Mitel Networks (MITL) Tops Q4 EPS by 2c

Mitel Networks (NASDAQ: MITL) reported Q4 EPS of $0.25, $0.02 better than the analyst estimate of $0.23. Revenue for the quarter came in at $277.5 million versus the consensus estimate of $301.63 million.

“In the fourth quarter, Mitel’s strong operational execution enabled the company to deliver a solid quarter in a highly competitive market driven by technology migration and vendor consolidation,” said Richard McBee, Mitel’s Chief Executive Officer. “Mitel continued to gain share with a particularly strong performance across Europe, and executed well against our Cloud strategy driving a 35% increase in hosted seats and 60% increase in total seats year-over-year.”

“The pending divestiture of the Mobile Division, expected to close in the first quarter, resulted in a goodwill impairment charge of $213 million, a GAAP loss of $209.2 million and a GAAP loss per share of $1.72. Our non-GAAP earnings per share of $0.25 and adjusted EBITDA of $56 million, which both exclude the impairment charge and other items, exceeded analyst consensus estimates,” commented Steve Spooner, Chief Financial Officer. “With continued focus on operational execution we improved our cash position by $27 million from third quarter levels, enabling us to pay down $23 million in debt shortly after the quarter closed.”

For earnings history and earnings-related data on Mitel Networks (MITL) click here.

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