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Market: TSX
Sector: General Mining
EPIC: TSXC
Latest Price: 12,647.10  (0,00%)
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Mitel Networks narrows Q1 loss, but still misses market estimates

31st Aug 2012, 12:38 pm by Brad Lemaire
The Kanata, Ontario-based company provides everything from business communications to collaboration software and virtualization services. The Kanata, Ontario-based company provides everything from business communications to collaboration software and virtualization services.

Mitel Networks Corp. (NASDAQ:MITL) narrowed its fiscal first-quarter net loss Friday amid higher revenue and improved margins, but missed analyst estimates. 

The Kanata, Ontario-based company provides everything from business communications to collaboration software and virtualization services. 

Net income loss narrowed to $2.1 million or four cents a share, compared to a year-ago loss totalling $2.8 million or five cents a share.  

Stripping out restructuring costs, adjusted earnings came in at $4.1 million, or eight cents per share. Revenue slipped to $138.5 million from $149 million.

Analysts polled by Bloomberg sought per-share profits of 14 cents, on $142 million in sales for the quarter ended July 31.

The company's communications solutions unit – which offers a range of Internet protocol and telephony platforms – fell to $114.5 from $124.4 million in sales.

At its NetSolutions segment, sales notched up to $20.7 million from $20 million. 

Gross margin widened to 54.3 per cent from 52.2 per cent.

For second quarter, the company foresees revenue of around $140 to $145 million, just under the $147 million estimated by analysts.

Shares fell 4.14 per cent to $2.78 on Nasdaq. The company's stock has fallen 12.58 per cent so far this year.

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