ShoreTel Announces Results. John Combs Announces plans to leave the company

by Jeff Wiener on July 17, 2010

ShoreTel announced that revenues for the quarter ended June 30, 2010 are expected to be higher than its previously announced guidance for the period. ShoreTel now expects to report revenues for its fourth quarter will be between $41 and $42 million, compared to its previously announced guidance of $35 to $38 million. The company also expects its non-GAAP gross margins to be an all-time company record and moderately higher than the high end of its previously guided range of 64 to 65 percent.

“We are very pleased to see over 10 percent sequential revenue growth in the fourth quarter, driving our quarterly revenues to our highest level ever and above our previously announced guidance,” said John W. Combs, Chairman and Chief Executive Officer of ShoreTel. “Broad-based strength across our business led by increases from our U.S. regional and international partners drove most of the upside to our expectations during the quarter. As we continue to execute on our strategic plan, now is the right time for ShoreTel to transition to a new CEO to drive the company to the next level. I am leaving ShoreTel at a great time in its lifecycle: We are gaining market share, growing our revenue both in the United States and internationally, expanding our distribution base of dedicated partners and adding to our customer-focused employee base. I will continue to lead the organization while the board of directors commences a search for a new CEO, and I will serve out the remainder of my term as a board member. The board of directors has appointed Gary Daichendt as the new chairman, who will lead the search.”

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