Mitel Networks Corp (MITL) 10-K Annual Report Wed Mar 01 2017

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
in millions (except per share data)	Q4 2016		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
in millions (except per share data)	Q4 2016			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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Mitel Networks Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.9: Material Contract

Exhibit 10.10: Material Contract

Exhibit 10.12: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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

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

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