20,624
Acquisition-related costs - - - 340 - 340
------ ------ ------ ------- ------- -------
Total operating expenses 38,686 (2,703 ) 35,983 145,637 (10,933 ) 134,704
------ ------ -- ------ ------- ------- -- -------
Income (loss) from operations (1,595 ) 3,113 1,518 (12,170 ) 12,225 55
Other income (expense) - net (140 ) - (140 ) 640 - 640
------ -- ------ ------ -- ------- ------- -------
Income (loss) before provision for income tax (1,735 ) 3,113 1,378 (11,530 ) 12,225 695
Provision for (benefit from) income tax 10 80 (d) 90 (67 ) 81 (d) 14
------ ------ ------ ------- -- ------- -------
Net income (loss) $ (1,745 ) $ 3,033 $ 1,288 $ (11,463 ) $ 12,144 $ 681
== ====== == == ====== == ====== == ======= == == ======= == =======
Net income (loss) per share:
Basic $ (0.04 ) $ 0.07 $ 0.03 $ (0.25 ) $ 0.26 $ 0.01
== ====== == == ====== == ====== == ======= == == ======= == =======
Diluted (e) $ (0.04 ) $ 0.07 $ 0.03 $ (0.25 ) $ 0.26 $ 0.01
== ====== == == ====== == ====== == ======= == == ======= == =======
Shares used in computing net income (loss) per share:
Basic 47,126 47,126 46,177 46,177
====== ====== ======= =======
Diluted (e) 47,126 49,446 46,177 47,900
====== ====== ======= =======
(a) Excludes stock-based compensation included in:
Cost of product revenue $ 29 $ 123
Cost of support and services revenue 206 678
Research and development 809 3,497
Sales and marketing 928 3,140
General and administrative 955 3,741
------ -------
$ 2,927 $ 11,179
== ====== == =======
(b) Excludes severance for former Chief Executive Officer included in:
General and administration $ - $ 525
== ====== == =======
(c) Excludes amortization of acquisition-related intangibles included in:
Cost of product revenue $ 175 $ 491
Sales and marketing 11 30
------ -------
$ 186 $ 521
== ====== == =======
(d) Excludes the tax impact of the items which are excluded in (a) to
(c) above.
(e) Potentially dilutive securities were not included in the
calculation of diluted net loss per share for the periods which
had a net loss because to do so would have been anti-dilutive.
SHORETEL, INC.
RECONCILIATION OF GAAP TO NON-GAAP FOR Q1
PROJECTIONS
(Amounts in thousands)
(Unaudited)
Three Months Ending
September 30, 2012
----------------------------
High Low
-------------- --------------
GAAP gross profit % 61.0 % 60.0 %
Adjustments for stock-based compensation and acquisition-related 2.0 % 2.0 %
intangible asset amortization
------ ---- ------ ----
Non-GAAP gross profit % 63.0 % 62.0 %
====== ==== ====== ====
Total GAAP operating expenses $ 52,500 $ 51,500
Adjustments for stock-based compensation and acquisition-related (4,000 ) (4,000 )
intangible asset amortization
------ ---- ------ ----
Total non-GAAP operating expenses $ 48,500 $ 47,500
==== ====== ==== ======
SOURCE: ShoreTel, Inc.
ShoreTel, Inc.
Tonya Chin, 408-962-2573
tchin@shoretel.com
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