Most of the GAAP (General Accepted Accounting Principles) net loss is wrapped up in $4.1 million for legal settlement costs with Mitel over a patent fight; the two companies agreed [...]]]>

ShoreTel this week reported its financial results, bringing in $31.2 million and reporting a GAAP net loss of $7 million, around $0.16 per share.

Most of the GAAP (General Accepted Accounting Principles) net loss is wrapped up in $4.1 million for legal settlement costs with Mitel over a patent fight; the two companies agreed to play nice and cross-licensed the technology in question. There’s also $1.8 million in stock-based compensation expenses and $0.5 milling in restructuring charges.  If you knock out the various one-time charges, non-GAAP net loss for the quarter was $0.8 million as compared to $0.3 million in non-GAAP net income this time last year.

Investors shouldn’t fret, since the company closed out the quarter with over $108 million in cash and equivalents. It’s also racked up a bunch of high-profile customer wins in the UC space with professional sports organizations including the Verizon Center (Rock the Red!!!!) with a 1,500 user deployment, the San Francisco Giants and AT&T Park, and the Frisco Rough Riders, a double-A affiliate of the Texas Rangers.  And according to the all the folks who went to VoiceCon – vendors voting on products – ShoreTel’s product got the Best of Show, the third straight win (Hat trick, Rock the Red!!!) for the company at VoiceCon.

Next quarter (i.e. from now to the end of June 30, 2009), ShoreTel expects to bring in revenue between $29 million to $34 million, with GAAP operating expenses to be between $20.5 million to $21.5 million, including $1.5 million in stock-based comp expenses.