This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Mitel Reports Second Quarter Fiscal 2014 Financial Results

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.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,001.22 -38.27 -0.22%
S&P 500 1,988.40 -3.97 -0.20%
NASDAQ 4,538.5510 +6.4470 0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs