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Mitel falls after record fourth quarter results

Mitel

Mitel Shares of Mitel (Stock Quote, Chart, News: TSX:MNW), Nasdaq:MITL) are off today after the company released its fourth quarter and fiscal 2014 results.

In the fourth quarter, the company earned (U.S.) $10.8-million on revenue of $301.4-million, compared to a loss of $2.8-million on a topline of $144.8-million in last year’s Q4.

For the year, Mitel lost (U.S.) $7.3-million on revenue of $1.1-billion.

“Two thousand fourteen was a transformational year for Mitel in which we set new benchmarks for our financial results and emerged as a true global market share and industry leader. Our sales performance speaks to the fact that our broad portfolio of business communications solutions — premise, cloud and hybrid — is able to address the diverse and evolving needs of customers in markets around the world,” said CEO Richard McBee. “We have carried that momentum into 2015 with confirmation earlier this month that Mitel is now the fastest-growing and No. 1 market share leader in cloud communications, with more than one million total seats installed. Our foundation is solid, our growth initiatives are delivering, our team is running at full speed, and we are seeing the results of the full scale and power of the new Mitel.”

HIRE Technologies

For Mitel, the year was defined by acquisitions and the continued integration of Aastra. In 2013, Mitel paid $392-million for the Concord, Ontario-based provider of telephony solutions. This morning, McBee told BNN that the company was on the hunt for more acquisitions.

At press time, shares of MNW on the TSX were down 4.1% to $12.39.

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About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.

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