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Mitel Reports Third Quarter Fiscal 2013 Financial Results

Stocks in this article: MITL

OTTAWA, Feb. 28, 2013 (GLOBE NEWSWIRE) -- Mitel® (Nasdaq:MITL) (TSX:MNW), a leading provider of cloud and premises-based unified communications and collaboration (UCC) solutions, today announced financial results for the third quarter of fiscal 2013 ended January 31, 2013. All financial results are in U.S. dollars.

"We delivered solid revenue and gross margin, each in line with guidance, and non-GAAP operating expenses favorable to guidance in the third quarter," said Richard McBee, Chief Executive Officer, Mitel. "Also, as previously announced, we entered into new credit facilities, strengthening our financial position and, in the third quarter, signed a letter of intent with a prospective buyer to complete the divestiture of our DataNet/CommSource business unit. We anticipate completing the transaction on March 1, 2013."

Fiscal Third Quarter 2013 Financial Highlights

  • Adjusted EBITDA from continuing operations for the third quarter of fiscal 2013 was $22.6 million or 15.9%, up from $21.0 million or 14.0% from the prior year quarter.
  • Non-GAAP net income from continuing operations for the third quarter of fiscal 2013 was $12.8 million, or $0.23 per share, up from $12.0 million, or $0.21 per share, in the same period last year.
  • Net income from continuing operations for the third quarter of fiscal 2013 was $5.1 million, or $0.09 per share, diluted, compared to net income from continuing operations of $4.4 million, or $0.08 per share, diluted, in the same period last year.
  • Revenue from continuing operations for the third quarter of fiscal 2013 was $142.0 million, compared to $150.5 million for the third quarter of fiscal 2012.
  • Gross margin from continuing operations was 55.5%, up from 54.4% in the third quarter of fiscal 2012.
  • Cash and cash equivalents as of January 31, 2013 were $100.6 million.
  • Operating cash flows for the third quarter of fiscal 2013 were $17.3 million.
  • Special charges and restructuring costs of $7.3 million were recorded in the third quarter of fiscal 2013.

As in prior periods, due to the previously announced intention to sell or dispose of DataNet/CommSource, the results of the business unit are presented as discontinued operations, and prior period amounts have been adjusted accordingly.

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