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Mitel Reports Fourth Quarter And Fiscal 2013 Financial Results

Fourth Quarter Revenue and Non-GAAP EPS Exceed Consensus

Completes Acquisition of prairieFyre

OTTAWA, Ontario, June 24, 2013 (GLOBE NEWSWIRE) -- Mitel® (Nasdaq:MITL) (TSX:MNW), a leading provider of cloud and premise-based unified communications and collaboration (UCC) solutions, today announced financial results for the fourth quarter and fiscal year ended April 30, 2013. All financial results are in U.S. dollars.

"In the fourth quarter, we are pleased to have exceeded our guidance for revenue and gross margin," said Richard McBee, Chief Executive Officer, Mitel. "We had solid sequential revenue growth of 6% resulting from our continued focus on both our premise-based business and our cloud service offerings. This month, we announced and completed the acquisition of the contact center OEM supplier prairieFyre, which will allow us to capitalize on the increasing market demand for contact center solutions. We also significantly enhanced our sales leadership with the appointment of three new sales executives in the Americas."

Fiscal Fourth Quarter 2013 Financial Highlights

  • Adjusted EBITDA from continuing operations for the fourth quarter of fiscal 2013 was $25.5 million or 16.9% of revenues.
  • Non-GAAP net income from continuing operations for the fourth quarter of fiscal 2013 was $14.1 million, or $0.25 per share.
  • Net income from continuing operations for the fourth quarter of fiscal 2013 was $8.3 million, or $0.14 per share, diluted.
  • Revenue from continuing operations for the fourth quarter of fiscal 2013 was $150.9 million.
  • Gross margin from continuing operations was 56.1%.
  • Cash and cash equivalents as of April 30, 2013 were $69 million, supplemented by an available, undrawn $40 million line of credit providing $109 million of liquidity. In the fourth quarter, we used $28 million of cash to reduce our debt in conjunction with our successful debt refinancing.
  • Operating cash flows for the fourth quarter of fiscal 2013 were $6.6 million.

Fiscal 2013 Financial Highlights

  • Adjusted EBITDA from continuing operations for fiscal 2013 was $85.0 million or 14.7% of revenues.
  • Non-GAAP net income from continuing operations for fiscal 2013 was $45.6 million, or $0.81 per share.
  • Net income from continuing operations for fiscal 2013 was $9.9 million, or $0.18 per share, diluted.
  • Revenue from continuing operations for fiscal year 2013 was $576.9 million.
  • Gross margins from continuing operations for fiscal year 2013 were 55.6%.

As in prior periods, due to the announced sale of DataNet/CommSource, which was completed on March 1, 2013, the results of that business unit are presented as discontinued operations, and prior period amounts have been adjusted accordingly.

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