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Mitel Reports First Quarter Fiscal 2013 Financial Results

OTTAWA, Aug. 30, 2012 (GLOBE NEWSWIRE) -- Mitel® (Nasdaq:MITL) (TSX:MNW), a leading provider of unified communications software solutions, today announced financial results for the first quarter of fiscal 2013 ended July 31, 2012. All financial results are in U.S. dollars.

"Mitel's results for the first quarter reflect a general deterioration in the macro environment, orders that did not ship and implementation delays on customer projects. In response to these results we have taken immediate actions within the business," said Richard McBee, chief executive officer, Mitel. "Our win rates remain strong, aided by our product leadership in virtualization and cloud offerings which continue to be our differentiated positioning with both channel partners and customers."

Fiscal First Quarter 2013 Financial Highlights

  • Revenue from continuing operations for the first quarter of fiscal 2013 was $138.5 million, compared to $149.1 million for the first quarter of fiscal 2012.
  • Gross margins from continuing operations were 54.4%, up from 52.2% in the first quarter of fiscal 2012.
  • Adjusted EBITDA from continuing operations for the first quarter of fiscal 2013 was $12.8 million, compared to $17.2 million from the prior year quarter.
  • Non-GAAP net income from continuing operations for the first quarter of fiscal 2013 was $4.5 million, or $0.08 per share, compared to non-GAAP net income of $8.5 million, or $0.15 per share, in the same period last year.
  • Net loss from continuing operations for the first quarter of fiscal 2013 was $1.9 million, or $0.04 per share, diluted, compared to a net loss of $3.3 million, or $0.06 per share, diluted, in the same period last year.
  • Cash and cash equivalents as of July 31, 2012 were $77.5 million.
  • Operating cash flows for the first quarter of fiscal 2013 were $3.4 million.
  • Special charges and restructuring costs of $2.0 million were recorded in the first quarter of fiscal 2013. The charges primarily relate to headcount reductions and additional lease termination obligations in North America as the Company reduces its cost structure.

"Our outlook for the second fiscal quarter reflects near term caution however we remain confident in our competitive positioning in the market," said Steve Spooner, chief financial officer, Mitel. "Given our revenue performance in the first quarter, in August we implemented a restructuring plan to responsibly manage our business by sizing our cost structure to be consistent with the challenging macroeconomic environment."

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