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Mitel Supplements Preliminary Third Quarter Fiscal Results

Stocks in this article: MITL

OTTAWA, Ontario, Feb. 15, 2013 (GLOBE NEWSWIRE) -- Mitel® (Nasdaq:MITL) (TSX: MNW), a leading provider of cloud and premises-based unified communications software solutions, today announced that for the third quarter of fiscal 2013, ended January 31, 2013, adjusted EBITDA is expected to be in the range of $21.0M - $22.5M. Today's announcement provides supplemental detail to certain preliminary third quarter financial results released on February 11, 2013.

Preliminary third quarter financial results are being disclosed in conjunction with Mitel's ongoing market discussions with potential lenders related to the refinancing of its existing senior secured credit facilities. Mitel routinely monitors the credit markets to evaluate the merits of refinancing its senior secured credit facilities and from time to time explores available options.

Preliminary and Unaudited Results

The financial results presented above are preliminary and subject to completion. Mitel's expectations with respect to these unaudited results are based upon management estimates and information available at this time. As a result, these preliminary results may be different from the actual results that will be reflected in Mitel's consolidated financial statements for the quarter when they are released.

Non-GAAP Measures

This release includes references to non-GAAP financial measures. Non-GAAP measures are among the primary indicators management uses as a basis for our planning and forecasting of future periods. Investors are cautioned that non-GAAP financial measures should not be relied upon as a substitute for financial measures prepared in accordance with generally accepted accounting principles. The estimate of adjusted EBITDA provided in this release has been determined consistent with the methodology for calculating adjusted EBITDA as set forth in Mitel's Form 10-K for the fiscal year ended April 30, 2012. A reconciliation of preliminary adjusted EBITDA to preliminary net income, the closest comparable GAAP financial measure, is not practical at this time. Mitel will provide a reconciliation of adjusted EBITDA to net income for the third quarter ended January 31, 2013 when Mitel issues its normal earnings release for those periods.

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