Mitel Q1 Net Loss Widens - Quick Facts

(RTTNews) - Mitel Networks Corp. (MITL), a provider of business communications and collaboration software, Thursday reported a wider net loss for the second quarter, hurt by higher debt retirement costs. Revenues, on the other hand, increased from last year mostly thanks to the Aastra acquisition.

For the three months to March, net loss from continuing operations widened to $13.6 million from a loss of $1.7 million a year earlier. Debt retirement costs rose to $14.7 million from $2.6 million a year ago.

Adjusted earnings were $19.8 million or $0.22 per share, compared with $12.1 million or $0.22 per share a year earlier. Number of adjusted weighted-average common shares outstanding increased to 88.5 million from 56.2 million last year.

On average, 4 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.20 for the quarter. Analysts' estimates typically exclude one-time items.

Adjusted for price allocation adjustments, proforma adjusted earnings were $16.9 million or $0.16 per share, compared with $14 million or $0.14 per share a year ago.

Adjusted EBITDA stood at $35.6 million, compared with $23 million a year earlier.

Revenues for the 3-month period grew to $241.5 million from $143.1 million in the same quarter last year. The Aastra acquisition contributed $89.3 million to revenues.

For the second quarter, the company expects revenues of $278 million to $293 million.