Last10K.com

Mitel Networks Corp (MITL) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Mitel Networks Corp

CIK: 1170534 Ticker: MITL

Exhibit 99.1

 

LOGO    Media Release

OTTAWA, February 23, 2017

Mitel Reports December Quarter Results

Operational execution leads to strong cash position enabling

a $23 million debt pay down subsequent to 2016 fiscal year end

Mitel® (Nasdaq:MITL) (TSX:MNW), a global leader in enterprise communications, today announced financial results for the fourth quarter ended December 31, 2016.

“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.”

Financial Highlights from Continuing Operations

 

in millions

(except per share data)

   Q4 2016      Q4 2015  
      Historical
Currency
     Constant
Currency1
 

GAAP Revenues

   $ 259.8      $ 277.0      $ 272.7  

Non-GAAP Revenues2

   $ 259.8      $ 277.5      $ 273.2  

GAAP Net Income (Loss)

   $ 13.9      $ 2.5      $ 1.5  

Non-GAAP Net Income3

   $ 27.3      $ 31.3      $ 30.3  

GAAP EPS - basic

   $ 0.11      $ 0.02      $ 0.01  

Non-GAAP EPS4

   $ 0.22      $ 0.25      $ 0.24  

Adjusted EBITDA5

   $ 42.7      $ 49.3      $ 48.3  

Financial Highlights from Continuing and Discontinued Operations

 

in millions

(except per share data)

   Q4 2016      Q4 2015  
      Historical
Currency
     Constant
Currency1
 

Total Revenues from Continuing and Discontinued Operations6

   $ 310.9      $ 342.0      $ 337.0  

Non-GAAP Revenues2

   $ 310.9      $ 335.7      $ 330.7  

GAAP Net Income (Loss)

   ($  209.2    ($ 6.3    ($ 7.5

Non-GAAP Net Income3

   $ 32.0      $ 36.3      $ 35.1  

GAAP EPS - basic

   ($ 1.72    ($ 0.05    ($ 0.06

Non-GAAP EPS4

   $ 0.25      $ 0.29      $ 0.28  

Adjusted EBITDA5

   $ 55.6      $ 62.2      $ 61.0  


The following information was filed by Mitel Networks Corp (MITL) on Thursday, February 23, 2017 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.

View differences made from one year to another to evaluate Mitel Networks Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Mitel Networks Corp.

Continue

Assess how Mitel Networks Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Mitel Networks Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

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 Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Accounting Policies
Accounting Policies (policies)
Accounting Policies - Additional Information (detail)
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (detail)
Accounts Payable And Accrued Liabilities (tables)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Activity Of Allowance For Credit Losses On Sales-type Leases (detail)
Additional Information To Unvested Stock Option Activity (detail)
Additional Information With Respect To Rsu Activity (detail)
Additional Information With Respect To Rsu Activity (parenthetical) (detail)
Aggregate Accumulated Benefit Obligation (detail)
Aging Analysis Of Financing Receivables (detail)
Assumptions Used In Black-scholes Option-pricing Model (detail)
Assumptions Used To Determine Net Present Value Of Projected Pension Obligation (detail)
Assumptions Used To Determine Periodic Pension Expense (detail)
Background And Nature Of Operations
Background And Nature Of Operations - Additional Information (detail)
Basic And Diluted Weighted Average Common Shares Outstanding As Required For Earnings Per Share Calculations (detail)
Carrying Value Of Warrants Outstanding (detail)
Carrying Value Of Warrants Outstanding (parenthetical) (detail)
Change In Aggregate Projected Benefit Obligation And Plan Assets (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
Details Of Income Taxes (detail)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Fair Value Measurements
Fair Value Measurements - Additional Information (detail)
Fair Value Of Pension Plan Asset Category (detail)
Foreign Currency, Credit And Interest Rate Risk
Foreign Currency, Credit And Interest Rate Risk - Additional Information (detail)
Future Minimum Operating Lease Payment, Primarily Consisting Of Base Rent For Facilities (detail)
Goodwill
Goodwill (detail)
Goodwill (tables)
Goodwill Information By Segment (detail)
Identifiable Intangible Assets
Identifiable Intangible Assets (detail)
Identifiable Intangible Assets (tables)
Identifiable Intangible Assets - Additional Information (detail)
Income From Termination Fee Received
Income From Termination Fee Received - Additional Information (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Inventories
Inventories (detail)
Inventories (parenthetical) (detail)
Inventories (tables)
Long Term Debt (detail)
Long Term Debt (parenthetical) (detail)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Additional Information (detail)
Maximum Leverage Ratio Under Term Loan 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)
Other Income, Net
Other Income, Net - Additional Information (detail)
Pension Plans
Pension Plans (tables)
Pension Plans - Additional Information (detail)
Preferred Shares
Preferred Shares - Additional Information (detail)
Projected Benefit Obligation And Plan Assets, By Defined Benefit Plan (detail)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Purchase And Allocation Of Purchase Price (detail)
Purchase And Allocation Of Purchase Price (parenthetical) (detail)
Reconciliation Of Activity Related To Unrecognized Tax Benefits Which Are Included In Other Non-current Liabilities (detail)
Reconciliation Of Activity Related To Unrecognized Tax Benefits Which Are Included In Other Non-current Liabilities (parenthetical) (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 For Operating Leases (detail)
Results Of Operations For Company's Segments (detail)
Results Of Operations For Company's Segments (parenthetical) (detail)
Revenues From External Customers (detail)
Sales-type Leases (detail)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (detail)
Schedule Of Assets And Liabilities Held For Sale (detail)
Schedule Of Maximum Leverage Ratio And Actual Leverage Ratio (detail)
Schedule Of Summarized Results Of Operations (detail)
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
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 Assets Allocation (detail)
Target Allocation And Actual Pension Plan Assets Allocation (parenthetical) (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)
Ticker: MITL
CIK: 1170534
Form Type: 10-K Annual Report
Accession Number: 0001193125-17-065673
Submitted to the SEC: Wed Mar 01 2017 4:04:14 PM EST
Accepted by the SEC: Wed Mar 01 2017
Period: Saturday, December 31, 2016
Industry: Radio And Tv Broadcasting And Communications Equipment

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/mitl/0001193125-17-065673.htm