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Mitel Reports First Quarter Fiscal 2014 Financial Results

Stocks in this article: MITL

OTTAWA, Aug. 29, 2013 (GLOBE NEWSWIRE) -- Mitel® (Nasdaq:MITL) (TSX:MNW), a leading provider of cloud and software-based unified communications and collaboration (UCC) solutions, today announced financial results for the first quarter of fiscal 2014 ended July 31, 2013. All financial results are in U.S. dollars.

"We are pleased to have achieved year-over-year revenue growth and record gross margins in the first quarter," said Richard McBee, Chief Executive Officer, Mitel. "Our operating results reflect the growing traction of our cloud business as well as the strength of our unified communications software solutions, which serve as the foundation for us to grow in our target markets."

"During the quarter we completed the acquisition of prairieFyre, our OEM-provider of contact center solutions, for a net cash cost of $20.0 million. The acquisition was accretive during the quarter and we have been pleased with the results to date. We look forward to capitalizing further on the growing market demand for contact centers with a fully integrated solution."

Fiscal First Quarter 2014 Financial Highlights

  • Revenue for the first quarter of fiscal 2014 was $141.6 million.
  • Gross margin for the first quarter of fiscal 2014 was 56.6%.
  • Adjusted EBITDA for the first quarter of fiscal 2014 was $20.6 million, or 14.5% of revenues.
  • Non-GAAP net income for the first quarter of fiscal 2014 was $9.3 million, or $0.17 per share.
  • Net loss for the first quarter of fiscal 2014 was $3.8 million, or $0.07 per share, diluted.
  • Cash and cash equivalents as of July 31, 2013 were $55.3 million.
  • Operating cash flows for the first quarter of fiscal 2014 were $13.2 million.

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.

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