Please refer to the GAAP to non-GAAP reconciliation tables in this release and a discussion of the use of non-GAAP measures under the heading, "Non-GAAP Financial Measurements" below.
Business Unit Results
- Mitel Communications Solutions revenues for the third quarter of fiscal 2013 were $117.9 million, compared to $127.2 million for the third quarter of fiscal 2012. Operating margin was consistent with the prior year's quarter.
- Mitel NetSolutions revenues for the third quarter of fiscal 2013 grew 4% to $21.0 million from the same quarter of 2012. Operating margin was consistent with the prior year's quarter.
"In the fiscal third quarter, we saw continued strength in our gross margin, Adjusted EBITDA and cash flow generation," said Steve Spooner, Chief Financial Officer, Mitel. "Mitel's solid operating performance was a key factor in our ability to refinance our credit facilities on favorable terms, providing significant operational flexibility in the years ahead. Our forecast reflects our continued focus to execute on our strategy while remaining cautious in a challenging macroeconomic environment."
- Continued growth of Mitel's cloud customer base with more than 30,000 new cloud users added in the third quarter, bringing the total installed base to more than 228,000 cloud users.
- Recognized by Frost & Sullivan with the 2013 North America Award for Product Leadership for pioneering product developments in real-time communications software virtualization, which is a capability critical to enabling customers to migrate their business communications to the cloud.
- Introduction of Mitel Communications Director 6.0 with enhancements to the user experience, improvements for cloud environments, new features for financial services and education markets, and simplified installation.
- Revenue from continuing operations is expected to be in the range of $143 to $148 million.
- Gross margin percentage from continuing operations is expected to be in the range of 55.0 to 56.0 percent.
- Non-GAAP operating expenses as a percentage of revenue from continuing operations are expected to be in the range of 41.5 to 42.5 percent. Non-GAAP operating expenses include SG&A and R&D expenses but exclude estimated amortization of $5.5 million for acquisition-related intangible assets and estimated stock-based compensation expense of $1.1 million.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV