Sunnyvale, California-based ShoreTel, Inc. (SHOR), Wednesday revealed fourth-quarter financial results, reporting a loss that widened from the same quarter a year ago, primarily hurt by one-time expenses, as well as a decline in revenues. The company also provided its revenue forecast for the first quarter.
ShoreTel's net loss for the fourth quarter widened to $688 thousand from $47 thousand in the same quarter last year. On a per share basis, loss for the quarter was $0.02 per share, compared to breakeven in the corresponding quarter a year ago.
Fourth quarter results included stock based compensation expenses of $2.2 million. Excluding charges, non-GAAP net income attributable to shareholders dropped to $1.286 million or $0.03 per share from $1.743 million or $0.04 per share in the same quarter a year ago.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.01 per share for the quarter. Analysts' estimate typically excludes special items such as one-time charges or gains.
Loss from operations for the quarter widened to $765 thousand from $121 thousand in the same quarter last year.
Quarterly revenues dropped to $32.390 million from $34.704 million in the same quarter last year, mainly hurt by a decline in product revenues. The Street expected the company to report revenues of $32.11 million for the quarter.
For the full year, the company slipped to a loss of $11.796 million or $0.27 per share from $2.633 million or $0.06 per share in the comparable quarter last year. The Street expected earnings of $0.01 per share for the full year.
Total revenues for the year increased to $134.822 million from $128.729 million in the corresponding quarter last year and inched up over analysts' estimate of $134.54 million.
Looking forward to the first quarter, the company now expects revenues in the range of $30 million to $35 million, while analysts currently anticipates revenue of $33.19 million.
Gross margin for the period is expected in the range of 62% to 63% and non-GAAP gross margin, excluding compensation expenses, are now anticipated to range from 63% to 64%.
SHOR closed Wednesday's trading at $7.73, up $0.21 or 2.79%, on a volume of 0.91k shares on the Nasdaq.
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