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Mitel Reports Second Quarter Fiscal 2014 Financial Results

Stocks in this article: MITL

OTTAWA, Dec. 5, 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 second quarter of fiscal 2014 ended October 31, 2013. All financial results are in U.S. dollars.

"Sequential revenue growth and solid expense control enabled us to produce record gross margin of 58.2% for the second quarter," said Richard McBee, Chief Executive Officer, Mitel. "Cloud and contact center, two strategic areas where we are investing to support growth, continue to gain traction. Strong customer acceptance of our solutions proved to offset the temporary impacts we experienced during the last month of the quarter as a result of the US government shutdown."

Fiscal Second Quarter 2014 Financial Highlights

  • Revenue for the second quarter of fiscal 2014 was $144.9 million.
  • Gross margin for the second quarter of fiscal 2014 was 58.2%.
  • Adjusted EBITDA for the second quarter of fiscal 2014 was $24.8 million, or 17.1% of revenues.
  • Non-GAAP net income for the second quarter of fiscal 2014 was $12.7 million, or $0.22 per share.
  • Net income for the second quarter of fiscal 2014 was $5.4 million, or $0.10 per share, diluted.
  • Cash and cash equivalents as of October 31, 2013 were $70.5 million.
  • Operating cash flows for the second quarter of fiscal 2014 were $16.0 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.

Business Unit Results

  • Mitel Communications Solutions revenues for the second quarter of fiscal 2014 were $118.8 million. Operating margin for the second quarter of fiscal 2014 was 25%.
  • Mitel NetSolutions revenues for the second quarter of fiscal 2014 were $22.1 million. Operating margin for the second quarter of fiscal 2014 was 20%.

"Our strong EBITDA and cash flow generation were the highlights of our second quarter performance. This enabled us, consistent with our strategy, to voluntarily pre-pay $20 million of our long-term debt in November 2013," said Steve Spooner, Chief Financial Officer, Mitel.

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