Mitel Networks Corp (MITL) 10-Q Quarterly Report October 2018

Mitel^® (Nasdaq:MITL) (TSX:MNW), a global leader in business communications, today announced financial results for the third quarter ended September 30, 2018.

Financial Highlights


In millions (except per share data)	Q3 2018			Q3 2017
GAAP Revenues	$	309.6		$	241.5
GAAP Net Income (Loss)	$	(6.7	)	$	(26.8	)
GAAP EPS – diluted	$	(0.05	)	$	(0.23	)

Business Highlights

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Recurring clouds seats grew 23% year-over-year. During the quarter, Mitel added 46,490 seats bringing the total recurring seats installed to 1,256,036.

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Mitel launched MiCloud Engage Contact Center, a Contact Center-as-a-Service (CCaaS) platform that works with any call control platform and integrates with a wide range of third-party CRM applications entirely over-the-top with no software or equipment to deploy. It also supports remote workers, including a fully-virtualized workforce and with rapid scalability, giving seasonal businesses the option of quickly scaling up or down simply to accommodate demand.

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A US-based financial services company converted from Avaya to MiCloud Engage Contact Center to support 400 agents in a contract valued at $1.5 million.

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Won a unified communications deal worth approximately $8 million with a large university medical center based in the Southern United States to upgrade 9,600 users, including 600 contact center agents, with Mitel’s MiVoice Business and MiContact Center Business technology.

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A national government agency in Italy upgraded its unified communications systems when it replaced the existing Unify platform with Mitel’s MiVoice MX-ONE technology.

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At the Mitel Next Americas event held in Phoenix the company hosted more than 800 partners, customers, analysts, consultants, and media. The event featured presentations highlighting Mitel’s strategic initiatives in the coming year. Featured speakers included San Francisco Giants Senior VP & CIO, Bill Schlough; Google Cloud Leader of Interactive & Conversational AI Products, Adam Champy; and renowned visionary & bestselling author, Geoffrey Moore.

The following information was filed by Mitel Networks Corp (MITL) on Wednesday, October 24, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Mitel Networks Corp's 10-Q Quarterly Report:

Revenue - Geography Highlight
In recent years, U.S. natural gas reserves have increased significantly due to, among other factors, advances in extracting shale gas, which has reduced and stabilized natural gas prices, providing North America with a cost advantage over certain imports.

Financial - Earnings Highlight
The carrying values of the redeemable preferred stocks are being increased by periodic accretions recorded to retained earnings and included in determining income or loss per share using the interest method so that the carrying amount will equal the
Financial - Expense Highlight
The increase was primarily driven by an increase of $0.9 million in professional fees and $0.6 million in compensation-related costs partially offset by the reduction of $0.5 million in expenses related to our former business that was sold in October 2017.
Other - Other Highlight
During the third quarter of 2018, average agricultural selling prices for our ammonia, UAN and HDAN increased 36%, 25% and 13% respectively, compared to 2017 average selling prices for the same period reflecting a more favorable alignment of demand with market capacity for these products.
Financial - Expense Highlight
Our SG&A expenses were $25.8 million for the first nine months of 2018, a decrease of $1.0 million compared to the same period in 2017.
Financial - Expense
Our SG&A expenses were $9.1...Read more
Financial - Dividend
Dividends on the Series D...Read more
Other - Other
Our average industrial selling prices...Read more
Other - Other
Capital Improvements First Nine Months...Read more
Financial - Expense
costs associated with lower on-stream...Read more
Financial - Shares
$0.06 per share on our...Read more
Financial - Shares
$12.00 per share on our...Read more
Other - Other
Focus on the Continued Improvement...Read more
Revenue - Product
If we had applied ASC...Read more
Financial - Dividend
We have not paid cash...Read more
Revenue - Product
In addition, the preparation of...Read more
Other - Other
As a result, we typically...Read more
Revenue - Product
Agricultural products sales increased from...Read more
Financial - Expense
For the third quarter of...Read more
Revenue - Product
In addition, through increased marketing...Read more
Other - Other
We believe our future results...Read more
Financial - Income
During the third quarter of...Read more
Financial - Shares
In the event of a...Read more
Other - Other
Property, plant and equipment improvements...Read more
Other - Other
Property, plant and equipment improvements...Read more
Other - Other
Consistent, reliable and safe operations...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

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-Q Quarterly Report
Accession Number: 0001193125-18-306391
Submitted to the SEC: Wed Oct 24 2018 4:16:51 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Radio And Tv Broadcasting And Communications Equipment