Mitel Confirms Preliminary Third Quarter Fiscal 2013 Results
Revenue and Gross Margin Consistent With Previous Guidance
OTTAWA, Feb. 11, 2013 (GLOBE NEWSWIRE) -- Mitel® (Nasdaq:MITL) (TSX:MNW), a
leading provider of cloud and premises-based unified communications software
solutions, today announced that for the third quarter of fiscal 2013, ended
January 31, 2013, revenue will be approximately $142M, which is within the
guidance range provided during the company's second quarter fiscal 2013
earnings announcement on November 29, 2012.
The company also confirmed that preliminary gross margin is within the
guidance range previously provided, and that non-GAAP operating expenses for
the quarter are expected to be 42%-43% of revenue, which is favorable to
previously provided guidance.
Preliminary third quarter results are being disclosed in conjunction with
Mitel's ongoing market discussions with potential lenders related to the
refinancing of its existing senior secured credit facilities. Mitel routinely
monitors the credit markets to evaluate the merits of refinancing its senior
secured credit facilities and from time to time explores available options.
In addition, Mitel announced that Philip Keenan, Executive Vice President of
Sales for North America, is leaving the company. Mitel President and CEO
Richard McBee will assume responsibility for the North American sales
organization on an interim basis until a permanent replacement is identified.
Preliminary and Unaudited Results
The financial results presented above are preliminary and subject to
completion. Mitel's expectations with respect to these unaudited results are
based upon management estimates and information available at this time. As a
result, these preliminary results may be different from the actual results
that will be reflected in Mitel's consolidated financial statements for the
quarter when they are released.
This release includes references to non-GAAP financial measures. Non-GAAP
measures are among the primary indicators management uses as a basis for our
planning and forecasting of future periods. Investors are cautioned that
non-GAAP financial measures should not be relied upon as a substitute for
financial measures prepared in accordance with generally accepted accounting
Mitel® (Nasdaq:MITL) (TSX:MNW) is a global provider of unified communications
and collaboration (UCC) software, solutions and services that enable
organizations to conduct business anywhere, over any medium with the device of
their choice. Through a single cloud-ready software stream, Mitel's Freedom
architecture provides customers in over 100 countries the flexibility and
simplicity needed to support today's dynamic work environment. For more
information visit www.mitel.com.
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