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Mitel Networks Corp (MITL) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, April 30, 2013

Mitel Networks Corp

CIK: 1170534 Ticker: MITL

Exhibit 99.1

 

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Mitel Reports Fourth Quarter and Fiscal 2013 Financial Results

-Fourth Quarter Revenue and Non-GAAP EPS Exceed Consensus

- Completes acquisition of prairieFyre

OTTAWA, Ontario – June 24, 2013

(GLOBE NEWSWIRE)Mitel® (Nasdaq: MITL; TSX: MNW), a leading provider of cloud and premise-based unified communications and collaboration (UCC) solutions, today announced financial results for the fourth quarter and fiscal year ended April 30, 2013. All financial results are in U.S. dollars.

“In the fourth quarter, we are pleased to have exceeded our guidance for revenue and gross margin,” said Richard McBee, Chief Executive Officer, Mitel. “We had solid sequential revenue growth of 6% resulting from our continued focus on both our premise-based business and our cloud service offerings. This month, we announced and completed the acquisition of the contact center OEM supplier prairieFyre, which will allow us to capitalize on the increasing market demand for contact center solutions. We also significantly enhanced our sales leadership with the appointment of three new sales executives in the Americas.”

Fiscal Fourth Quarter 2013 Financial Highlights

 

   

Adjusted EBITDA from continuing operations for the fourth quarter of fiscal 2013 was $25.5 million or 16.9% of revenues.

 

   

Non-GAAP net income from continuing operations for the fourth quarter of fiscal 2013 was $14.1 million, or $0.25 per share, Net income from continuing operations for the fourth quarter of fiscal 2013 was $8.3 million, or $0.14 per share, diluted.

 

   

Revenue from continuing operations for the fourth quarter of fiscal 2013 was $150.9 million.

 

   

Gross margin from continuing operations was 56.1%

 

   

Cash and cash equivalents as of April 30, 2013 were $69 million, supplemented by an available, undrawn $40 million line of credit providing $109 million of liquidity. In the fourth quarter, we used $28 million of cash to reduce our debt in conjunction with our successful debt refinancing.

 

   

Operating cash flows for the fourth quarter of fiscal 2013 were $6.6 million.


The following information was filed by Mitel Networks Corp (MITL) on Monday, June 24, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity (deficiency) And Comprehensive Income (loss)
Accounting Policies
Accounting Policies (policies)
Accounting Policies (tables)
Accounting Policies - Additional Information (detail)
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (detail)
Accounts Payable And Accrued Liabilities (tables)
Activity Of Allowance For Credit Losses On Sales-type Leases (detail)
Actuarial Present Value Of Accrued Pension Benefits And Market Value Of Net Assets (detail)
Additional Information Of Stock Option Activity (detail)
Aging Analysis Of Financing Receivables (detail)
Assets Liabilities Measured At Fair Value On Recurring Basis (detail)
Assets Of Component Held For Sale And Discontinued Operations
Assets Of Component Held For Sale And Discontinued Operations (tables)
Assets Of Component Held For Sale And Discontinued Operations - Additional Information (detail)
Assumptions Used In Black-scholes Option-pricing Model (detail)
Assumptions Used To Determine Net Present Value Of Accrued Pension Benefits (detail)
Assumptions Used To Determine Periodic Pension Expense (detail)
Background And Nature Of Operations
Basic And Diluted Weighted Average Common Shares Outstanding For Earnings Per Share Calculations (detail)
Carrying Value Of Warrants Outstanding (detail)
Carrying Value Of Warrants Outstanding (parenthetical) (detail)
Changes In Level Three Fair Value Category (detail)
Commitments And Guarantees
Commitments And Guarantees (tables)
Commitments And Guarantees - Additional Information (detail)
Common Shares
Common Shares (tables)
Common Shares - Additional Information (detail)
Contingencies
Contingencies - Additional Information (detail)
Details Of Income Taxes (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Fair Value Of Pension Plan Asset By Asset Category (detail)
Financial Information By Operating Segment (detail)
Financial Information For Data Net (detail)
Foreign Currency Credit And Interest Rate Risk - Additional Information (detail)
Foreign Currency, Credit And Interest Rate Risk
Future Minimum Operating Lease Payment (detail)
Future Minimum Operating Lease Payment (parenthetical) (detail)
Goodwill
Goodwill (detail)
Goodwill (tables)
Goodwill - Additional Information (detail)
Identifiable Intangible Assets
Identifiable Intangible Assets (detail)
Identifiable Intangible Assets (tables)
Identifiable Intangible Assets - Additional Information (detail)
Income (loss) From Discontinued Operations (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Inventories
Inventories (detail)
Inventories (tables)
Long Term Debt (detail)
Long Term Debt (parenthetical) (detail)
Long-lived Asset Information By Segment (detail)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Additional Information (detail)
Maximum Leverage Ratio Under First Lien Credit Agreement (detail)
Net Investment In Sales-type Leases
Net Investment In Sales-type Leases (tables)
Net Investment In Sales-type Leases - Additional Information (detail)
Net Periodic Benefit Cost (detail)
Other Current Assets
Other Current Assets (detail)
Other Current Assets (tables)
Pension Plans
Pension Plans (tables)
Pension Plans - Additional Information (detail)
Preferred Shares
Preferred Shares - Additional Information (detail)
Projected Benefit Obligation And Accumulated Benefit Obligation In Excess Of Plan Assets (detail)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Reconciliation Of Activity Related To Unrecognized Tax Benefits Which Are Included In Other Non-current Liabilities (detail)
Reconciliation Of Differences Between Reported Income Tax And Amount Computed By Applying Canadian Rates (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Rental Expense And Sub-lease Income On Operating Leases (detail)
Revenues From External Customers (detail)
Sales-type Leases (detail)
Schedule Ii Valuation And Qualifying Accounts (detail)
Schedule Ii Valuation Of Qualifying Accounts
Securities Excluded From Computation Of Diluted Earnings Per Share (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Special Charges And Restructuring Costs
Special Charges And Restructuring Costs (tables)
Special Charges And Restructuring Costs - Additional Information (detail)
Stock Option Activity (detail)
Stock Option Activity (parenthetical) (detail)
Stock Options Outstanding And Exercisable (detail)
Stock Options Outstanding And Exercisable (parenthetical) (detail)
Subsequent Event
Subsequent Event - Additional Information (detail)
Summary Of Change In Provision For Special Charges And Restructuring Costs (detail)
Supplementary Cash Flow Information
Supplementary Cash Flow Information (detail)
Supplementary Cash Flow Information (tables)
Target Allocation And Actual Pension Plan Asset Allocation (detail)
Tax Effect Of Components Of Deferred Tax Assets And Liabilities (detail)
Tax Loss Carry Forwards And Tax Credits (detail)
Total Pension Benefits Expected To Be Paid In Future Years (detail)
Warrants
Warrants (tables)
Warranty Liability (detail)
Weighted Average Common Shares Outstanding
Weighted Average Common Shares Outstanding (tables)
Weighted Average Common Shares Outstanding - Additional Information (detail)
Ticker: MITL
CIK: 1170534
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-269098
Submitted to the SEC: Mon Jun 24 2013 4:58:54 PM EST
Accepted by the SEC: Mon Jun 24 2013
Period: Tuesday, April 30, 2013
Industry: Radio And Tv Broadcasting And Communications Equipment

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